Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Summary of Significant Accounting Policies  
Schedule of changes in Accumulated other comprehensive (loss) income

The following table shows the changes in Accumulated other comprehensive (loss) income (in thousands):

Accumulated

Accumulated

Total

foreign

unrealized

accumulated

currency

gains (losses) on

other

    

translation

    

available-for-sale

comprehensive

adjustments

debt securities

(loss) income

Balance at January 1, 2019

 

$

(9,607)

$

(156)

$

(9,763)

Foreign currency translation adjustments

(9,478)

(9,478)

Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0

11,783

11,783

Unrealized holding losses on available-for-sale debt securities, net of tax of $0

207

207

Reclassification from accumulated other comprehensive (loss) income of losses on available-for-sale debt securities included in net income, net of tax of $0

(13)

(13)

Balance at December 31, 2019

(7,302)

38

(7,264)

Foreign currency translation adjustments

(19,220)

(19,220)

Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0

16,364

16,364

Unrealized holding gains on available-for-sale debt securities, net of tax of $0

161

161

Reclassification from accumulated other comprehensive (loss) income of gains on available-for-sale debt securities included in net income, net of tax of $0

(89)

(89)

Balance at December 31, 2020

(10,158)

110

(10,048)

Foreign currency translation adjustments

5,808

5,808

Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0

(6,435)

(6,435)

Unrealized holding gains on available-for-sale debt securities, net of tax of $0

(461)

(461)

Reclassification from accumulated other comprehensive (loss) income of gains on available-for-sale debt securities included in net loss, net of tax of $0

(6)

(6)

Balance at December 31, 2021

$

(10,785)

$

(357)

$

(11,142)

Schedule of amounts reclassified out of other comprehensive (loss) income

The following amounts were reclassified out of Other comprehensive (loss) income (in thousands):

Amount reclassified

Year ended

Year ended

Year ended

December 31, 

December 31, 

December 31, 

Affected line item in

Component of accumulated other comprehensive income

2021

2020

2019

the Statement of operations

Unrealized gains (losses) on available-for-sale securities

 

 

 

 

  

Reclassification adjustment for (gains) losses on available-for-sale debt securities

 

$

(6)

$

(89)

$

(13)

Other (expense) income, net

Schedule of the reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows (in thousands).

December 31, 

December 31, 

    

2021

    

2020

Cash and cash equivalents

$

149,948

$

56,882

Restricted cash

 

1,718

 

4,602

 

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows

$

151,666

$

61,484

Schedule of investments in marketable securities

As of December 31, 2021, the Company has the following investments in available-for-sale debt securities, (in thousands):

Gross

Gross

Aggregate

Remaining

Amortized

unrealized

unrealized

estimated

    

contractual maturity

    

cost

    

gains

    

losses

    

fair value

Available-for-sale debt securities:

 

  

 

  

 

  

 

  

 

  

Corporate debt securities

 

Less than 3 months

$

45,304

$

22

$

(21)

$

45,305

Corporate debt securities

3 months to 1 year

81,590

11

(75)

81,526

Agency bonds

1 year to 2 years

5,000

(7)

4,993

Corporate debt securities

1 year to 2 years

88,095

(287)

87,808

 

  

$

219,989

$

33

$

(390)

$

219,632

As of December 31, 2020, the Company had the following investments in available-for-sale debt securities (in thousands):

Gross

Gross

Aggregate

Remaining

Amortized

unrealized

unrealized

estimated

    

contractual maturity

    

cost

    

gains

    

losses

    

fair value

Available-for-sale debt securities:

 

  

 

  

 

  

 

  

 

  

Corporate debt securities

 

Less than 3 months

$

67,545

$

56

$

(20)

$

67,581

Corporate debt securities

3 months to 1 year

101,447

92

(24)

101,515

Agency bonds

1 year to 2 years

5,993

8

6,001

Corporate debt securities

1 year to 2 years

136,238

112

(112)

136,238

 

  

$

311,223

$

268

$

(156)

$

311,335

Schedule of aggregate fair value and number of securities held in an unrealized loss position

December 31, 2021

December 31, 2020

     

Fair market value of investments in an unrealized loss position

Number of investments in an unrealized loss position

Unrealized losses

Fair market value of investments in an unrealized loss position

Number of investments in an unrealized loss position

Unrealized losses

Marketable securities in a continuous loss position for 12 months or longer:

Corporate debt securities

$

8,232

1

$

(35)

$

Marketable securities in a continuous loss position for less than 12 months:

Corporate debt securities

 

$

163,258

 

34

$

(348)

 

$

157,985

 

30

 

$

(158)

Agency bond

4,993

1

(7)

 

$

176,483

 

$

36

$

(390)

 

$

157,985

 

$

30

 

$

(158)

Schedule of estimated useful lives of property, plant and equipment

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. The following table provides the range of estimated useful lives used for each asset type:

Computer equipment

    

3 to 5 years

Laboratory equipment

 

5 years

Office equipment

 

5 years

Leasehold improvements

 

the expected duration of the lease

Schedule of numerator and denominator in the basic and diluted loss per share computation

The following table reconciles the numerator and denominator in the basic and diluted loss per share computation (in thousands):

Year ended

Year ended

Year ended

December 31, 

December 31, 

December 31, 

    

2021

    

2020

    

2019

Numerator for basic and diluted loss per share

Net loss

$

(158,090)

$

(130,092)

$

(137,165)

Net loss attributable to shareholders used for basic and diluted EPS calculation

$

(158,090)

$

(130,092)

$

(137,165)

Denominator for basic and diluted loss per share

Weighted average number of shares used to calculate basic and diluted loss per share

934,833,017

854,783,763

629,805,218

Schedule of potentially dilutive equity instruments excluded from the diluted loss per share calculation

The effects of the following potentially dilutive equity instruments have been excluded from the diluted loss per share calculation because they would have an antidilutive effect on the loss per share for the period:

Year ended

Year ended

Year ended

December 31, 

December 31, 

December 31, 

    

2021

    

2020

    

2019

Weighted average number of share options(1)

 

115,225,480

 

93,812,818

96,675,101