Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net loss $ (137,165,000) $ (95,514,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,172,000 7,188,000
Amortization 838,000 622,000
Share-based compensation expense 11,053,000 16,202,000
Realized loss on available-for-sale debt securities   2,473,000
Realized gain on available-for-sale debt securities (13,000)  
Unrealized foreign exchange losses 1,076,000 9,747,000
Other (185,000) 237,000
Changes in operating assets and liabilities:    
Increase in receivables and other operating assets (1,436,000) (5,162,000)
(Increase) decrease in non-current operating assets (1,450,000) 742,000
Increase (decrease) in payables and deferred revenue 7,603,000 (40,923,000)
Net cash used in operating activities (112,507,000) (104,388,000)
Cash flows from investing activities    
Acquisition of property, plant and equipment (1,592,000) (3,910,000)
Acquisition of intangibles (1,482,000) (798,000)
Maturity or redemption of marketable securities 125,303,000 138,038,000
Investment in marketable securities (27,284,000) (150,787,000)
Net cash provided by (used in) investing activities 94,945,000 (17,457,000)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs of $0 and $347   99,653,000
Proceeds from exercise of stock options 366,000 3,037,000
Net cash provided by financing activities 366,000 102,690,000
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash (372,000) 3,335,000
Net decrease in cash and cash equivalents (17,568,000) (15,820,000)
Cash, cash equivalents and restricted cash at start of period 72,476,000 88,296,000
Cash, cash equivalents and restricted cash at end of period 54,908,000 72,476,000
Supplemental cash flow information    
Interest received 3,426,000 3,114,000
Income taxes paid $ 201,000 $ 258,000