Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.3.a.u2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Summary of Significant Accounting Policies  
Schedule of amounts reclassified out of other comprehensive income

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

Amount reclassified

Year ended

December 31, 

Component of accumulated other comprehensive income

2019

2018

Affected line item in the
Statement of Operations

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

 

 

 

  

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

 

$

(13)

$

2,473

Other income (expense), 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, 

    

2019

    

2018

Cash and cash equivalents

$

50,412

$

68,379

Restricted cash

 

4,496

 

4,097

 

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

$

54,908

$

72,476

Schedule of investments in available-for-sale debt securities

As of December 31, 2019, 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):

Gross

Gross

Aggregate

Remaining

Amortized

unrealized

unrealized

estimated

    

contractual maturity

    

cost

    

gains

    

losses

    

fair value

Cash equivalents:

 

  

 

  

 

  

 

  

 

  

Money market funds

 

Less than 3 months

$

16,822

$

$

$

16,822

 

  

$

16,822

$

$

$

16,822

Marketable securities:

 

  

 

  

 

  

 

  

 

  

Corporate debt securities

 

Less than 3 months

$

23,479

$

7

$

(1)

$

23,485

Corporate debt securities

3 months to 1 year

15,613

32

15,645

 

  

$

39,092

$

39

$

(1)

$

39,130

As of December 31, 2018, the Company had 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):

Gross

Gross

Aggregate

Amortized

Unrealized

Unrealized

Estimated

    

Maturity

    

cost

    

Gains

    

Losses

    

Fair Value

Marketable securities:

 

  

 

  

 

  

 

  

 

  

Corporate debt securities

 

3 months to 1 year

$

102,818

$

5

$

(120)

$

102,703

Corporate debt securities

1 to 2 years

23,153

(43)

23,110

Agency bond

3 months to 1 year

3,963

2

3,965

Treasury bills

3 months to 1 year

1,980

1,980

Certificate of deposit

3 months to 1 year

3,002

3,002

Commercial paper

3 months to 1 year

1,995

1,995

 

  

$

136,911

$

7

$

(163)

$

136,755

Management determines the appropriate classification of its investments in available-for-sale debt securities at the time of purchase and reevaluates such designation as of each reporting date. The securities are classified as current or non-current based on the maturity dates and management’s intentions.

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

December 31, 2019

December 31, 2018

     

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:

Corporate debt securities

 

$

2,013

 

1

$

(1)

 

$

117,179

 

37

 

$

(163)

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

December 31, 

    

2019

    

2018

    

Numerator for basic and diluted loss per share

Net loss

$

(137,165)

$

(95,514)

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

$

(137,165)

$

(95,514)

Denominator for basic and diluted loss per share

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

629,805,218

584,338,942

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

December 31, 

    

2019

    

2018

Weighted average number of share options

 

96,675,101

 

88,553,474