☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-4825712 | |
(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
South San Francisco, California | 94080 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Common Stock, $0.001 par value | GBT | The NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ||||
☐ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Part I | ||||||
Item 1. | 1 | |||||
Item 1A. | ||||||
Item 1B. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Part II | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 7. | ||||||
Item 7A. | ||||||
Item 8. | ||||||
Item 9. | ||||||
Item 9A. | ||||||
Item 9B. | ||||||
Part III | ||||||
Item 10. | ||||||
Item 11. | ||||||
Item 12. | ||||||
Item 13. | ||||||
Item 14. | ||||||
Part IV | ||||||
Item 15. | ||||||
Item 16. | ||||||
cGMPs, to assure that the facilities, methods and controls are adequate to preserve the drug’s identity, strength, quality and purity; |
and other information affecting federal, state, and third-party reimbursement for our products, and the sale and marketing of our products, are subject to scrutiny under this law. The FCA also permits a private individual acting as a “whistleblower” to bring actions on behalf of the federal government alleging violations of the FCA and to share in any monetary recovery. When an entity is determined to have violated the FCA, the government may impose civil fines and penalties for each false claim, plus treble damages, and exclude the entity from participation in Medicare, Medicaid and other federal healthcare programs; |
identify and develop, including the cost and timing of establishing or maintaining our sales and marketing capabilities in any territory(ies); |
8/12/15 | 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | |||||||||||||||||||
Global Blood Therapeutics, Inc. | 100.00 | 74.99 | 33.52 | 91.28 | 95.22 | 184.39 | ||||||||||||||||||
NASDAQ Composite | 100.00 | 98.18 | 106.88 | 138.56 | 134.62 | 184.02 | ||||||||||||||||||
NASDAQ Biotechnology | 100.00 | 88.59 | 69.68 | 84.75 | 77.24 | 96.64 | ||||||||||||||||||
NASDAQ Pharmaceutical | 100.00 | 86.87 | 69.06 | 82.80 | 78.25 | 91.94 |
* | $100 invested on 12/31/15 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. |
12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | |||||||||||||||||||
Global Blood Therapeutics, Inc. | 100.00 | 44.70 | 121.71 | 126.97 | 245.87 | 133.96 | ||||||||||||||||||
NASDAQ Composite | 100.00 | 108.87 | 141.13 | 137.12 | 187.44 | 271.64 | ||||||||||||||||||
NASDAQ Biotechnology | 100.00 | 78.65 | 95.67 | 87.19 | 109.08 | 137.90 | ||||||||||||||||||
NASDAQ Pharmaceutical | 100.00 | 80.51 | 97.95 | 95.46 | 113.09 | 132.91 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Summary of Operations Data: | ||||||||||||
Product sales, net | $ | 2,108 | $ | — | $ | — | ||||||
Costs and operating expenses | ||||||||||||
Cost of sales | 48 | — | — | |||||||||
Research and development | 174,556 | 131,307 | 87,807 | |||||||||
Selling, general and administrative | 117,088 | 51,435 | 31,438 | |||||||||
Gain on lease modification (1) | (8,301 | ) | — | — | ||||||||
Total costs and operating expenses | 283,391 | 182,742 | 119,245 | |||||||||
Loss from operations | (281,283 | ) | (182,742 | ) | (119,245 | ) | ||||||
Interest income, net | 14,697 | 8,618 | 2,555 | |||||||||
Other expenses, net | (180 | ) | (69 | ) | (334 | ) | ||||||
Net loss | $ | (266,766 | ) | $ | (174,193 | ) | $ | (117,024 | ) | |||
Basic and diluted net loss per common share | $ | (4.57 | ) | $ | (3.41 | ) | $ | (2.76 | ) | |||
Weighted-average number of shares used in computing basic and diluted net loss per common share | 58,321,612 | 51,150,728 | 42,323,686 | |||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Summary of Operations Data: | ||||||||||||
Product sales, net | $ | 123,803 | $ | 2,108 | $ | — | ||||||
Costs and operating expenses | ||||||||||||
Cost of sales | 1,986 | 48 | — | |||||||||
Research and development | 155,122 | 174,556 | 131,307 | |||||||||
Selling, general and administrative | 210,851 | 117,088 | 51,435 | |||||||||
Gain on lease modification (1) | (984 | ) | (8,301 | ) | — | |||||||
Total costs and operating expenses | 366,975 | 283,391 | 182,742 | |||||||||
Loss from operations | (243,172 | ) | (281,283 | ) | (182,742 | ) | ||||||
Interest income | 5,834 | 15,591 | 8,964 | |||||||||
Interest expenses | (9,809 | ) | (894 | ) | (346 | ) | ||||||
Other expenses, net | (406 | ) | (180 | ) | (69 | ) | ||||||
Net loss | $ | (247,553 | ) | $ | (266,766 | ) | $ | (174,193 | ) | |||
Basic and diluted net loss per common share | $ | (4.04 | ) | $ | (4.57 | ) | $ | (3.41 | ) | |||
Weighted-average number of shares used in computing basic and diluted net loss per common share | 61,334,037 | 58,321,612 | 51,150,728 | |||||||||
(1) | During the year ended December 31, 2020 and 2019, we recorded a gain on lease modification related to our |
As of December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Selected Consolidated Balance Sheet Data: | ||||||||||||
Cash and cash equivalents and marketable securities | $ | 694,999 | $ | 591,815 | $ | 329,432 | ||||||
Working capital | 556,544 | 452,007 | 298,048 | |||||||||
Total assets | 796,099 | 617,643 | 356,720 | |||||||||
Long-term debt | 73,559 | — | — | |||||||||
Accumulated deficit | (738,916 | ) | (472,150 | ) | (297,957 | ) | ||||||
Total stockholders’ equity | 578,694 | 572,799 | 318,804 |
As of December 31, | ||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||
Selected Consolidated Balance Sheet Data: | ||||||||||||
Cash and cash equivalents and marketable securities | $ | 560,892 | $ | 694,999 | $ | 591,815 | ||||||
Working capital | 553,131 | 556,544 | 452,007 | |||||||||
Total assets | 724,002 | 796,099 | 617,643 | |||||||||
Long-term debt | 148,815 | 73,559 | — | |||||||||
Accumulated deficit | (986,469 | ) | (738,916 | ) | (472,150 | ) | ||||||
Total stockholders’ equity | 416,157 | 578,694 | 572,799 |
Rebates, co-payment assistance, Medicare Part D coverage gap, product returns and distributor fees | Prompt payment discounts and chargebacks | Total | ||||||||||
Balances at December 31, 2018 | $ | — | $ | — | $ | — | ||||||
Provision related to current period sales | 529 | 113 | 642 | |||||||||
Credit or payments made during the period | — | — | — | |||||||||
Balance at December 31, 2019 | $ | 529 | $ | 113 | $ | 642 | ||||||
Rebates, co-payment assistance, Medicare Part D coverage gap, product returns and distributor fees | Prompt payment discounts and chargebacks | Total | ||||||||||
Balances at December 31, 2018 | $ | — | $ | — | $ | — | ||||||
Provision related to current period sales | 529 | 113 | 642 | |||||||||
Credit or payments made during the period | — | — | — | |||||||||
Balances at December 31, 2019 | $ | 529 | $ | 113 | $ | 642 | ||||||
Provision related to current period sales | 13,697 | 4,351 | 18,048 | |||||||||
Credit or payments made during the period | (7,821 | ) | (3,713 | ) | (11,534 | ) | ||||||
Balance at December 31, 2020 | $ | 6,405 | $ | 751 | $ | 7,156 | ||||||
Change | ||||||||||||||||||||||||||||
Year Ended December 31, | 2019/2018 | 2018/2017 | ||||||||||||||||||||||||||
(in thousands, except percentages) | 2019 | 2018 | 2017 | $ | % | $ | % | |||||||||||||||||||||
Product sales, net | $ | 2,108 | $ | — | $ | — | $ | 2,108 | * | $ | — | * | ||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||||
Cost of sales | 48 | — | — | 48 | * | — | * | |||||||||||||||||||||
Research and development | 174,556 | 131,307 | 87,807 | 43,249 | 33 | % | 43,500 | 50 | % | |||||||||||||||||||
Selling, general and administrative | 117,088 | 51,435 | 31,438 | 65,653 | 128 | 19,997 | 64 | |||||||||||||||||||||
Gain on lease modification | (8,301 | ) | — | — | (8,301 | ) | * | — | * | |||||||||||||||||||
Total costs and operating expenses | 283,391 | 182,742 | 119,245 | 100,649 | 55 | 63,497 | 53 | |||||||||||||||||||||
Loss from operations | (281,283 | ) | (182,742 | ) | (119,245 | ) | (98,541 | ) | 54 | (63,497 | ) | 53 | ||||||||||||||||
Interest income, net | 14,697 | 8,618 | 2,555 | 6,079 | 71 | 6,063 | 237 | |||||||||||||||||||||
Other expenses, net | (180 | ) | (69 | ) | (334 | ) | (111 | ) | (161 | ) | 265 | (79 | ) | |||||||||||||||
Net loss | $ | (266,766 | ) | $ | (174,193 | ) | $ | (117,024 | ) | $ | (92,573 | ) | 53 | % | $ | (57,169 | ) | 49 | % | |||||||||
Change | ||||||||||||||||
Year Ended December 31, | 2020/2019 | |||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | $ | % | ||||||||||||
Product sales, net | $ | 123,803 | $ | 2,108 | $ | 121,695 | 5,773 | % | ||||||||
Costs and operating expenses: | ||||||||||||||||
Cost of sales | 1,986 | 48 | 1,938 | * | ||||||||||||
Research and development | 155,122 | 174,556 | (19,434 | ) | (11 | ) | ||||||||||
Selling, general and administrative | 210,851 | 117,088 | 93,763 | 80 | ||||||||||||
Gain on lease modification | (984 | ) | (8,301 | ) | 7,317 | 88 | ||||||||||
Total costs and operating expenses | 366,975 | 283,391 | 83,584 | 29 | ||||||||||||
Loss from operations | (243,172 | ) | (281,283 | ) | 38,111 | (14 | ) | |||||||||
Interest income | 5,834 | 15,591 | (9,757 | ) | (63 | ) | ||||||||||
Interest expenses | (9,809 | ) | (894 | ) | (8,915 | ) | (997 | ) | ||||||||
Other expenses, net | (406 | ) | (180 | ) | (226 | ) | 126 | |||||||||
Net loss | $ | (247,553 | ) | $ | (266,766 | ) | $ | (19,213 | ) | (7 | )% | |||||
* | Change is not meaningful |
Change | ||||||||||||||||||||||||||||
Years Ended December 31, | 2019/2018 | 2018/2017 | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | $ | % | $ | % | ||||||||||||||||||||||
Costs incurred by development program: | ||||||||||||||||||||||||||||
Oxbryta for the treatment of SCD | $ | 117,827 | $ | 103,613 | $ | 64,860 | $ | 14,214 | 14 | % | $ | 38,753 | 60 | % | ||||||||||||||
Other preclinical programs | 47,015 | 23,036 | 14,512 | 23,979 | 104 | 8,524 | 59 | |||||||||||||||||||||
Inclacumab for the treatment of SCD | 9,472 | 3,818 | — | 5,654 | 148 | 3,818 | * | |||||||||||||||||||||
Oxbryta for the treatment of hypoxemic pulmonary disorders | 242 | 840 | 8,435 | (598 | ) | (71 | ) | (7,595 | ) | (90 | ) | |||||||||||||||||
Total research and development expenses | $ | 174,556 | $ | 131,307 | $ | 87,807 | $ | 43,249 | 33 | % | $ | 43,500 | 50 | % | ||||||||||||||
Change | ||||||||||||||||
Years Ended December 31, | 2020/2019 | |||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Costs incurred by development program: | ||||||||||||||||
Oxbryta for the treatment of SCD | $ | 83,945 | $ | 117,827 | $ | (33,882 | ) | (29 | )% | |||||||
Other preclinical programs | 45,360 | 47,015 | (1,655 | ) | (4 | ) | ||||||||||
Inclacumab for the treatment of SCD | 25,817 | 9,472 | 16,345 | 173 | ||||||||||||
Oxbryta for the treatment of hypoxemic pulmonary disorders | — | 242 | (242 | ) | * | |||||||||||
Total research and development expenses | $ | 155,122 | $ | 174,556 | $ | (19,434 | ) | (11 | )% | |||||||
* | Change is not meaningful |
Year Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash used in operating activities | $ | (194,417 | ) | $ | (135,375 | ) | $ | (93,022 | ) | |||
Cash used in investing activities | (76,861 | ) | (184,157 | ) | (35,000 | ) | ||||||
Cash provided by financing activities | 298,158 | 397,906 | 235,188 | |||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 26,880 | $ | 78,374 | $ | 107,166 | ||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||
Cash used in operating activities | $ | (211,862) | $ | (194,417) | $ | (135,375) | ||||||
Cash provided by (used in) investing activities | 317,312 | (76,861) | (184,157) | |||||||||
Cash provided by financing activities | 87,120 | 298,158 | 397,906 | |||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 192,570 | $ | 26,880 | $ | 78,374 | ||||||
Payments Due by Period | ||||||||||||||||||||||||
Total | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||
Term Loan | $ | 107,718 | $ | 6,750 | $ | 6,750 | $ | 6,750 | $ | 31,406 | $ | 56,062 | ||||||||||||
Operating lease obligations 1 | $ | 131,884 | $ | 8,242 | $ | 11,736 | $ | 12,116 | $ | 12,508 | $ | 87,282 | ||||||||||||
Total contractual obligations | $ | 239,602 | $ | 14,992 | $ | 18,486 | $ | 18,866 | $ | 43,914 | $ | 143,344 | ||||||||||||
Payments Due by Period | ||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | Thereafter | |||||||||||||||||||
Term Loan | $ | 201,938 | $ | 13,500 | $ | 13,500 | $ | 62,813 | $ | 58,313 | $ | 53,812 | ||||||||||||
Operating lease obligations | $ | 123,470 | $ | 11,841 | $ | 12,222 | $ | 12,584 | $ | 12,948 | $ | 73,875 | ||||||||||||
Total contractual obligations | $ | 325,408 | $ | 25,341 | $ | 25,722 | $ | 75,397 | $ | 71,261 | $ | 127,687 | ||||||||||||
December 31, 2018 | Adjustments Due to our Adoption of Topic 842 | January 1, 2019 | ||||||||||
Assets: | ||||||||||||
Operating lease ROU assets | $ | — | $ | 14,177 | $ | 14,177 | ||||||
Liabilities: | ||||||||||||
Operating lease liabilities, current as included in other liabilities, current | — | 1,176 | 1,176 | |||||||||
Deferred rent, current as included in other liabilities, current | 712 | (712 | ) | — | ||||||||
Operating lease liabilities, noncurrent | — | 24,754 | 24,754 | |||||||||
Deferred rent, noncurrent as included in other liabilities, noncurrent | 11,041 | (11,041 | ) | — |
Page | |||||
Audited Consolidated Financial Statements: | |||||
/s/ KPMG LLP |
December 31, | ||||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 302,237 | $ | 275,357 | ||||
Short-term marketable securities | 307,732 | 202,177 | ||||||
Accounts receivable, net | 2,637 | — | ||||||
Inventories | 1,277 | — | ||||||
Prepaid expenses | 9,422 | 6,337 | ||||||
Other assets, current | 4,692 | 1,909 | ||||||
Total current assets | 627,997 | 485,780 | ||||||
Property and equipment, net | 27,113 | 14,981 | ||||||
Long-term marketable securities | 85,030 | 114,281 | ||||||
Operating lease right-of-use assets | 52,775 | — | ||||||
Restricted cash | 2,395 | 2,395 | ||||||
Other assets, noncurrent | 789 | 206 | ||||||
Total assets | $ | 796,099 | $ | 617,643 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,621 | $ | 6,046 | ||||
Accrued liabilities | 41,358 | 16,792 | ||||||
Accrued compensation | 17,578 | 10,036 | ||||||
Other liabilities, current | 1,896 | 899 | ||||||
Total current liabilities | 71,453 | 33,773 | ||||||
Long-term debt | 73,559 | — | ||||||
Operating lease liabilities, noncurrent | 72,359 | — | ||||||
Other liabilities, noncurrent | 34 | 11,071 | ||||||
Total liabilities | 217,405 | 44,844 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized at December 31, 2019 and 2018, respectively, and 0ne issued and outstanding as of December 31, 2019 and 2018 | — | — | ||||||
Common stock, $0.001 par value, 150,000,000 shares authorized at December 31, 2019 and 2018, respectively; 60,644,380 and 55,640,299 shares issued and outstanding at December 31, 2019 and 2018, respectively | 61 | 56 | ||||||
Additional paid-in capital | 1,316,795 | 1,044,941 | ||||||
Accumulated other comprehensive income (loss) | 754 | (48 | ) | |||||
Accumulated deficit | (738,916 | ) | (472,150 | ) | ||||
Total stockholders’ equity | 578,694 | 572,799 | ||||||
Total liabilities and stockholders’ equity | $ | 796,099 | $ | 617,643 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 494,766 | $ | 302,237 | ||||
Short-term marketable securities | 66,126 | 307,732 | ||||||
Accounts receivable, net | 17,500 | 2,637 | ||||||
Inventories | 40,223 | 1,277 | ||||||
Prepaid expenses | 12,599 | 9,422 | ||||||
Other assets, current | 949 | 4,692 | ||||||
Total current assets | 632,163 | 627,997 | ||||||
Property and equipment, net | 37,882 | 27,113 | ||||||
Long-term marketable securities | — | 85,030 | ||||||
Operating lease right-of-use | 50,722 | 52,775 | ||||||
Restricted cash | 2,436 | 2,395 | ||||||
Other assets, noncurrent | 799 | 789 | ||||||
Total assets | $ | 724,002 | $ | 796,099 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19,078 | $ | 10,621 | ||||
Accrued liabilities | 31,133 | 41,358 | ||||||
Accrued compensation | 23,985 | 17,578 | ||||||
Other liabilities, curren t | 4,836 | 1,896 | ||||||
Total current liabilities | 79,032 | 71,453 | ||||||
Long-term debt | 148,815 | 73,559 | ||||||
Operating lease liabilities, noncurrent | 79,176 | 72,359 | ||||||
Other liabilities, noncurrent | 822 | 34 | ||||||
Total liabilities | 307,845 | 217,405 | ||||||
Commitments and contingencies (Note 8) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized at December 31, 2020 and 2019, respectively, and 0ne issued and outstanding as of December 31, 2020 and 2019 | 0— | 0— | ||||||
Common stock, $0.001 par value, 150,000,000 shares authorized at December 31, 2020 and 2019, respectively; 61,898,090 and 60,644,380 shares issued and outstanding at December 31, 2020 and 2019, respectively | 62 | 61 | ||||||
Additional paid-in capital | 1,402,262 | 1,316,795 | ||||||
Accumulated other comprehensive income | 302 | 754 | ||||||
Accumulated deficit | (986,469 | ) | (738,916 | ) | ||||
Total stockholders’ equity | 416,157 | 578,694 | ||||||
Total liabilities and stockholders’ equity | $ | 724,002 | $ | 796,099 | ||||
Year Ended | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Product sales, net | $ | 2,108 | $ | — | $ | — | ||||||
Costs and operating expenses: | ||||||||||||
Cost of sales | 48 | — | — | |||||||||
Research and development | 174,556 | 131,307 | 87,807 | |||||||||
Selling, general and administrative | 117,088 | 51,435 | 31,438 | |||||||||
Gain on lease modification | (8,301 | ) | — | — | ||||||||
Total costs and operating expenses | 283,391 | 182,742 | 119,245 | |||||||||
Loss from operations | (281,283 | ) | (182,742 | ) | (119,245 | ) | ||||||
Interest income, net | 14,697 | 8,618 | 2,555 | |||||||||
Other expenses, net | (180 | ) | (69 | ) | (334 | ) | ||||||
Net loss | (266,766 | ) | (174,193 | ) | (117,024 | ) | ||||||
Other comprehensive loss: | ||||||||||||
Net unrealized gain (loss) on marketable securities, net of tax | 802 | 288 | (170 | ) | ||||||||
Comprehensive loss | $ | (265,964 | ) | $ | (173,905 | ) | $ | (117,194 | ) | |||
Basic and diluted net loss per common share | $ | (4.57 | ) | $ | (3.41 | ) | $ | (2.76 | ) | |||
Weighted-average number of shares used in computing basic and diluted net loss per common share | 58,321,612 | 51,150,728 | 42,323, 686 | |||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Product sales, net | $ | 123,803 | $ | 2,108 | $ | — | ||||||
Costs and operating expenses: | ||||||||||||
Cost of sales | 1,986 | 48 | — | |||||||||
Research and development | 155,122 | 174,556 | 131,307 | |||||||||
Selling, general and administrative | 210,851 | 117,088 | 51,435 | |||||||||
Gain on lease modification | (984 | ) | (8,301 | ) | — | |||||||
Total costs and operating expenses | 366,975 | 283,391 | 182,742 | |||||||||
Loss from operations | (243,172 | ) | (281,283 | ) | (182,742 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income | 5,834 | 15,591 | 8,964 | |||||||||
Interest expense s | (9,809 | ) | (894 | ) | (346 | ) | ||||||
Other expenses, net | (406 | ) | (180 | ) | (69 | ) | ||||||
Total other income (expense), net | (4,381 | ) | 14,517 | 8,549 | ||||||||
Net loss | (247,553 | ) | (266,766 | ) | (174,193 | ) | ||||||
Other comprehensive loss: | ||||||||||||
Net unrealized gain (loss) on marketable securities, net of tax | (452 | ) | 802 | 288 | ||||||||
Comprehensive loss | $ | (248,005 | ) | $ | (265,964 | ) | $ | (173,905 | ) | |||
Basic and diluted net loss per common share | $ | (4.04 | ) | $ | (4.57 | ) | $ | (3.41 | ) | |||
Weighted-average number of shares used in computing basic and diluted net loss per common share | 61,334,037 | 58,321,612 | 51,150,728 | |||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balance at December 31, 2016 | 36,638,156 | $ | 37 | $ | 367,371 | $ | (166 | ) | $ | (180,933 | ) | $ | 186,309 | |||||||||||
Issuance of common stock upon equity offerings, net of issuance costs | 8,498,926 | 8 | 231,947 | — | — | 231,955 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 578,455 | 1 | 2,815 | — | — | 2,816 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 33,212 | — | (238 | ) | — | — | (238 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 76,585 | — | 1,050 | — | — | 1,050 | ||||||||||||||||||
Vesting of restricted stock purchases | 306,389 | — | 424 | — | — | 424 | ||||||||||||||||||
Stock-based compensation expense | — | — | 13,682 | — | — | 13,682 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | (170 | ) | — | (170 | ) | ||||||||||||||||
Net loss | — | — | — | — | (117,024 | ) | (117,024 | ) | ||||||||||||||||
Balance at December 31, 2017 | 46,131,723 | $ | 46 | $ | 617,051 | $ | (336 | ) | $ | (297,957 | ) | $ | 318,804 | |||||||||||
Issuance of common stock upon equity offerings, net of issuance costs | 8,403,826 | 8 | 396,026 | — | — | 396,034 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 596,434 | 1 | 6,021 | — | — | 6,022 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 255,039 | 1 | (6,253 | ) | — | — | (6,252 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 61,031 | — | 1,647 | — | — | 1,647 | ||||||||||||||||||
Vesting of restricted stock purchases | 192,246 | — | 369 | — | — | 369 | ||||||||||||||||||
Stock-based compensation expense | — | — | 30,080 | — | — | 30,080 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | 288 | — | 288 | ||||||||||||||||||
Net loss | — | — | — | — | (174,193 | ) | (174,193 | ) | ||||||||||||||||
Balance at December 31, 2018 | 55,640,299 | $ | 56 | $ | 1,044,941 | $ | (48 | ) | $ | (472,150 | ) | $ | 572,799 | |||||||||||
Issuance of common stock upon equity offerings, net of issuance costs | 3,986,890 | 4 | 219,667 | — | — | 219,671 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 538,503 | 1 | 11,635 | — | — | 11,636 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 368,357 | — | (7,617 | ) | — | — | (7,617 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 63,280 | — | 2,361 | — | — | 2,361 | ||||||||||||||||||
Vesting of restricted stock purchases | 47,051 | — | 157 | — | — | 157 | ||||||||||||||||||
Stock-based compensation expense | — | — | 45,651 | — | — | 45,651 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | 802 | — | 802 | ||||||||||||||||||
Net loss | — | — | — | — | (266,766 | ) | (266,766 | ) | ||||||||||||||||
Balance at December 31, 2019 | 60,644,380 | $ | 61 | $ | 1,316,795 | $ | 754 | $ | (738,916 | ) | $ | 578,694 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balance at December 31, 2017 | 46,131,723 | $ | 46 | $ | 617,051 | $ | (336 | ) | $ | (297,957 | ) | $ | 318,804 | |||||||||||
Issuance of common stock upon equity offerings, net of issuance costs | 8,403,826 | 8 | 396,026 | — | — | 396,034 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 596,434 | 1 | 6,021 | — | — | 6,022 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 255,039 | 1 | (6,253 | ) | — | — | (6,252 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 61,031 | — | 1,647 | — | — | 1,647 | ||||||||||||||||||
Vesting of restricted stock purchases | 192,246 | — | 369 | — | — | 369 | ||||||||||||||||||
Stock-based compensation expense | — | — | 30,080 | — | — | 30,080 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | 288 | — | 288 | ||||||||||||||||||
Net loss | — | — | — | — | (174,193 | ) | (174,193 | ) | ||||||||||||||||
Balance at December 31, 2018 | 55,640,299 | $ | 56 | $ | 1,044,941 | $ | (48 | ) | $ | (472,150 | ) | $ | 572,799 | |||||||||||
Issuance of common stock upon equity offerings, net of issuance costs | 3,986,890 | 4 | 219,667 | — | — | 219,671 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 538,503 | 1 | 11,635 | — | — | 11,636 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 368,357 | — | (7,617 | ) | — | — | (7,617 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 63,280 | — | 2,361 | — | — | 2,361 | ||||||||||||||||||
Vesting of restricted stock purchases | 47,051 | — | 157 | — | — | 157 | ||||||||||||||||||
Stock-based compensation expense | — | — | 45,651 | — | — | 45,651 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | 802 | — | 802 | ||||||||||||||||||
Net loss | — | — | — | — | (266,766 | ) | (266,766 | ) | ||||||||||||||||
Balance at December 31, 2019 | 60,644,380 | $ | 61 | $ | 1,316,795 | $ | 754 | $ | (738,916 | ) | $ | 578,694 | ||||||||||||
Issuance of common stock upon exercise of stock options | 525,788 | — | 13,328 | — | — | 13,328 | ||||||||||||||||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | 629,857 | 1 | (5,288 | ) | — | — | (5,287 | ) | ||||||||||||||||
Issuance of common stock pursuant to ESPP purchases | 98,065 | — | 4,137 | — | — | 4,137 | ||||||||||||||||||
Stock-based compensation expense | — | — | 73,290 | — | — | 73,290 | ||||||||||||||||||
Net unrealized gain (loss) on marketable securities | — | — | — | (452 | ) | — | (452 | ) | ||||||||||||||||
Net loss | — | — | — | — | (247,553 | ) | (247,553 | ) | ||||||||||||||||
Balance at December 31, 2020 | 61,898,090 | $ | 62 | $ | 1,402,262 | $ | 302 | $ | (986,469 | ) | $ | 416,157 | ||||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net loss | $ | (266,766 | ) | $ | (174,193 | ) | $ | (117,024 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 8,605 | 4,607 | 1,658 | |||||||||
Amortization (accretion) of premium (discount) on marketable securities | (2,057 | ) | (661 | ) | 704 | |||||||
Non-cash interest expense | 43 | — | — | |||||||||
Amortization of operating lease right-of-use assets | 1,327 | — | — | |||||||||
Stock-based compensation | 45,651 | 30,080 | 13,682 | |||||||||
Gain on lease modification | (8,301 | ) | — | — | ||||||||
Loss from disposal of fixed assets, net | — | 45 | — | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivables | (2,637 | ) | — | — | ||||||||
Inventories | (1,277 | ) | — | — | ||||||||
Prepaid expenses | (3,085 | ) | (2,500 | ) | (1,856 | ) | ||||||
Other assets, current | (2,112 | ) | (1,278 | ) | (162 | ) | ||||||
Accounts payable | 4,499 | (1,285 | ) | 2,771 | ||||||||
Accrued liabilities | 24,706 | 8,031 | 3,280 | |||||||||
Accrued compensation | 7,543 | 1,457 | 3,612 | |||||||||
Other liabilities, current | (1,482 | ) | 742 | (63 | ) | |||||||
Operating lease liabilities | 893 | — | — | |||||||||
Other liabilities, noncurrent | 33 | (420 | ) | 376 | ||||||||
Net cash used in operating activities | (194,417 | ) | (135,375 | ) | (93,022 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property and equipment | (3,460 | ) | (4,824 | ) | (3,101 | ) | ||||||
Sale of property and equipment | 45 | 75 | — | |||||||||
Purchases of marketable securities | (434,919 | ) | (361,405 | ) | (127,724 | ) | ||||||
Maturities of marketable securities | 361,473 | 181,997 | 96,000 | |||||||||
Purchases of other assets | — | — | (175 | ) | ||||||||
Net cash used in investing activities | (76,861 | ) | (184,157 | ) | (35,000 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 219,443 | 396,501 | 231,955 | |||||||||
Proceeds from issuance of long-term debt, net of debt issuance costs | 72,475 | — | — | |||||||||
Proceeds from issuance of common stock in settlement of employee stock purchase plan and exercise of stock options | 13,857 | 7,669 | 3,892 | |||||||||
Repurchases of unvested restricted stock purchases | — | (12 | ) | (421 | ) | |||||||
Taxes paid related to net share settlement of equity awards | (7,617 | ) | (6,252 | ) | (238 | ) | ||||||
Net cash provided by financing activities | 298,158 | 397,906 | 235,188 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 26,880 | 78,374 | 107,166 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 277,752 | 199,378 | 92,212 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 304,632 | $ | 277,752 | $ | 199,378 | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING INFORMATION: | ||||||||||||
Accrued issuance costs | $ | 85 | $ | 467 | $ | — | ||||||
Leasehold improvements paid for by landlord | $ | 17,231 | $ | — | $ | 11,086 | ||||||
Accrued purchase of property and equipment | $ | 78 | $ | 48 | $ | 1,536 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net loss | $ | (247,553 | ) | $ | (266,766 | ) | $ | (174,193 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 8,323 | 8,605 | 4,607 | |||||||||
Amortization (accretion) of premium (discount) on marketable securities | 119 | (2,057 | ) | (661 | ) | |||||||
Non-cash interest expense | 1,523 | 43 | — | |||||||||
Amortization of operating lease right-of-use | 2,500 | 1,327 | — | |||||||||
Stock-based compensation | 71,477 | 45,651 | 30,080 | |||||||||
Gain on lease modification | (984 | ) | (8,301 | ) | — | |||||||
Loss from disposal of fixed assets, net | — | — | 45 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivables | (14,863 | ) | (2,637 | ) | — | |||||||
Inventories | (36,779 | ) | (1,277 | ) | — | |||||||
Prepaid expenses | (702 | ) | (3,085 | ) | (2,500 | ) | ||||||
Other assets, current | (23 | ) | (2,112 | ) | (1,278 | ) | ||||||
Accounts payable | 8,374 | 4,499 | (1,285 | ) | ||||||||
Accrued liabilities | (10,089 | ) | 24,706 | 8,031 | ||||||||
Accrued compensation | 6,407 | 7,543 | 1,457 | |||||||||
Other liabilities, current | (587 | ) | (1,482 | ) | 742 | |||||||
Operating lease liabilities | 173 | 893 | — | |||||||||
Other liabilities, noncurrent | 822 | 33 | (420 | ) | ||||||||
Net cash used in operating activities | (211,862 | ) | (194,417 | ) | (135,375 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property and equipment | (8,754 | ) | (3,460 | ) | (4,824 | ) | ||||||
Proceeds from sale of property and equipment | — | 45 | 75 | |||||||||
Purchases of marketable securities | (57,936 | ) | (434,919 | ) | (361,405 | ) | ||||||
Maturities of marketable securities | 384,002 | 361,473 | 181,997 | |||||||||
Net cash provided by (used in) investing activities | 317,312 | (76,861 | ) | (184,157 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | — | 219,443 | 396,501 | |||||||||
Proceeds from issuance of long-term debt, net of debt issuance costs | 74,799 | 72,475 | — | |||||||||
Proceeds from issuance of common stock in settlement of employee stock purchase plan and exercise of stock options | 17,608 | 13,857 | 7,657 | |||||||||
Taxes paid related to net share settlement of equity awards | (5,287 | ) | (7,617 | ) | (6,252 | ) | ||||||
Net cash provided by financing activities | 87,120 | 298,158 | 397,906 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 192,570 | 26,880 | 78,374 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 304,632 | 277,752 | 199,378 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 497,202 | $ | 304,632 | $ | 277,752 | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid for interest | $ | 6,283 | $ | — | $ | 0— | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING INFORMATION: | ||||||||||||
Accrued issuance costs | $ | (59 | ) | $ | 85 | $ | 467 | |||||
Leasehold improvements paid for by landlord | $ | 10,709 | $ | 17,231 | $ | 0— | ||||||
Accrued purchase of property and equipment | $ | 6 | $ | 78 | $ | 48 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS | ||||||||||||
Cash, cash equivalents | $ | 494,766 | $ | 302,237 | $ | 275,357 | ||||||
Restricted cash | 2,436 | 2,395 | 2,395 | |||||||||
Total cash and cash equivalents and restricted cash | $ | 497,202 | $ | 304,632 | $ | 277,752 | ||||||
December 31, 2018 | Adjustments Due to Adoption of Topic | January 1, 2019 | ||||||||||
Assets: | ||||||||||||
Operating lease ROU assets | $ | — | $ | 14,177 | $ | 14,177 | ||||||
Liabilities: | ||||||||||||
Operating lease liabilities, current as included in other liabilities, current | — | 1,176 | 1,176 | |||||||||
Deferred rent, current as included in other liabilities, current | 712 | (712 | ) | — | ||||||||
Operating lease liabilities, noncurrent | — | 24,754 | 24,754 | |||||||||
Deferred rent, noncurrent as included in other liabilities, noncurrent | 11,041 | (11,041 | ) | — |
December 31, 2020 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 486,174 | $ | 486,174 | $ | — | $ | — | ||||||||
Corporate debt securities | 29,804 | — | 29,804 | — | ||||||||||||
U.S. government agency securities | 15,943 | — | 15,943 | — | ||||||||||||
Certificates of deposits | 243 | — | 243 | — | ||||||||||||
U.S. government securities | 20,136 | — | 20,136 | — | ||||||||||||
Total financial assets | $ | 552,300 | $ | 486,174 | $ | 66,126 | $ | — | ||||||||
December 31, 2019 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 250,535 | $ | 250,535 | $ | — | $ | — | ||||||||
Corporate debt securities | 152,149 | — | 152,149 | — | ||||||||||||
U.S. government agency securities | 95,032 | — | 95,032 | — | ||||||||||||
Certificates of deposits | 6,282 | — | 6,282 | — | ||||||||||||
U.S. government securities | 140,244 | — | 140,244 | — | ||||||||||||
Total financial assets | $ | 644,242 | $ | 250,535 | $ | 393,707 | $ | — | ||||||||
December 31, 2018 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 275,234 | $ | 275,234 | $ | — | $ | — | ||||||||
Corporate debt securities | 110,027 | — | 110,027 | — | ||||||||||||
U.S. government agency securities | 88,028 | — | 88,028 | — | ||||||||||||
Certificates of deposits | 6,675 | — | 6,675 | — | ||||||||||||
U.S. government securities | 111,728 | — | 111,728 | — | ||||||||||||
Total financial assets | $ | 591,692 | $ | 275,234 | $ | 316,458 | $ | — | ||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized (Losses) | Estimated Fair | Amortized Cost | Unrealized Gains | Unrealized (Losses) | Estimated Fair | |||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 250,535 | $ | — | $ | — | $ | 250,535 | $ | 275,234 | $ | — | $ | — | $ | 275,234 | ||||||||||||||||
Corporate debt securities | 151,773 | 384 | (8 | ) | 152,149 | 110,053 | 69 | (95 | ) | 110,027 | ||||||||||||||||||||||
U.S. government agency | 94,963 | 73 | (4 | ) | 95,032 | 88,042 | 40 | (54 | ) | 88,028 | ||||||||||||||||||||||
Certificates of deposits | 6,239 | 43 | — | 6,282 | 6,681 | 1 | (7 | ) | 6,675 | |||||||||||||||||||||||
U.S. government securities | 139,978 | 266 | — | 140,244 | 111,730 | 60 | (62 | ) | 111,728 | |||||||||||||||||||||||
Total | $ | 643,488 | $ | 766 | $ | (12 | ) | $ | 644,242 | $ | 591,740 | $ | 170 | $ | (218 | ) | $ | 591,692 | ||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized (Losses) | Estimated Fair Value | Amortized Cost | Unrealized Gains | Unrealized (Losses) | Estimated Fair Value | |||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 486,174 | $ | — | $ | — | $ | 486,174 | $ | 250,535 | $ | — | $ | — | $ | 250,535 | ||||||||||||||||
Corporate debt securities | 29,641 | 163 | — | 29,804 | 151,773 | 384 | (8 | ) | 152,149 | |||||||||||||||||||||||
U.S. government agency securities | 15,906 | 37 | — | 15,943 | 94,963 | 73 | (4 | ) | 95,032 | |||||||||||||||||||||||
Certificates of deposits | 241 | 2 | — | 243 | 6,239 | 43 | — | 6,282 | ||||||||||||||||||||||||
U.S. government securities | 20,036 | 100 | — | 20,136 | 139,978 | 266 | — | 140,244 | ||||||||||||||||||||||||
Total | $ | 551,998 | $ | 302 | $ | — | $ | 552,300 | $ | 643,488 | $ | 766 | $ | (12 | ) | $ | 644,242 | |||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||
Cash and cash equivalents | $ | 251,480 | $ | 275,234 | ||||
Short-term marketable securities | 307,732 | 202,177 | ||||||
Long-term marketable securities | 85,030 | 114,281 | ||||||
Total | $ | 644,242 | $ | 591,692 | ||||
December 31, 2020 | December 31, 2019 | |||||||
Cash and cash equivalents | $ | 486,174 | $ | 251,480 | ||||
Short-term marketable securities | 66,126 | 307,732 | ||||||
Long-term marketable securities | — | 85,030 | ||||||
Total | $ | 552,300 | $ | 644,242 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Laboratory equipment | $ | 8,314 | $ | 7,363 | ||||
Computer equipment | 2,224 | 1,501 | ||||||
Leasehold improvements | 13,785 | 13,785 | ||||||
Construction-in-progress | 19,289 | 239 | ||||||
Total property and equipment | 43,612 | 22,888 | ||||||
Less: accumulated depreciation and amortization | (16,499 | ) | (7,907 | ) | ||||
Property and equipment, net | $ | 27,113 | $ | 14,981 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Laboratory equipment | $ | 11,922 | $ | 8,314 | ||||
Computer equipment | 3,023 | 2,224 | ||||||
Leasehold improvements | 32,281 | 13,785 | ||||||
Construction-in-progress | 517 | 19,289 | ||||||
Total property and equipment | 47,743 | 43,612 | ||||||
Less: accumulated depreciation and amortization | (9,861 | ) | (16,499 | ) | ||||
Property and equipment, net | $ | 37,882 | $ | 27,113 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Accrued research and development costs | $ | 26,480 | $ | 4,150 | ||||
Accrued manufacturing costs | 9,466 | 10,971 | ||||||
Accrued professional and consulting services | 4,564 | 1,016 | ||||||
Accrued sales deductions | 529 | — | ||||||
Other | 319 | 655 | ||||||
Total accrued liabilities | $ | 41,358 | $ | 16,792 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Accrued research and development costs | $ | 10,677 | $ | 26,480 | ||||
Accrued manufacturing costs | 9,125 | 9,466 | ||||||
Accrued professional and consulting services | 4,107 | 4,564 | ||||||
Accrued sales deductions | 6,405 | 529 | ||||||
Other | 819 | 319 | ||||||
Total accrued liabilities | $ | 31,133 | $ | 41,358 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Operating lease liabilities, current | $ | 1,866 | $ | — | ||||
Restricted shares subject to repurchase, current | — | 157 | ||||||
Deferred rent, current | — | 712 | ||||||
Other payable, current | 30 | 30 | ||||||
Total other liabilities, current | $ | 1,896 | $ | 899 | ||||
Deferred rent, noncurrent | $ | — | $ | 11,041 | ||||
Other payable, noncurrent | 34 | 30 | ||||||
Total other liabilities, noncurrent | $ | 34 | $ | 11,071 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Operating lease liabilities, current | $ | 4,836 | $ | 1,866 | ||||
Other payable | — | 30 | ||||||
Total other liabilities, current | $ | 4,836 | $ | 1,896 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Raw materials | $ | 700 | $ | — | ||||
Work-in-process | 525 | — | ||||||
Finished goods | 52 | — | ||||||
Total inventories | $ | 1,277 | $ | — | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Raw materials | $ | 11,273 | $ | 700 | ||||
Work-in-process | 26,994 | 525 | ||||||
Finished goods | 1,956 | 52 | ||||||
Total inventories | $ | 40,223 | $ | 1,277 | ||||
2020 | $ | 6,750 | ||
2021 | 6,750 | |||
2022 | 6,750 | |||
2023 | 31,406 | |||
2024 | 29,156 | |||
2025 | 26,906 | |||
Total minimum payments | 107,718 | |||
Less amount representing interest | (31,218 | ) | ||
Less amount representing Paydown Fee | (1,500 | ) | ||
Long-term debt, gross | 75,000 | |||
Discount on notes payable | (1,468 | ) | ||
Accretion of Paydown Fee | 27 | |||
Long-term debt | $ | 73,559 | ||
2021 | 13,500 | |||
2022 | 13,500 | |||
2023 | 62,813 | |||
2024 | 58,313 | |||
2025 | 53,812 | |||
Total minimum payments | 201,938 | |||
Less amount representing interest | (48,938 | ) | ||
Less amount representing Paydown Fee | (3,000 | ) | ||
Long-term debt, gross | 150,000 | |||
Discount on notes payable | (1,596 | ) | ||
Accretion of Paydown Fee | 411 | |||
Long-term debt | $ | 148,815 | ||
Year Ended December 31, 2019 | ||||
ROU assets obtained in exchange for new operating lease upon adoption of ASC 842 | $ | 14,177 | ||
Adjustment to ROU assets as a result of the lease modification for the Existing Premises | (13,802 | ) | ||
ROU assets obtained for new operating lease liabilities (1) | 53,727 | |||
Cash paid for amounts included in the measurement of lease liabilities | 4,481 | |||
Weighted-average remaining lease term of operating leases (in years) | 10.1 | |||
Weighted-average discount rate of operating leases | 8.66 | % |
For the year ended December 31, | ||||||||
2020 | 2019 | |||||||
ROU assets obtained in exchange for new operating lease upon adoption of ASC 842 | $ | 0 | $ | 14,177 | ||||
Adjustment to ROU assets as a result of the lease modification for the Prior Premises | (106 | ) | (13,802 | ) | ||||
ROU assets obtained for new operating lease liabilities | 205 | 53,727 | ||||||
Operating lease liabilities arising from obtaining ROU assets | 205 | 25,929 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | 7,696 | 4,481 | ||||||
Weighted-average remaining lease term of operating leases (in years) | 9.2 | 10.1 | ||||||
Weighted-average discount rate of operating leases | 8.66 | % | 8.66 | % |
Year ending December 31, | Amount | |||
2020 | (2,440 | ) (2) | ||
2021 | 11,736 | |||
2022 | 12,116 | |||
2023 | 12,508 | |||
2024 | 12,913 | |||
2025 | 13,333 | |||
Thereafter | 61,035 | |||
Total lease payments | 121,201 | |||
Less: Imputed interest | (46,976 | ) | ||
Present value of operating lease liabilities | $ | 74,225 | ||
Year ending December 31, | Amount 1 | |||
2019 | 4,406 | |||
2020 | 6,513 | |||
2021 | 11,642 | |||
2022 | 12,020 | |||
Thereafter | 102,776 | |||
Total | $ | 137,357 | ||
Year ending December 31, | Amount | |||
2021 | 11,841 | |||
2022 | 12,222 | |||
2023 | 12,584 | |||
2024 | 12,948 | |||
2025 | 13,368 | |||
Thereafter | 60,507 | |||
Total lease payments | 123,470 | |||
Less: Imputed interest | (39,458 | ) | ||
Present value of operating lease liabilities | $ | 84,012 | ||
December 31, | ||||||||
2019 | 2018 | |||||||
Restricted shares subject to future vesting | — | 47,051 | ||||||
Restricted stock units | 1,848,772 | 975,419 | ||||||
Options issued and outstanding | 3,573,860 | 3,243,551 | ||||||
Shares available for future grant under the 2015 Plan and 2017 Inducement Equity Plan | 4,478,656 | 3,003,454 | ||||||
Employee stock purchase plan | 252,655 | 240,935 | ||||||
Total | 10,153,943 | 7,510,410 | ||||||
December 31, | ||||||||
2020 | 2019 | |||||||
Restricted stock units | 2,625,056 | 1,848,772 | ||||||
Options issued and outstanding | 3,327,330 | 3,573,860 | ||||||
Shares available for future grant under the 2015 Plan and 2017 Inducement Equity Plan | 6,018,567 | 4,478,656 | ||||||
Employee stock purchase plan | 254,590 | 252,655 | ||||||
Total | 12,225,543 | 10,153,943 | ||||||
Number of Options | Weighted- Average Exercise Price | Weighted- Average remaining contractual term (years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding—December 31, 2018 | 3,243,551 | $ | 29.74 | 7.96 | ||||||||||||
Options granted | 1,026,965 | 50.04 | ||||||||||||||
Options exercised | (538,502 | ) | 21.61 | |||||||||||||
Options canceled | (158,154 | ) | 42.26 | |||||||||||||
Outstanding—December 31, 2019 | 3,573,860 | $ | 36.24 | 7.55 | $ | 154,552 | ||||||||||
Vested and exercisable—December 31, 2019 | 1,884,402 | $ | 27.95 | 6.71 | $ | 97,114 | ||||||||||
Number of Options | Weighted- Average Exercise Price | Weighted- Average remaining contractual term (years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding—December 31, 2019 | 3,573,860 | $ | 36.24 | 7.55 | ||||||||||||
Options granted | 719,561 | 65.36 | ||||||||||||||
Options exercised | (525,788 | ) | 25.35 | |||||||||||||
Options canceled | (440,303 | ) | 52.78 | |||||||||||||
Outstanding—December 31, 2020 | 3,327,330 | $ | 42.07 | 7.02 | $ | 29,720 | ||||||||||
Vested and exercisable—December 31, 2020 | 2,151,326 | $ | 34.77 | 6.33 | $ | 28,616 | ||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Expected term (in years) | 5.3-6.1 | 5.3-6.1 | 5.3-6.1 | |||||||||
Volatility | 69.8%-72.2% | 68.7%-71.8% | 68.9%-75.6% | |||||||||
Risk-free interest rate | 1.4%-2.6% | 2.6%-3.0% | 1.8%-2.3% | |||||||||
Dividend yield | — | — | — |
Year Ended December 31, | ||||||
2020 | 2019 | 2018 | ||||
Expected term (in years) | 5.1-6.1 | 5.3-6.1 | 5.3-6.1 | |||
Volatility | 69.6%-71.8% | 69.8%-72.2% | 68.7%-71.8% | |||
Risk-free interest rate | 0.3%-1.8% | 1.4%-2.6% | 2.6%-3.0% | |||
Dividend yield | 0 | 0 | 0 |
Number of RSUs | Weighted- Average Grant Date Fair | Weighted- Average Remaining Vesting Period (years) | Aggregate Intrinsic Value | |||||||||||||
Non-vested units—December 31, 2018 | 816,169 | $ | 43.34 | 1.54 | $ | 33,504 | ||||||||||
RSUs granted | 1,490,470 | 51.00 | ||||||||||||||
RSUs vested | (331,046 | ) | 43.18 | |||||||||||||
RSUs forfeited | (126,821 | ) | 48.47 | |||||||||||||
Non-vested units—December 31, 2019 | 1,848,772 | $ | 49.19 | 1.54 | $ | 146,959 | ||||||||||
Number of RSUs | Weighted- Average Grant Date Fair Value | Weighted- Average Remaining Vesting Period (years) | Aggregate Intrinsic Value | |||||||||||||
Non-vested units—December 31, 2019 | 1,848,772 | $ | 49.19 | 1.54 | $ | 146,959 | ||||||||||
RSUs granted | 1,577,047 | 64.28 | ||||||||||||||
RSUs vested | (710,403 | ) | 50.84 | |||||||||||||
RSUs forfeited | (505,060 | ) | 56.30 | |||||||||||||
Non-vested units—December 31, 2020 | 2,210,356 | $ | 57.80 | 1.45 | $ | 95,731 | ||||||||||
Number of RSPs | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding—December 31, 2018 | 47,051 | $ | 2.24 | |||||
RSPs vested | (47,051 | ) | 2.24 | |||||
Outstanding—December 31, 2019 | — | $ | — | |||||
Stock Price Targets | Number of Units Allotted | |
$109.20 | 82,940 | |
$145.60 | 145,145 | |
$182.00 | 186,615 |
Number of units | Weighted- Average Grant Date Fair Value | Weighted- Average Remaining Vesting Period (years) | Aggregate Intrinsic Value | |||||||||||||
Non-vested market-condition awards—December 31, 2018 | 159,250 | $ | 11.64 | 0.04 | $ | 6,537 | ||||||||||
Granted | — | — | ||||||||||||||
Vested | (156,000 | ) | 11.67 | |||||||||||||
Forfeited | (3,250 | ) | 10.49 | |||||||||||||
Non-vested market-condition awards—December 31, 2019 | — | $ | — | — | $ | — | ||||||||||
Number of Units | Weighted- Average Grant Date Fair Value | Weighted- Average Remaining Vesting Period (years) | Aggregate Intrinsic Value | |||||||||||||
Non-vested market-condition awards — December 31, 2019 | 0 | $ | 0 | — | ||||||||||||
Granted | 421,000 | 49.95 | ||||||||||||||
Vested | 0 | 0 | ||||||||||||||
Forfeited | (6,300 | ) | 49.95 | |||||||||||||
Non-vested market-condition awards — December 31, 2020 | 414,700 | $ | 49.95 | 1.21 | $ | 17,961 | ||||||||||
Valuation date stock price | $ | 68.67 | ||
Volatility | 68.1 | % | ||
Risk-free interest rate | 0.26 | % | ||
Dividend yield | 0 |
Valuation date stock price | $ | 28.55 | ||
Volatility | 65.6 | % | ||
Risk-free interest rate | 1.4 | % | ||
Dividend yield | — |
2019 | 2018 | |||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
Expected term (in years) | 0.5 – 2.1 | 0.5 – 2.0 | ||||||
Volatility | 47.0-77.0 | % | 46.5-75.4 | % | ||||
Risk-free interest rate | 0.1-1.5 | % | 1.7-2.6 | % | ||||
Dividend yield | 0 | % | 0 | % |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Research and development | $ | 19,140 | $ | 12,747 | $ | 5,905 | ||||||
General and administrative | 26,511 | 17,333 | 7,777 | |||||||||
Total stock-based compensation expense | $ | 45,651 | $ | 30,080 | $ | 13,682 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Research and development | $ | 18,061 | $ | 19,140 | $ | 12,747 | ||||||
Selling, general and administrative | 53,416 | 26,511 | 17,333 | |||||||||
Total stock-based compensation expense | $ | 71,477 | $ | 45,651 | $ | 30,080 | ||||||
Unrecognized Compensation Cost | Weighted- average remaining amortization period (years) | |||||||
Options | $ | 45,430 | 0.9 | |||||
Restricted stock units | 78,914 | 1.8 | ||||||
ESPP | 1,387 | — | ||||||
Total unrecognized stock-based compensation expense | $ | 125,731 | 2.7 | |||||
Unrecognized Compensation Cost | Weighted- average remaining amortization period (years) | |||||||
Stock Options | $ | 38,440 | 2.3 | |||||
Restricted stock units | 110,837 | 2.7 | ||||||
Market-Condition restricted stock units | 12,989 | 1.2 | ||||||
ESPP | 3,743 | 0.7 | ||||||
Total unrecognized stock-based compensation expense | $ | 166,009 | 2.5 | |||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Loss before provision for income taxes: | ||||||||||||
United States | $ | (266,595 | ) | $ | (174,190 | ) | $ | (101,288 | ) | |||
International | (167 | ) | — | (15,736 | ) | |||||||
$ | (266,762 | ) | $ | (174,190 | ) | $ | (117,024 | ) | ||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Loss before provision for income taxes: | ||||||||||||
United States | $ | (247,327 | ) | $ | (266,595 | ) | $ | (174,190 | ) | |||
International | (226 | ) | (167 | ) | — | |||||||
$ | (247,553 | ) | $ | (266,762 | ) | $ | (174,190 | ) | ||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 34.0 | % | ||||||
State taxes | 9.7 | 1.3 | — | |||||||||
Federal and state tax credits | 4.9 | 7.1 | 7.3 | |||||||||
Change in valuation allowance | (37.2 | ) | (33.3 | ) | (14.8 | ) | ||||||
Foreign rate differential | — | 1.7 | (4.6 | ) | ||||||||
Officer compensation limitation | (1.0 | ) | (0.7 | ) | (0.9 | ) | ||||||
Stock based compensation/Non-deductible changes in fair value | 1.7 | 2.9 | 0.7 | |||||||||
Liquidation of foreign entities | 0.9 | — | — | |||||||||
Tax reform—tax rate chang e | — | — | (21.7 | ) | ||||||||
Provision for Taxes | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State taxes | 7.4 | 9.7 | 1.3 | |||||||||
Federal and state tax credits | 4.3 | 4.9 | 7.1 | |||||||||
Change in valuation allowance | (32.4 | ) | (37.2 | ) | (33.3 | ) | ||||||
Foreign rate differential | — | — | 1.7 | |||||||||
Officer compensation limitation | (0.8 | ) | (1.0 | ) | (0.7 | ) | ||||||
Stock based compensation/Non-deductible changes in | 0.6 | 1.7 | 2.9 | |||||||||
Liquidation of foreign entities | 0 | 0.9 | — | |||||||||
Other | (0.1 | ) | — | — | ||||||||
Provision for Taxes | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
December 31, | ||||||||
2019 | 2018 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 157,685 | $ | 90,861 | ||||
Tax credits | 62,862 | 47,374 | ||||||
Operating lease liability | 16,177 | 2,471 | ||||||
Accruals and reserves | 3,996 | 1,954 | ||||||
Stock based compensation | 11,166 | 4,838 | ||||||
Intangibles | 8,243 | — | ||||||
Other | 408 | — | ||||||
Gross deferred tax assets | 260,537 | 147,498 | ||||||
Valuation allowance | (245,000 | ) | (145,788 | ) | ||||
Net deferred tax assets | 15,537 | 1,710 | ||||||
Operating lease – ROU asset | (14,971 | ) | — | |||||
Property and equipment | (352 | ) | (1,710 | ) | ||||
Other | (214 | ) | — | |||||
Gross deferred tax liabilities | (15,537 | ) | (1,710 | ) | ||||
Net deferred tax assets | $ | — | $ | — | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 216,092 | $ | 157,685 | ||||
Tax credits | 76,684 | 62,862 | ||||||
Operating lease liability | 23,147 | 16,177 | ||||||
Accruals and reserves | 6,503 | 3,996 | ||||||
Stock based compensation | 14,981 | 11,166 | ||||||
Intangibles | 8,507 | 8,243 | ||||||
Other | 904 | 408 | ||||||
Gross deferred tax assets | 346,818 | 260,537 | ||||||
Valuation allowance | (325,710 | ) | (245,000 | ) | ||||
Net deferred tax assets | 21,108 | 15,537 | ||||||
Operating lease – ROU asset | (13,975 | ) | (14,971 | ) | ||||
Property and equipment | (7,050 | ) | (352 | ) | ||||
Other | (83 | ) | (214 | ) | ||||
Gross deferred tax liabilities | (21,108 | ) | (15,537 | ) | ||||
Net deferred tax assets | $ | 0 | $ | 0 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Balance at beginning of year | $ | 16,232 | $ | 11,150 | ||||
Additions based on tax positions related to current year | 5,366 | 5,144 | ||||||
Decreased for prior period positions | — | (62 | ) | |||||
Unrecognized tax benefit—December 31 | $ | 21,598 | $ | 16,232 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Balance at beginning of year | $ | 21,598 | $ | 16,232 | ||||
Additions based on tax positions related to current year | 3,346 | 5,366 | ||||||
Decreased for prior period positions | (498 ) | — | ||||||
Unrecognized tax benefit—December 3 1 | $ | 24,446 | $ | 21,598 | ||||
December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Options to purchase common stock | | 3,573,860 | 3,243,551 | 2,945,901 | ||||||||
Restricted shares subject to future vesting | — | 47,051 | 241,617 | |||||||||
Restricted stock units | 1,848,772 | 975,419 | 820,713 | |||||||||
Total | 5,422,632 | 4,266,021 | 4,008,231 | |||||||||
December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Options to purchase common stock | 3,327,330 | 3,573,860 | 3,243,551 | |||||||||
Restricted shares subject to future vesting | — | — | 47,051 | |||||||||
Restricted stock units | 2,625,056 | 1,848,772 | 975,419 | |||||||||
Total | 5,952,386 | 5,422,632 | 4,266,021 | |||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||||||||||||||
Product sales, net | $ | 2,108 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Loss from operations | $ | (99,214 | ) | $ | (68,742 | ) | $ | (60,804 | ) | $ | (52,523 | ) | $ | (52,084 | ) | $ | (45,476 | ) | $ | (42,487 | ) | $ | (42,695 | ) | ||||||||
Net loss | $ | (95,975 | ) | $ | (64,547 | ) | $ | (57,321 | ) | $ | (48,923 | ) | $ | (49,201 | ) | $ | (43,068 | ) | $ | (40,368 | ) | $ | (41,556 | ) | ||||||||
Basic and diluted net loss per common share | $ | (1.59 | ) | $ | (1.07 | ) | $ | (1.01 | ) | $ | (0.87 | ) | $ | (0.93 | ) | $ | (0.83 | ) | $ | (0.78 | ) | $ | (0.87 | ) |
Quarter Ended | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Product sales, net | $ | 41,295 | $ | 36,889 | $ | 31,501 | $ | 14,118 | $ | 2,108 | $ | — | $ | — | $ | — | ||||||||||||||||
Loss from operations | $ | (59,373 | ) | $ | (58,311 | ) | $ | (52,036 | ) | $ | (73,452 | ) | $ | (99,214 | ) | $ | (68,742 | ) | $ | (60,804 | ) | $ | (52,523 | ) | ||||||||
Net loss | $ | (61,806 | ) | $ | (59,881 | ) | $ | (52,840 | ) | $ | (73,026 | ) | $ | (95,975 | ) | $ | (64,547 | ) | $ | (57,321 | ) | $ | (48,923 | ) | ||||||||
Basic and diluted net loss per common share | $ | (1.00 | ) | $ | (0.97 | ) | $ | (0.86 | ) | $ | (1.20 | ) | $ | (1.59 | ) | $ | (1.07 | ) | $ | (1.01 | ) | $ | (0.87 | ) |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
(a) | The following documents are filed as part of this report: |
(1) | CONSOLIDATED FINANCIAL STATEMENTS |
(2) | CONSOLIDATED FINANCIAL STATEMENT SCHEDULES |
(3) | EXHIBITS |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Date | Number | Filed Herewith | |||||||||||||||
3.1 | S-1/A | 7/31/2015 | 3.2 | |||||||||||||||||
3.2 | S-1/A | 7/31/2015 | 3.4 | |||||||||||||||||
4.1 | S-1/A | 7/31/2015 | 4.1 | |||||||||||||||||
4.2 | — | — | — | X | ||||||||||||||||
10.1# | S-1 | 7/8/2015 | 10.1 | |||||||||||||||||
10.2# | S-8 | 1/23/2020 | 99.1 | |||||||||||||||||
10.3# | S-1 | 7/8/2015 | 10.3 | |||||||||||||||||
10.4# | 8-K | 4/4/2016 | 10.1 | |||||||||||||||||
10.5 | S-1/A | 7/31/2015 | 10.8 | |||||||||||||||||
10.6# | S-8 | 8/12/2015 | 99.3 | |||||||||||||||||
10.7# | 8-K | 1/7/2020 | 10.2 | |||||||||||||||||
10.8# | S-8 | 1/23/2020 | 99.3 | |||||||||||||||||
10.9# | 10-K | 3/13/2017 | 10.17 | |||||||||||||||||
10.10 | 8-K | 3/22/2017 | 10.1 | |||||||||||||||||
10.11 | S-3ASR | 8/23/2017 | 1.2 | |||||||||||||||||
10.12# | 8-K | 1/9/2020 | 10.1 | |||||||||||||||||
10.13# | 10-Q | 5/7/2018 | 10.4 | |||||||||||||||||
10.14+ | 10-Q/A | 3/29/2019 | 10.1 | |||||||||||||||||
10.15 | 8-K | 8/30/2018 | 10.1 | |||||||||||||||||
10.16# | 10-K | 2/27/2019 | 10.18 |
Incorporated by Reference | |||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Date | Number | Filed Herewith | ||||||||||||||||||
10.16# | Non-Employee Director Compensation Policy | — | — | — | X | ||||||||||||||||||
10.17# | |||||||||||||||||||||||
10-K | 2/27/2019 | 10.19 | |||||||||||||||||||||
10.18# | |||||||||||||||||||||||
10-Q | 8/7/2019 | 10.1 | |||||||||||||||||||||
10.19# | |||||||||||||||||||||||
10-Q | 5/10/2019 | 10.1 | |||||||||||||||||||||
10.20+ | |||||||||||||||||||||||
2/26/2020 | |||||||||||||||||||||||
10.21+ | |||||||||||||||||||||||
2/26/2020 | |||||||||||||||||||||||
21.1 | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
23.1 | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
24.1 | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
31.1 | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
31.2 | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
32.1* | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
32.2* | |||||||||||||||||||||||
— | — | — | X | ||||||||||||||||||||
101.SCH | — | — | X | ||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | X | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | — | — | — | X | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | — | — | — | X |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Date | Number | Filed Herewith | |||||||||||||||
101.PRE | ||||||||||||||||||||
Inline XBRL Taxonomy Extension Presentation Linkbase Document. | — | — | — | X | ||||||||||||||||
104 | ||||||||||||||||||||
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) | — | — | — | X |
# | Represents management compensation plan, contract or arrangement. |
+ | Portions of this exhibit have been omitted as confidential information. |
* | The certifications attached as Exhibit 32.1 and 32.2 that accompany this Annual Report on Form 10-K are not deemed filed with the SEC and are not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form10-K, irrespective of any general incorporation language contained in such filing. |
GLOBAL BLOOD THERAPEUTICS, INC. | |||
By: | /s/ Ted W. Love | ||
Ted W. Love, M.D. | |||
President and Chief Executive Officer |
Signature | Title | Date | ||||
/s/ Ted W. Love | President, Chief Executive Officer and Director | February 24, 2021 | ||||
Ted W. Love, M.D. | (Principal Executive Officer) | |||||
/s/ Jeffrey Farrow | Chief Financial Officer | February | ||||
Jeffrey Farrow | (Principal Financial Officer and Principal | |||||
Accounting Officer) | ||||||
/s/ Willie L. Brown, Jr. | Director | February | ||||
Willie L. Brown, Jr | ||||||
/s/ Scott W. Morrison | Director | February | ||||
Scott W. Morrison | ||||||
/s/ Deval L. Patrick | Director | February 24, 2021 | ||||
Deval L. Patrick | ||||||
/s/ Mark L. Perry | Director | February | ||||
Mark L. Perry | ||||||
/s/ Glenn F. Pierce | Director | February 24, 2021 | ||||
Glenn F. Pierce, M.D., Ph.D. | ||||||
/s/ Philip A. Pizzo | Director | February 24, 2021 | ||||
Philip A. Pizzo, M.D. |
/s/ Dawn Svoronos | Director | February | ||||
Dawn Svoronos | ||||||
/s/ Wendy Yarno | Director | February | ||||
Wendy Yarno |