Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Schedule of amounts reclassified out of other comprehensive income |
The following amounts were reclassified out of other comprehensive income during the year ended December 31, 2018 (in thousands):
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Amount reclassified
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Year ended
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Year ended
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Year ended
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December 31,
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December 31,
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December 31,
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Component of Accumulated Other Comprehensive Income
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2018
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2017
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2016
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Affected line item in the Statement of Operations
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Unrealized gains (losses) on available-for-sale securities
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Reclassification adjustment for losses on available-for-sale debt securities
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$
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2,473
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$
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646
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$
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—
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Other (expense) income, net
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| 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).
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December 31,
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December 31,
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2018
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2017
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Cash and cash equivalents
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$
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68,379
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$
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84,043
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Restricted cash
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4,097
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4,253
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Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
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$
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72,476
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$
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88,296
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| Schedule of investments in available-for-sale debt securities |
As of December 31, 2018, the Company has the following investments in available-for-sale debt securities, which are categorized as cash equivalents or marketable securities – available-for-sale debt securities on the balance sheet depending on their maturity at acquisition (in thousands):
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Gross
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Gross
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Aggregate
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Amortized
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Unrealized
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Unrealized
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Estimated
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Maturity
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cost
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Gains
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Losses
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Fair Value
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Marketable securities:
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Corporate debt securities
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3 months to 1 year
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$
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102,818
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$
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5
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$
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(120)
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$
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102,703
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Corporate debt securities
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1 to 2 years
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23,153
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—
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(43)
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23,110
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Agency bond
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3 months to 1 year
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3,963
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2
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—
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3,965
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Treasury bills
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3 months to 1 year
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1,980
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—
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—
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1,980
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Certificate of deposit
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3 months to 1 year
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3,002
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—
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—
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3,002
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Commercial paper
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3 months to 1 year
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1,995
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—
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—
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1,995
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$
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136,911
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$
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7
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$
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(163)
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$
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136,755
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As of December 31, 2017, the Company has the following investments in available-for-sale debt securities, which are categorized as cash equivalents or marketable securities — available-for-sale debt securities on the balance sheet depending on their maturity at acquisition (in thousands):
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Foreign
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Gross
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Gross
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currency
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Aggregate
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Amortized
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Unrealized
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Unrealized
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translation
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Estimated
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Maturity
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cost
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Gains
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Losses
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adjustment
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Fair Value
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Cash equivalents:
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Corporate debt securities
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Less than 3 months
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$
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1,610
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$
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—
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$
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(22)
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$
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22
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$
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1,610
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$
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1,610
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$
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—
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$
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(22)
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$
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22
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$
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1,610
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Marketable securities:
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Corporate debt securities
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3 months to 1 year
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$
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124,406
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$
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—
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$
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(3,723)
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$
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3,535
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$
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124,218
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Commercial paper
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3 months to 1 year
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—
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—
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—
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—
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—
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$
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124,406
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$
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—
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$
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(3,723)
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$
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3,535
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$
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124,218
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| Schedule of aggregate fair value and number of securities held in an unrealized loss position |
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December 31, 2018
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December 31, 2017
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Fair market value of investments in an unrealized loss position
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Number of investments in an unrealized loss position
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Unrealized losses
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Fair market value of investments in an unrealized loss position
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Number of investments in an unrealized loss position
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Unrealized losses
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Marketable securities:
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Corporate debt securities
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$
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117,179
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37
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$
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(163)
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$
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125,828
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54
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$
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(3,745)
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| 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:
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Computer equipment
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3 to 5 years
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Laboratory equipment
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5 years
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Office equipment
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5 years
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Leasehold improvements
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the expected duration of the lease
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| 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):
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Year ended
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Year ended
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Year ended
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December 31,
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December 31,
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December 31,
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2018
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2017
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2016
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Numerator for basic and diluted loss per share
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Net loss
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$
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(95,514)
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$
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(70,138)
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$
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(71,579)
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Net loss attributable to shareholders used for basic and diluted EPS calculation
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$
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(95,514)
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$
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(70,138)
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$
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(71,579)
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Denominator for basic and diluted loss per share
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Weighted average number of shares used to calculate basic and diluted loss per share
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584,338,942
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527,637,086
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424,713,997
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| Schedule of potentially dilutive equity instruments excluded from the diluted loss per share calculation |
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Year ended
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Year ended
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Six months ended
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December 31,
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December 31,
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December 31,
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2018
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2017
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2016
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Weighted average number of share options(1)
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88,553,474
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70,374,832
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45,882,791
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(1)
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From January 1, 2019 through to February 28, 2019, the Company granted 10,807,200 options over ordinary shares with an exercise price determined by reference to the market value of an ADS at the date of grant, and 6,498,126 options over ordinary shares with an exercise price equal to the nominal value of the ordinary shares (£0.001 per share).
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| ASU 2014-09 | Adjustment |
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| Schedule of quantitative impacts of the changes on financials |
The quantitative impacts of the changes on the statement of operations for the year ended December 31, 2018 are set out below (in thousands):
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Under previous
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revenue
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guidance
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Adjustment
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As reported
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$'000
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$'000
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$'000
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Revenue
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67,802
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$
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(8,297)
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$
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59,505
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Operating loss
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(74,068)
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(8,297)
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(82,365)
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Loss before income taxes
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(86,720)
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(8,297)
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(95,017)
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Net loss attributable to ordinary shareholders
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(87,217)
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(8,297)
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(95,514)
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Net loss per ordinary share - Basic and diluted
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(0.15)
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(0.16)
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The quantitative impacts of the changes on the balance sheet as of December 31, 2018 are set out below (in thousands):
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Under previous
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revenue
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guidance
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Adjustment
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As reported
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$'000
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$'000
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$'000
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Accumulated other comprehensive loss
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(9,415)
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(348)
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(9,763)
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Accumulated deficit
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(318,847)
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348
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(318,499)
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Total stockholders’ equity
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246,885
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—
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246,885
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The quantitative impacts of the changes on the statement of cash flows for the year ended December 31, 2018 are set out below (in thousands):
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Under previous
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revenue
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guidance
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Adjustment
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As reported
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$'000
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$'000
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$'000
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Net loss
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(87,217)
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(8,297)
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(95,514)
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Decrease in payables and deferred revenue
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(49,220)
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8,297
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(40,923)
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