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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to          

Commission File Number 001-31938

 

ACORDA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

13-3831168

(State or other jurisdiction of incorporation

or organization)

 

(I.R.S. Employer

Identification No.)

 

420 Saw Mill River Road, Ardsley, New York

 

10502

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (914) 347-4300

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

 

 

Common Stock $0.001 par value

 

ACOR

 

Nasdaq Global Market

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at July 31, 2020

Common Stock, $0.001 par value per share

 

47,979,115 shares

 

 


 

ACORDA THERAPEUTICS, INC.

TABLE OF CONTENTS

 

 

 

Page

PART I—FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

1

 

Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019

 

1

 

Consolidated Statements of Operations (unaudited) for the Three and Six-month Periods Ended June 30, 2020 and 2019

 

2

 

Consolidated Statements of Comprehensive Loss (unaudited) for the Three and Six-month Periods Ended June 30, 2020 and 2019

 

3

 

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the Three and Six-month Periods Ended June 30, 2020 and 2019

 

4

 

Consolidated Statements of Cash Flows (unaudited) for the Six-month Periods Ended June 30, 2020 and 2019

 

6

 

Notes to Consolidated Financial Statements (unaudited)

 

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4.

Controls and Procedures

 

40

PART II—OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

41

Item 1A.

Risk Factors

 

41

Item 6.

Exhibits

 

46

Signatures

 

 

47

 

 


 

This Quarterly Report on Form 10-Q contains forward‑looking statements relating to future events and our future performance within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Stockholders are cautioned that such statements involve risks and uncertainties, including: we may not be able to successfully market Inbrija or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of Inbrija to meet market demand; third party payers (including governmental agencies) may not reimburse for the use of Inbrija or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for Inbrija, Ampyra and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of Ampyra (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of Inbrija (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s beliefs and assumptions. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make, and investors should not place undue reliance on these statements. In addition to the risks and uncertainties described above, we have included important factors in the cautionary statements included in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, particularly in the “Risk Factors” section (as updated by the disclosures in our subsequent quarterly reports, including this report), that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. Forward-looking statements in this report are made only as of the date hereof, and we do not assume any obligation to publicly update any forward-looking statements as a result of developments occurring after the date of this report.

We and our subsidiaries own several registered trademarks in the U.S. and in other countries. These registered trademarks include, in the U.S., the marks “Acorda Therapeutics,” our stylized Acorda Therapeutics logo, “Biotie Therapies,” “Ampyra,” “Inbrija,” and “ARCUS.” Also, our marks “Fampyra” and “Inbrija” are registered marks in the European Community Trademark Office and we have registrations or pending applications for these marks in other jurisdictions. Our trademark portfolio also includes several registered trademarks and pending trademark applications in the U.S. and worldwide for potential product names or for disease awareness activities. Third party trademarks, trade names, and service marks used in this report are the property of their respective owners.

 

 

 


 

PART I

Item 1.  Financial Statements

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

 

(In thousands, except share data)

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,577

 

 

$

62,085

 

Restricted cash

 

 

13,015

 

 

 

12,836

 

Short term investments

 

 

25,410

 

 

 

63,754

 

Trade accounts receivable, net of allowances of $538 and $682, as of

   June 30, 2020 and December 31, 2019, respectively

 

 

14,773

 

 

 

22,083

 

Prepaid expenses

 

 

28,396

 

 

 

11,574

 

Inventory, net

 

 

32,940

 

 

 

25,221

 

Other current assets

 

 

2,911

 

 

 

3,560

 

Total current assets

 

 

158,022

 

 

 

201,113

 

Property and equipment, net of accumulated depreciation

 

 

141,685

 

 

 

142,527

 

Intangible assets, net of accumulated amortization

 

 

382,505

 

 

 

402,329

 

Right of use asset, net of accumulated amortization

 

 

21,166

 

 

 

23,450

 

Restricted cash

 

 

24,819

 

 

 

30,270

 

Other assets

 

 

11

 

 

 

29

 

Total assets

 

$

728,208

 

 

$

799,718

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,631

 

 

$

26,257

 

Accrued expenses and other current liabilities

 

 

37,477

 

 

 

39,077

 

Current portion of loans payable

 

 

67,478

 

 

 

603

 

Current portion of liability related to sale of future royalties

 

 

8,470

 

 

 

10,836

 

Current portion of lease liabilities

 

 

7,896

 

 

 

7,746

 

Current portion of acquired contingent consideration

 

 

2,276

 

 

 

1,866

 

Total current liabilities

 

 

138,228

 

 

 

86,385

 

Convertible senior notes

 

 

131,756

 

 

 

192,774

 

Derivative liability

 

 

23,953

 

 

 

59,409

 

Non-current portion of acquired contingent consideration

 

 

67,724

 

 

 

78,434

 

Non-current portion of lease liabilities

 

 

20,277

 

 

 

22,996

 

Non-current portion of loans payable

 

 

25,532

 

 

 

25,495

 

Deferred tax liability

 

 

17,075

 

 

 

9,581

 

Non-current portion of liability related to sale of future royalties

 

 

11,769

 

 

 

13,565

 

Other non-current liabilities

 

 

989

 

 

 

259

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value. Authorized 1,000,000 shares at June 30,

   2020 and December 31, 2019; no shares issued as of June 30,

   2020 and December 31, 2019, respectively

 

 

 

 

 

 

Common stock, $0.001 par value. Authorized 80,000,000 shares at June 30,

   2020 and December 31, 2019; issued 47,734,146 and 47,730,396 shares,

   including those held in treasury, as of June 30, 2020 and

   December 31, 2019, respectively

 

 

48

 

 

 

48

 

Treasury stock at cost (29,304 shares at June 30, 2020 and

  December 31, 2019)

 

 

(638

)

 

 

(638

)

Additional paid-in capital

 

 

983,420

 

 

 

979,388

 

Accumulated deficit

 

 

(690,702

)

 

 

(666,809

)

Accumulated other comprehensive (loss) income

 

 

(1,223

)

 

 

(1,169

)

Total stockholders’ equity

 

 

290,905

 

 

 

310,820

 

Total liabilities and stockholders’ equity

 

$

728,208

 

 

$

799,718

 

 

 

See accompanying Unaudited Notes to Consolidated Financial Statements

1


 

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(unaudited)

 

(In thousands, except per share data)

 

Three-month period ended June 30, 2020

 

 

Three-month period ended June 30, 2019

 

 

Six-month period ended June 30, 2020

 

 

Six-month period ended June 30, 2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product revenues

 

$

30,794

 

 

$

47,191

 

 

$

55,465

 

 

$

88,525

 

Royalty revenues

 

 

2,824

 

 

 

2,862

 

 

 

6,251

 

 

 

5,665

 

Total net revenues

 

 

33,618

 

 

 

50,053

 

 

 

61,716

 

 

 

94,190

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

6,658

 

 

 

9,397

 

 

 

10,501

 

 

 

18,196

 

Research and development

 

 

5,255

 

 

 

18,959

 

 

 

12,960

 

 

 

34,987

 

Selling, general and administrative

 

 

38,656

 

 

 

50,195

 

 

 

79,764

 

 

 

102,921

 

Amortization of intangible assets

 

 

7,691

 

 

 

7,691

 

 

 

15,382

 

 

 

10,255

 

Asset impairment

 

 

 

 

 

 

 

 

4,131

 

 

 

 

Change in fair value of derivative liability

 

 

(8,928

)

 

 

 

 

 

(35,456

)

 

 

 

Changes in fair value of acquired contingent consideration

 

 

(6,164

)

 

 

(12,800

)

 

 

(9,847

)

 

 

(5,400

)

Total operating expenses

 

 

43,168

 

 

 

73,442

 

 

 

77,435

 

 

 

160,959

 

Operating loss

 

 

(9,550

)

 

 

(23,389

)

 

 

(15,719

)

 

 

(66,769

)

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and amortization of debt discount expense

 

 

(7,484

)

 

 

(5,378

)

 

 

(15,050

)

 

 

(11,801

)

Interest income

 

 

178

 

 

 

1,498

 

 

 

490

 

 

 

2,994

 

Other income (expense)

 

 

8

 

 

 

 

 

 

(34

)

 

 

 

Realized loss on foreign currency transactions

 

 

(2

)

 

 

(3

)

 

 

(7

)

 

 

(16

)

Total other expense, net

 

 

(7,300

)

 

 

(3,883

)

 

 

(14,601

)

 

 

(8,823

)

Loss before taxes

 

 

(16,850

)

 

 

(27,272

)

 

 

(30,320

)

 

 

(75,592

)

Benefit from (Provision for) income taxes

 

 

(571

)

 

 

(214

)

 

 

6,427

 

 

 

501

 

Net loss

 

$

(17,421

)

 

$

(27,486

)

 

$

(23,893

)

 

$

(75,091

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share—basic

 

$

(0.37

)

 

$

(0.58

)

 

$

(0.50

)

 

$

(1.58

)

Net loss per share—diluted

 

$

(0.37

)

 

$

(0.58

)

 

$

(0.50

)

 

$

(1.58

)

Weighted average common shares outstanding used in

   computing net loss per share—basic

 

 

47,705

 

 

 

47,486

 

 

 

47,704

 

 

 

47,480

 

Weighted average common shares outstanding used in

   computing net loss per share—diluted

 

 

47,705

 

 

 

47,486

 

 

 

47,704

 

 

 

47,480

 

 

See accompanying Unaudited Notes to Consolidated Financial Statements

2


 

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Loss

(unaudited)

 

(In thousands)

 

Three-month period ended June 30, 2020

 

 

Three-month period ended June 30, 2019

 

 

Six-month period ended June 30, 2020

 

 

Six-month period ended June 30, 2019

 

Net loss

 

$

(17,421

)

 

$

(27,486

)

 

$

(23,893

)

 

$

(75,091

)

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(464

)

 

 

1,128

 

 

 

(78

)

 

 

(481

)

Unrealized (loss) income on available for sale debt securities

 

 

60

 

 

 

114

 

 

 

24

 

 

 

292

 

Other comprehensive income (loss), net of tax

 

 

(404

)

 

 

1,242

 

 

 

(54

)

 

 

(189

)

Comprehensive loss

 

$

(17,825

)

 

$

(26,244

)

 

$

(23,947

)

 

$

(75,280

)

 

See accompanying Unaudited Notes to Consolidated Financial Statements

3


 

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Number

of

shares

 

 

Par

value

 

 

Treasury stock

 

 

Additional

paid-in

capital

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive (loss)

income

 

 

Total

stockholders

equity

 

Balance at December 31, 2019

 

 

47,730

 

 

$

48

 

 

$

(638

)

 

$

979,388

 

 

$

(666,809

)

 

$

(1,169

)

 

$

310,820

 

Compensation expense for

   issuance of stock options

   to employees

 

 

 

 

 

 

 

 

 

 

 

1,976

 

 

 

 

 

 

 

 

 

1,976

 

Compensation expense for

   issuance of restricted

   stock to employees

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350

 

 

 

350

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,472

)

 

 

 

 

 

(6,472

)

Balance at March 31, 2020

 

 

47,734

 

 

$

48

 

 

$

(638

)

 

$

981,364

 

 

 

(673,281

)

 

$

(819

)

 

$

306,674

 

Compensation expense for

   issuance of stock options

   to employees

 

 

 

 

 

 

 

 

 

 

 

2,056

 

 

 

 

 

 

 

 

 

2,056

 

Compensation expense for

   issuance of restricted

   stock to employees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(404

)

 

 

(404

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,421

)

 

 

 

 

 

(17,421

)

Balance at June 30, 2020

 

 

47,734

 

 

$

48

 

 

$

(638

)

 

$

983,420

 

 

$

(690,702

)

 

$

(1,223

)

 

$

290,905

 

 

See accompanying Unaudited Notes to Consolidated Financial Statements

 

4


 

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Continued)

(unaudited)

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Number

of

shares

 

 

Par

value

 

 

Treasury stock

 

 

Additional

paid-in

capital

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive (loss)

income

 

 

Total

stockholders

equity

 

Balance at December 31, 2018

 

 

47,508

 

 

$

48

 

 

$

(2,133

)

 

$

1,005,105

 

 

$

(393,843

)

 

$

2,806

 

 

$

611,983

 

Compensation expense for

   issuance of stock options

   to employees

 

 

 

 

 

 

 

 

 

 

 

2,745

 

 

 

 

 

 

 

 

 

2,745

 

Compensation expense for

   issuance of restricted

   stock to employees

 

 

49

 

 

 

 

 

 

 

 

922

 

 

 

 

 

 

 

 

 

922

 

Exercise of stock options

 

 

2

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

24

 

Purchase of Treasury Stock

 

 

4

 

 

 

 

 

 

(52

)

 

 

 

 

 

 

 

 

 

 

 

(52

)

Other comprehensive (loss) income,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,431

)

 

 

(1,431

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,605

)

 

 

 

 

 

(47,605

)

Balance at March 31, 2019

 

 

47,563

 

 

$

48

 

 

$

(2,185

)

 

$

1,008,796

 

 

$

(441,448

)

 

$

1,375

 

 

$

566,586

 

Compensation expense for

   issuance of stock options

   to employees

 

 

 

 

 

 

 

 

 

 

 

3,180

 

 

 

 

 

 

 

 

 

3,180

 

Compensation expense for

   issuance of restricted

   stock to employees

 

34

 

 

 

 

 

 

 

 

 

1,354

 

 

 

 

 

 

 

 

 

1,354

 

Adjustments to Treasury Stock

 

 

(65

)

 

 

 

 

 

1,586

 

 

 

(1,586

)

 

 

 

 

 

 

 

 

 

Purchase of Treasury Stock

 

 

3

 

 

 

 

 

 

(39

)

 

 

 

 

 

 

 

 

 

 

 

(39

)

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,242

 

 

 

1,242

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,486

)

 

 

 

 

 

(27,486

)

Balance at June 30, 2019

 

 

47,535

 

 

$

48

 

 

$

(638

)

 

$

1,011,744

 

 

$

(468,934

)

 

$

2,617

 

 

$

544,837

 

 

See accompanying Unaudited Notes to Consolidated Financial Statements

5


 

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(unaudited)

 

(In thousands)

 

Six-month period ended June 30, 2020

 

 

Six-month period ended June 30, 2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(23,893

)

 

$

(75,091

)

Adjustments to reconcile net loss to net cash (used in) provided by

   operating activities:

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

4,032

 

 

 

8,201

 

Amortization of net premiums and discounts on investments

 

 

(47

)

 

 

(1,001

)

Amortization of debt discount and debt issuance costs

 

 

8,107

 

 

 

8,497

 

Depreciation and amortization expense

 

 

20,675

 

 

 

14,878

 

Asset impairment

 

 

4,131

 

 

 

 

Change in acquired contingent consideration obligation

 

 

(9,847

)

 

 

(5,400

)

Non-cash royalty revenue

 

 

(5,501

)

 

 

(4,985

)

Deferred tax (benefit) provision

 

 

7,379

 

 

 

(3,551

)

Change in derivative liability

 

 

(35,456

)

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease in accounts receivable

 

 

7,310

 

 

 

2,420

 

(Increase) decrease in prepaid expenses and other current assets

 

 

(16,174

)

 

 

17,383

 

(Increase) decrease in inventory

 

 

(7,719

)

 

 

929

 

Decrease in other assets

 

 

17

 

 

 

 

Decrease in accounts payable, accrued expenses and other current

   liabilities

 

 

(13,009

)

 

 

(54,583

)

(Decrease) increase in other non-current liabilities

 

 

446

 

 

 

(84

)

Net cash used in operating activities

 

 

(59,549

)

 

 

(92,387

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,222

)

 

 

(57,270

)

Purchases of intangible assets

 

 

 

 

 

 

Purchases of investments

 

 

 

 

 

(107,899

)

Proceeds from maturities of investments

 

 

38,415

 

 

 

111,942

 

Net cash provided by (used in) investing activities

 

 

34,193

 

 

 

(53,227

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Debt issuance costs

 

 

(981

)

 

 

 

Proceeds from issuance of common stock and option exercises

 

 

 

 

 

24

 

Purchase of treasury stock

 

 

 

 

 

(91

)

Repayment of loans payable

 

 

(597

)

 

 

(614

)

Net cash used in financing activities

 

 

(1,578

)

 

 

(681

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

152

 

 

 

40

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(26,782