Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net loss |
$ (278,409)
|
$ (233,320)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation expense |
29,744
|
29,458
|
| Depreciation and amortization |
819
|
548
|
| Amortization of premiums and discounts on available-for-sale securities |
190
|
1,319
|
| Amortization of debt issuance costs |
928
|
900
|
| Impairment of intangible asset |
104,517
|
|
| Change in fair value of contingent purchase consideration |
(24,661)
|
(32)
|
| Loss on disposal of property and equipment |
105
|
|
| Deferred income taxes |
(33,320)
|
(529)
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid and accrued research and development expenses |
(14,877)
|
21,046
|
| Other operating assets |
2,358
|
(3,500)
|
| Accounts payable |
(322)
|
6,124
|
| Other accrued expenses |
923
|
609
|
| Net cash used in operating activities |
(212,005)
|
(177,377)
|
| Investing activities |
|
|
| Purchases of property and equipment |
(761)
|
(1,175)
|
| Proceeds from sale of property and equipment |
65
|
|
| Purchases of available-for-sale securities |
|
(392,540)
|
| Maturities of available-for-sale securities |
175,000
|
|
| Sales of available-for-sale securities |
|
140,996
|
| Net cash provided by (used in) investing activities |
174,304
|
(252,719)
|
| Financing activities |
|
|
| Proceeds from the sale of common stock, net of issuance costs |
|
298,509
|
| Proceeds from the exercise of stock options and employee stock purchases |
2,602
|
5,027
|
| Net cash provided by financing activities |
2,602
|
303,536
|
| Effect of exchange rate changes on cash and cash equivalents |
67
|
(674)
|
| Decrease in cash and cash equivalents |
(35,032)
|
(127,234)
|
| Cash and cash equivalents at beginning of period |
278,756
|
482,677
|
| Cash and cash equivalents at end of period |
243,724
|
355,443
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
$ 7,188
|
$ 7,307
|