Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

24,168

 

 

$

-

 

 

$

-

 

 

$

24,168

 

Total cash equivalents

 

 

24,168

 

 

 

-

 

 

 

-

 

 

 

24,168

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

 

-

 

 

 

57,509

 

 

 

-

 

 

 

57,509

 

U.S. and foreign corporate debt securities

 

 

-

 

 

 

60,011

 

 

 

-

 

 

 

60,011

 

Asset-backed securities

 

 

-

 

 

 

47,340

 

 

 

-

 

 

 

47,340

 

U.S. treasury securities

 

 

-

 

 

 

48,266

 

 

 

-

 

 

 

48,266

 

Total marketable securities

 

 

-

 

 

 

213,126

 

 

 

-

 

 

 

213,126

 

Total assets measured at fair value

 

$

24,168

 

 

$

213,126

 

 

$

-

 

 

$

237,294

 

 

 

 

As of December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total 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 marketable securities

 

 

-

 

 

 

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 Six

 

 

 

Months Ended June 30,

 

 

 

2019

 

 

2018

 

Balance, beginning of period

 

$

-

 

 

$

6,091

 

Change in fair value

 

 

-

 

 

 

4,741

 

Settlement of financial instruments

 

 

-

 

 

 

(5,200

)

Balance, end of period

 

$

-

 

 

$

5,632

 

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

 

 

Total

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

As of June 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

$

57,509

 

 

$

-

 

 

$

-

 

 

$

57,509

 

U.S. and foreign corporate debt securities

 

 

59,895

 

 

 

116

 

 

 

-

 

 

 

60,011

 

Asset-backed securities

 

 

47,282

 

 

 

59

 

 

 

(1

)

 

 

47,340

 

U.S. treasury securities

 

 

48,212

 

 

 

54

 

 

 

-

 

 

 

48,266

 

Total marketable securities

 

$

212,898

 

 

$

229

 

 

$

(1

)

 

$

213,126

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Total

 

 

 

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

 

Total marketable securities

 

$

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss allocated to common stock-basic

 

$

(24,038

)

 

$

(17,531

)

 

$

(47,113

)

 

$

(34,536

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for revaluation and

   extinguishment of common stock

   warrants

 

 

-

 

 

 

(198

)

 

 

-

 

 

 

-

 

Net loss allocated to common stock-diluted

 

$

(24,038

)

 

$

(17,729

)

 

$

(47,113

)

 

$

(34,536

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of

   common stock shares

   outstanding - basic

 

 

68,697,735

 

 

 

58,833,647

 

 

 

65,312,988

 

 

 

56,307,236

 

Dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrants

 

 

-

 

 

 

72,251

 

 

 

-

 

 

 

-

 

Weighted average number of

   common stock shares

   outstanding - diluted

 

 

68,697,735

 

 

 

58,905,898

 

 

 

65,312,988

 

 

 

56,307,236

 

Net loss per share - basic:

 

$

(0.35

)

 

$

(0.30

)

 

$

(0.72

)

 

$

(0.61

)

Net loss per share - diluted:

 

$

(0.35

)

 

$

(0.30

)

 

$

(0.72

)

 

$

(0.61

)

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Common stock options

 

 

7,530

 

 

 

5,279

 

 

 

7,530

 

 

 

5,279

 

Incentive awards

 

 

127

 

 

 

130

 

 

 

127

 

 

 

130

 

Common stock warrants

 

 

-

 

 

 

729

 

 

 

-

 

 

 

729

 

 

 

 

7,657

 

 

 

6,138

 

 

 

7,657

 

 

 

6,138