Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis using the above input categories (in thousands):

 

 

 

As of March 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

113,114

 

 

$

-

 

 

$

-

 

 

$

113,114

 

U.S. commercial paper

 

 

-

 

 

 

3,481

 

 

 

-

 

 

 

3,481

 

Total cash equivalents

 

 

113,114

 

 

 

3,481

 

 

 

-

 

 

 

116,595

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

 

-

 

 

 

52,158

 

 

 

-

 

 

 

52,158

 

U.S. and foreign corporate debt securities

 

 

-

 

 

 

38,318

 

 

 

-

 

 

 

38,318

 

Asset-backed securities

 

 

-

 

 

 

25,400

 

 

 

-

 

 

 

25,400

 

U.S. treasury securities

 

 

-

 

 

 

23,306

 

 

 

-

 

 

 

23,306

 

Total short-term investments

 

 

-

 

 

 

139,182

 

 

 

-

 

 

 

139,182

 

Total assets measured at fair value

 

$

113,114

 

 

$

142,663

 

 

$

-

 

 

$

255,777

 

 

 

 

As of December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

39,481

 

 

$

-

 

 

$

-

 

 

$

39,481

 

U.S. and foreign commercial paper

 

 

-

 

 

 

6,469

 

 

 

-

 

 

 

6,469

 

Total cash equivalents

 

 

39,481

 

 

 

6,469

 

 

 

-

 

 

 

45,950

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

 

-

 

 

 

51,627

 

 

 

-

 

 

 

51,627

 

U.S. and foreign corporate debt securities

 

 

-

 

 

 

34,634

 

 

 

-

 

 

 

34,634

 

Asset-backed securities

 

 

-

 

 

 

25,472

 

 

 

-

 

 

 

25,472

 

U.S. treasury securities

 

 

-

 

 

 

17,936

 

 

 

-

 

 

 

17,936

 

Total short-term investments

 

 

-

 

 

 

129,669

 

 

 

-

 

 

 

129,669

 

Total assets measured at fair value

 

$

39,481

 

 

$

136,138

 

 

$

-

 

 

$

175,619

 

Schedule of Changes in Fair Value of Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s liabilities measured using Level 3 inputs (in thousands):

 

 

 

For the Three

 

 

 

Months Ended March 31,

 

 

 

2019

 

 

2018

 

Balance, beginning of period

 

$

-

 

 

$

6,091

 

Change in fair value

 

 

-

 

 

 

4,654

 

Settlement of financial instruments

 

 

-

 

 

 

(3,097

)

Balance, end of period

 

$

-

 

 

$

7,648

 

Schedule of Amortized Cost, Unrealized Gain and Loss, and Fair Value of Available for Sale Marketable Securities

The following tables summarize amortized cost, unrealized gain and loss, and fair value of the Company’s available for sale marketable securities (in thousands):

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

As of March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

$

52,158

 

 

$

-

 

 

$

-

 

 

$

52,158

 

U.S. and foreign corporate debt securities

 

 

38,289

 

 

 

29

 

 

 

-

 

 

 

38,318

 

Asset-backed securities

 

 

25,395

 

 

 

6

 

 

 

(1

)

 

 

25,400

 

U.S. treasury securities

 

 

23,295

 

 

 

11

 

 

 

-

 

 

 

23,306

 

 

 

$

139,137

 

 

$

46

 

 

$

(1

)

 

$

139,182

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

As of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

$

51,627

 

 

$

-

 

 

$

-

 

 

$

51,627

 

U.S. and foreign corporate debt securities

 

 

34,668

 

 

 

-

 

 

 

(34

)

 

 

34,634

 

Asset-backed securities

 

 

25,494

 

 

 

-

 

 

 

(22

)

 

 

25,472

 

U.S. treasury securities

 

 

17,938

 

 

 

-

 

 

 

(2

)

 

 

17,936

 

 

 

$

129,727

 

 

$

-

 

 

$

(58

)

 

$

129,669

 

Computation of Basic and Diluted Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

Net loss allocated to common stock-basic

 

$

(23,075

)

 

$

(17,005

)

Net loss allocated to common stock-diluted

 

$

(23,075

)

 

$

(17,005

)

Denominator:

 

 

 

 

 

 

 

 

Weighted average number of

   common stock shares

   outstanding - basic

 

 

61,890,632

 

 

 

53,752,753

 

Weighted average number of

   common stock shares

   outstanding - diluted

 

 

61,890,632

 

 

 

53,752,753

 

Net loss per share - basic:

 

$

(0.37

)

 

$

(0.32

)

Net loss per share - diluted:

 

$

(0.37

)

 

$

(0.32

)

 

Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share

The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Common stock options

 

 

7,349

 

 

 

5,173

 

Incentive awards

 

 

127

 

 

 

130

 

Common stock warrants

 

 

-

 

 

 

982

 

 

 

 

7,476

 

 

 

6,285