| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||||
Net (loss) income | ||||||||||||
-42,850 | 82,406 | -31,498 | -37,323 | 27,187 | -70,557 | -63,591 | -62,046 | -29,627 | -19,708 | -17,637 | -20,358 | -63,856 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Depreciation | ||||||||||||
212 | 195 | 194 | 193 | 207 | 198 | 55 | 27 | 27 | 26 | 26 | 27 | 29 |
Amortization of right-of-use operating lease assets | ||||||||||||
226 | 207 | 234 | 171 | 330 | - | - | - | - | - | - | - | - |
Amortization of intangibles | ||||||||||||
1,462 | 1,478 | 1,477 | 1,462 | 1,446 | 2,055 | 745 | 40 | 30 | 31 | 29 | 30 | 30 |
Amortization of premium/discount on investment securities, net | ||||||||||||
-311 | -32 | 36 | 205 | 229 | 220 | 11 | -59 | -149 | -187 | -173 | -115 | -24 |
Non-cash interest expense for line of credit with Ionis Pharmaceuticals, Inc. | ||||||||||||
- | - | - | - | - | - | - | - | - | 0 | 224 | 966 | 541 |
Non-cash sublicensing expense | ||||||||||||
- | 125,000 | 0 | 0 | 75,000 | - | - | - | - | - | - | - | - |
Stock-based compensation expense | ||||||||||||
7,282 | 7,653 | -3,464 | 14,363 | 18,560 | 13,043 | 12,730 | 12,125 | 6,384 | 5,725 | 4,692 | 3,942 | 3,180 |
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | ||||||||||||
177 | -157 | 1,460 | -1,076 | 5,672 | 3,961 | -2,659 | 3,295 | -5,413 | 4,913 | 500 | 0 | 0 |
Other current and long-term assets | ||||||||||||
2,664 | 5,060 | -710 | -361 | 1,327 | 1,576 | 4,829 | -2,051 | 4,326 | 601 | -66 | -689 | 1,915 |
Inventories | ||||||||||||
2,382 | 176 | 355 | 3,742 | 272 | - | - | - | - | - | - | - | - |
Payable to Ionis Pharmaceuticals, Inc. | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 3,005 |
Accounts payable | ||||||||||||
156 | 4,504 | -2,224 | 1,783 | -4,673 | 8,144 | -25 | 128 | 197 | 1,008 | 1,696 | -340 | -459 |
Receivable from Ionis Pharmaceuticals, Inc. | ||||||||||||
-620 | 2,584 | -7,264 | 647 | 26,165 | 4,671 | 3,574 | 600 | -13,372 | 91,633 | -35,137 | -3,756 | -9,355 |
Income tax receivable | ||||||||||||
129 | - | - | - | - | - | - | - | - | - | - | - | - |
Accrued compensation | ||||||||||||
-5,797 | - | - | - | -2,283 | - | - | - | - | - | - | - | - |
Accrued compensation | ||||||||||||
- | - | - | - | - | -265 | 4,300 | 775 | -310 | 1,776 | 1,055 | 405 | -1,658 |
Deferred rent | ||||||||||||
- | - | - | - | - | - | - | - | - | - | -9 | 13 | -9 |
Accrued liabilities | ||||||||||||
1,729 | -1,319 | -2,686 | 65 | 2,063 | -4,817 | -4,739 | 12,143 | 5,833 | 4,190 | 1,246 | 805 | 331 |
Income taxes payable | ||||||||||||
-771 | 644 | 241 | -113 | -56 | 13 | 167 | -783 | 63 | -260 | 2,049 | 9 | -9 |
Deferred revenue | ||||||||||||
-1,333 | -8,675 | -4,990 | -7,434 | -5,524 | -6,023 | -6,741 | -15,173 | -13,968 | -16,847 | 24,347 | -39,108 | 102,301 |
Net cash (used in) provided by operating activities | ||||||||||||
-44,105 | 208,734 | -34,732 | -28,769 | 78,592 | -68,722 | -62,854 | -54,549 | -16,763 | -24,518 | -17,680 | -20,162 | 26,170 |
Investing activities: | ||||||||||||
Purchases of short-term investments | ||||||||||||
154,910 | 75,238 | 33,144 | 64,748 | 13,858 | 31,804 | 82,894 | 12,291 | 9,906 | 82,198 | 157,970 | 11,744 | 49,465 |
Proceeds from maturity of short-term investments | ||||||||||||
53,800 | 41,713 | 55,256 | 40,354 | 59,689 | 69,979 | 43,844 | 58,289 | 36,447 | 55,790 | 25,168 | 15,070 | 2,750 |
Purchases of property, plant and equipment | ||||||||||||
209 | 178 | 29 | 358 | 1,031 | - | - | - | - | - | - | - | - |
Net cash (used in) provided by investing activities | ||||||||||||
-101,319 | -33,703 | 22,083 | -24,752 | 44,800 | 37,172 | -39,161 | 45,993 | 26,541 | -26,408 | -132,811 | 3,326 | -46,715 |
Financing activities: | ||||||||||||
Proceeds from exercise of common stock options and employee stock purchase plan issuances | ||||||||||||
1,945 | 2,389 | 1,776 | 2,821 | 4,588 | 1,822 | 1,860 | 1,557 | 1,724 | - | 0 | 0 | 0 |
Distribution to Ionis Pharmaceuticals, Inc. | ||||||||||||
- | 0 | 0 | 0 | 13,492 | 0 | 0 | 7,792 | 0 | - | - | - | - |
Payments of tax withholdings related to exercise of employee stock awards | ||||||||||||
76 | - | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from line of credit from Ionis Pharmaceuticals, Inc. | ||||||||||||
- | - | - | - | - | - | - | - | - | 0 | 0 | 15,000 | 91,000 |
Offering costs paid | ||||||||||||
- | - | - | - | - | - | - | - | - | 980 | 26 | 572 | 459 |
Net cash provided by (used in) financing activities | ||||||||||||
1,869 | 2,389 | -8,239 | 2,821 | -8,904 | 1,834 | 1,410 | 157,863 | 1,724 | -980 | 185,412 | 14,428 | 90,541 |
Effect of exchange rates on cash | ||||||||||||
9 | 117 | -17 | -93 | 85 | -36 | -29 | 10 | 38 | -93 | 0 | -5 | 5 |
Net (decrease) increase in cash and cash equivalents | ||||||||||||
-143,546 | 177,537 | -20,905 | -50,793 | 114,573 | -29,752 | -100,634 | 149,317 | 11,540 | -51,999 | 34,921 | -2,413 | 70,001 |
Supplemental disclosures of non-cash financing activities: | ||||||||||||
Unpaid deferred offering costs | ||||||||||||
- | - | - | - | - | - | - | 0 | 450 | - | 165 | 154 | 319 |
Ionis [Member] | ||||||||||||
Purchase of property, plant and equipment included in payable to Ionis Pharmaceuticals, Inc. | ||||||||||||
179 | - | - | - | - | - | - | - | - | - | - | - | - |