| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net loss | ||||||||||
-440,667 | 681,313 | -96,692 | -153,524 | -81,177 | -53,916 | -162,013 | -171,855 | -133,978 | -37,938 | -102,519 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Non-cash royalty revenue related to sale of future royalties | ||||||||||
36,300 | 33,300 | 30,500 | 30,158 | 22,058 | 21,937 | 22,055 | 10,791 | - | - | - |
Non-cash interest expense on liability related to sale of future royalties | ||||||||||
25,000 | 21,200 | 18,900 | 19,712 | 20,619 | 20,888 | 22,309 | 18,057 | - | - | - |
Stock-based compensation | ||||||||||
99,795 | 88,101 | 36,615 | 25,850 | 19,669 | 17,017 | 17,708 | 16,199 | 18,885 | 17,399 | 10,326 |
Depreciation and amortization | ||||||||||
13,156 | 10,870 | 14,741 | 15,351 | 12,855 | 12,927 | 14,275 | 14,508 | 14,951 | 16,551 | 14,881 |
Loss from redemption premium and incremental interest on 12% senior secured notes | ||||||||||
- | - | - | - | 12,500 | 0 | 0 | - | - | - | - |
Write-off of deferred financing costs on 12% senior secured notes | ||||||||||
- | - | - | - | 1,579 | 0 | 0 | - | - | - | - |
Impairment of advance payments to contract manufacturers and equipment for terminated program | ||||||||||
0 | 0 | 15,081 | 0 | 0 | - | - | - | - | - | - |
Impairment of long-lived assets | ||||||||||
- | - | - | - | - | - | - | - | 0 | 12,576 | 0 |
Accretion of premiums (discounts), net and other non-cash transactions | ||||||||||
11,394 | 10,952 | 881 | 2,185 | 2,365 | 560 | -664 | -2,520 | -1,359 | -198 | 657 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
-6,411 | 25,505 | -10,664 | -4,269 | 16,340 | 1,378 | -3,576 | 867 | -20,164 | 20,301 | -6,034 |
Inventory | ||||||||||
1,284 | 655 | -383 | -237 | -1,606 | -500 | -4,817 | 5,613 | 5,390 | 795 | -2,848 |
Operating leases, net | ||||||||||
-13,090 | 0 | 0 | - | - | - | - | - | - | - | - |
Other assets | ||||||||||
-1,190 | 31,652 | 4,800 | 312 | 825 | 3,294 | -6,423 | -6,031 | 12,267 | -577 | 200 |
Accounts payable | ||||||||||
12,967 | 971 | 2,074 | 518 | -412 | -6,359 | 6,199 | -122 | -3,384 | 4,274 | -8,046 |
Accrued compensation | ||||||||||
1,530 | 1,674 | -10,017 | 12,282 | 249 | -8,505 | 5,481 | -4,034 | 3,555 | -800 | -1,518 |
Accrued expenses | ||||||||||
- | - | - | - | - | - | - | 1,495 | 1,013 | 1,683 | -4,191 |
Accrued clinical trial expenses | ||||||||||
- | - | - | - | 512 | -9,197 | -595 | 5,547 | -191 | -2,023 | -3,455 |
Other accrued expenses | ||||||||||
3,816 | 27,947 | 7,277 | -71 | -2,278 | 273 | -1,915 | - | - | - | - |
Deferred revenue | ||||||||||
-16,565 | -15,331 | -28,269 | -17,615 | -17,530 | -4,664 | -12,399 | -9,384 | -17,516 | -47,025 | 126,795 |
Interest payable | ||||||||||
- | - | - | - | -2,719 | 0 | -166 | 5,278 | - | - | - |
Liability related to refundable upfront payment | ||||||||||
- | - | - | - | 0 | 0 | - | - | - | - | - |
Liability related to receipt of refundable milestone payment | ||||||||||
- | - | - | - | - | -70,000 | 70,000 | - | - | - | - |
Other liabilities | ||||||||||
533 | 3,545 | -14,928 | 8,622 | 3,032 | -13,801 | 9,164 | 3,275 | -943 | -247 | -559 |
Net cash used in operating activities | ||||||||||
-328,681 | 718,214 | -80,414 | -117,024 | -73,083 | -142,006 | -38,527 | -129,756 | -113,742 | -55,871 | 39,739 |
Cash flows from investing activities: | ||||||||||
Purchases of investments | ||||||||||
1,380,865 | 2,271,250 | 404,425 | 334,659 | 297,608 | 297,251 | 268,068 | 164,662 | 695,371 | 443,122 | 451,918 |
Advance payments for property and equipment | ||||||||||
- | - | - | - | - | - | - | - | - | - | 4,312 |
Maturities of investments | ||||||||||
1,614,036 | 890,957 | 347,743 | 253,682 | 226,923 | 247,995 | 319,181 | 307,887 | 383,052 | 475,813 | 310,707 |
Sales of investments | ||||||||||
0 | 12,000 | 37,500 | 4,969 | 42,544 | 21,661 | 2,887 | 5,378 | 210,089 | 15,479 | 17,318 |
Release of restricted cash | ||||||||||
- | - | - | - | -25,000 | 0 | 0 | 25,000 | - | - | - |
Purchases of property, plant and equipment | ||||||||||
26,285 | 14,239 | 9,676 | 6,392 | 11,195 | 9,976 | 4,091 | 10,583 | 9,722 | 31,457 | 16,390 |
Sales of property and plant | ||||||||||
0 | 2,633 | 0 | 0 | - | - | - | - | - | - | - |
Transaction costs for sale of pulmonary assets | ||||||||||
- | - | - | - | - | - | - | - | - | - | 4,440 |
Net cash provided by (used in) investing activities | ||||||||||
206,886 | -1,379,936 | -28,809 | -82,400 | -14,336 | -37,571 | 49,909 | 113,020 | -111,952 | 16,713 | -149,035 |
Cash flows from financing activities: | ||||||||||
Issuance of common stock to Bristol-Myers Squibb (Note 10) | ||||||||||
0 | 790,231 | 0 | 189,276 | 0 | 116,536 | 0 | - | 219,783 | - | 4,820 |
Proceeds from issuance of 7.75% senior secured notes, net of issuance costs | ||||||||||
- | - | - | - | 241,262 | 0 | 0 | 77,940 | - | - | - |
Repayment of 12% senior secured notes | ||||||||||
- | - | - | - | 125,000 | 0 | 0 | - | - | - | - |
Payment of redemption premium and incremental interest on 12% senior secured notes | ||||||||||
- | - | - | - | 12,500 | 0 | 0 | - | - | - | - |
Repayment of proceeds from sale of future royalties | ||||||||||
- | - | - | - | - | -7,000 | -3,000 | 119,588 | - | - | - |
Repayment of convertible subordinated notes | ||||||||||
- | - | - | - | - | - | - | 172,407 | - | - | - |
Proceeds from shares issued under equity compensation plans | ||||||||||
23,355 | 61,735 | 59,522 | 20,287 | 32,208 | 46,984 | 8,208 | 4,117 | 4,530 | 8,891 | - |
Payment of capital lease obligations | ||||||||||
0 | 0 | 5,131 | 5,945 | 5,187 | 3,536 | 2,992 | 2,437 | 1,978 | 1,356 | 1,285 |
Net cash provided by financing activities | ||||||||||
23,355 | 851,966 | 54,391 | 203,618 | 130,783 | 152,984 | 2,216 | 26,801 | 222,335 | 7,535 | 3,535 |
Effect of foreign exchange rates on cash and cash equivalents | ||||||||||
-102 | -101 | -46 | -124 | -159 | -109 | 32 | 60 | 916 | -219 | -226 |
Net increase (decrease) in cash and cash equivalents | ||||||||||
-98,542 | 190,143 | -54,878 | 4,070 | 43,205 | -26,702 | 13,630 | 10,125 | -2,443 | -31,842 | -105,987 |
Supplemental disclosures of cash flow information: | ||||||||||
Cash paid for interest | ||||||||||
19,199 | 19,471 | 20,116 | 20,589 | 20,225 | 17,445 | 17,590 | 9,620 | 10,277 | 10,599 | 11,225 |
Cash paid for income taxes | ||||||||||
555 | 618 | 556 | 757 | 860 | 964 | 1,014 | 1,021 | 957 | 407 | 743 |
Operating lease right-of-use asset recognized in exchange for lease liabilities | ||||||||||
57,691 | 0 | 0 | - | - | - | - | - | - | - | - |
Property and equipment acquired through capital leases and other financing | ||||||||||
- | - | - | - | - | 5,231 | 2,000 | - | - | 195 | - |
Retirement of convertible subordinated notes in exchange for senior secured notes | ||||||||||
- | - | - | - | - | - | - | 42,548 | 0 | - | - |