UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2017
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 001-37565
(Exact Name of Registrant as Specified in Its Charter)
|
Jersey |
|
98-1057807 |
|
(State or Other Jurisdiction of |
|
(I.R.S. Employer |
|
Incorporation or Organization) |
|
Identification No.) |
Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
(Address of principal executive offices)
+44 (0) 15 3475 6700
(Registrant’s Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☒ |
|
|
|
|
|
|||
|
Non-accelerated filer |
|
☐ (Do not check if a smaller reporting company) |
|
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 registrant’s classes of common stock, as of the latest practicable date.
|
Class |
|
Outstanding as of July 20, 2017 |
|
Ordinary shares, no par value |
|
89,002,575 Shares |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical facts or statements of current condition, this report contains forward-looking statements 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. Forward-looking statements contained in this report are based on our current plans, expectations, hopes, beliefs, intentions or strategies concerning future developments and their impact on us. Forward-looking statements contained in this report constitute our expectations or forecasts of future events as of the date this report was filed with the Securities and Exchange Commission and are not statements of historical fact. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Such statements may include words such as “anticipate,” “will,” “estimate,” “expect,” “project,” “intend,” “should,” “plan,” “believe,” “hope,” and other words and terms of similar meaning in connection with any discussion of, among other things, future operating or financial performance, strategic initiatives and business strategies, regulatory or competitive environments, our intellectual property and delivery system research and development. In particular, these forward-looking statements include, among others, statements about:
|
|
• |
our research and development, clinical trial and commercialization activities and projected expenditures; |
|
|
• |
the further commercialization of Optune®, our first Tumor Treating Fields (“TTFields”) delivery system, and our other TTFields delivery system candidates; |
|
|
• |
our business strategies and the expansion of our sales and marketing efforts in the United States and in other countries; |
|
|
• |
the market acceptance of Optune and our other TTFields delivery systems by patients, physicians, third-party payers and others in the healthcare and scientific community; |
|
|
• |
our plans to pursue the use of TTFields for the treatment of other solid tumor cancers; |
|
|
• |
our estimates regarding revenues, expenses, capital requirements and needs for additional financing; |
|
|
• |
our ability to obtain regulatory approvals for additional indications and any future TTFields delivery systems; |
|
|
• |
our ability to acquire the supplies needed to manufacture our TTFields delivery systems from third-party suppliers; |
|
|
• |
our ability to manufacture adequate supply; |
|
|
• |
our ability to secure adequate coverage from third-party payers to reimburse us for Optune or future TTFields delivery systems; |
|
|
• |
our ability to maintain and develop our intellectual property position; |
|
|
• |
our cash needs; |
|
|
• |
our ongoing legal proceedings and tax audits; and |
|
|
• |
our prospects, financial condition and results of operations. |
These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors which may cause such differences to occur include those risks and uncertainties set forth under Part I, Item 1A., “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission. We do not intend to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
This Quarterly Report on Form 10-Q includes trademarks of NovoCure Limited and other persons. All trademarks or trade names referred to herein are the property of their respective owners.
ii
Quarterly Report on Form 10-Q
|
|
|
|
|
Page |
||
|
|
ii |
|||||
|
|
ii |
|||||
|
|
||||||
|
|
||||||
|
Item 1. |
|
|
2 |
|||
|
Item 2. |
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
12 |
||
|
Item 4. |
|
|
20 |
|||
|
|
||||||
|
|
||||||
|
Item 1. |
|
|
21 |
|||
|
Item 2. |
|
|
21 |
|||
|
Item 6. |
|
|
22 |
|||
|
|
||||||
|
|
|
|
23 |
|||
- 1 -
NOVOCURE LIMITED AND SUBSIDIARIES
U.S. dollars in thousands
|
|
|
June 30, |
|
|
December 31, |
|
||
|
|
|
2017 |
|
|
2016 |
|
||
|
|
|
Unaudited |
|
|
Audited |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
80,190 |
|
|
$ |
99,780 |
|
|
Short-term investments |
|
|
104,186 |
|
|
|
119,854 |
|
|
Restricted cash |
|
|
1,537 |
|
|
|
267 |
|
|
Trade receivables |
|
|
13,888 |
|
|
|
6,339 |
|
|
Receivables and prepaid expenses |
|
|
11,544 |
|
|
|
10,084 |
|
|
Inventories |
|
|
25,147 |
|
|
|
25,549 |
|
|
Total current assets |
|
|
236,492 |
|
|
|
261,873 |
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
9,621 |
|
|
|
9,812 |
|
|
Field equipment, net |
|
|
9,061 |
|
|
|
8,808 |
|
|
Severance pay fund |
|
|
102 |
|
|
|
88 |
|
|
Other long-term assets |
|
|
1,766 |
|
|
|
1,500 |
|
|
Total long-term assets |
|
|
20,550 |
|
|
|
20,208 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
257,042 |
|
|
$ |
282,081 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 2 -
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
|
|
|
June 30, |
|
|
December 31, |
|
||
|
|
|
2017 |
|
|
2016 |
|
||
|
|
|
Unaudited |
|
|
Audited |
|
||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
Trade payables |
|
$ |
13,161 |
|
|
$ |
18,356 |
|
|
Other payables and accrued expenses |
|
|
22,010 |
|
|
|
18,526 |
|
|
Total current liabilities |
|
|
35,171 |
|
|
|
36,882 |
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
Long-term loan, net of discount and issuance costs |
|
|
96,765 |
|
|
|
96,231 |
|
|
Employee benefit liabilities |
|
|
2,679 |
|
|
|
2,590 |
|
|
Other long-term liabilities |
|
|
4,882 |
|
|
|
4,033 |
|
|
Total long-term liabilities |
|
|
104,326 |
|
|
|
102,854 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
139,497 |
|
|
|
139,736 |
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
Share capital - |
|
|
- |
|
|
|
- |
|
|
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 88,630,205 shares and 87,066,446 shares at June 30, 2017 (unaudited) and December 31, 2016, respectively |
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
679,099 |
|
|
|
664,154 |
|
|
Accumulated other comprehensive loss |
|
|
(1,739 |
) |
|
|
(1,883 |
) |
|
Accumulated deficit |
|
|
(559,815 |
) |
|
|
(519,926 |
) |
|
Total shareholders' equity |
|
|
117,545 |
|
|
|
142,345 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
257,042 |
|
|
$ |
282,081 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 3 -
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
Year ended December 31, |
|
|||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Audited |
|
|||||||||||
|
Net revenues |
|
$ |
38,376 |
|
|
$ |
17,919 |
|
|
$ |
73,256 |
|
|
$ |
30,972 |
|
|
$ |
82,888 |
|
|
Cost of revenues |
|
|
13,152 |
|
|
|
9,797 |
|
|
|
24,816 |
|
|
|
17,779 |
|
|
|
39,870 |
|
|
Impairment of field equipment |
|
|
- |
|
|
|
6,412 |
|
|
|
- |
|
|
|
6,412 |
|
|
|
6,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
25,224 |
|
|
|
1,710 |
|
|
|
48,440 |
|
|
|
6,781 |
|
|
|
36,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research, development and clinical trials |
|
|
9,371 |
|
|
|
11,318 |
|
|
|
18,782 |
|
|
|
22,763 |
|
|
|
41,467 |
|
|
Sales and marketing |
|
|
16,360 |
|
|
|
14,598 |
|
|
|
31,116 |
|
|
|
27,906 |
|
|
|
59,449 |
|
|
General and administrative |
|
|
15,023 |
|
|
|
13,031 |
|
|
|
27,445 |
|
|
|
25,287 |
|
|
|
51,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
40,754 |
|
|
|
38,947 |
|
|
|
77,343 |
|
|
|
75,956 |
|
|
|
151,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(15,530 |
) |
|
|
(37,237 |
) |
|
|
(28,903 |
) |
|
|
(69,175 |
) |
|
|
(115,317 |
) |
|
Financial expenses, net |
|
|
(2,183 |
) |
|
|
(555 |
) |
|
|
(4,629 |
) |
|
|
(1,104 |
) |
|
|
(6,147 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax expense |
|
|
(17,713 |
) |
|
|
(37,792 |
) |
|
|
(33,532 |
) |
|
|
(70,279 |
) |
|
|
(121,464 |
) |
|
Income tax expense |
|
|
3,461 |
|
|
|
2,820 |
|
|
|
5,687 |
|
|
|
5,770 |
|
|
|
10,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(21,174 |
) |
|
$ |
(40,612 |
) |
|
$ |
(39,219 |
) |
|
$ |
(76,049 |
) |
|
$ |
(131,845 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per ordinary share |
|
$ |
(0.24 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.90 |
) |
|
$ |
(1.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in computing basic and diluted net loss per share |
|
|
88,218,868 |
|
|
|
85,274,683 |
|
|
|
87,835,926 |
|
|
|
84,843,028 |
|
|
|
85,558,448 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
Year ended December 31, |
|
|||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Audited |
|
|||||||||||
|
Net loss |
|
$ |
(21,174 |
) |
|
$ |
(40,612 |
) |
|
$ |
(39,219 |
) |
|
$ |
(76,049 |
) |
|
$ |
(131,845 |
) |
|
Other comprehensive income (loss), net of tax : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation adjustments |
|
|
1 |
|
|
|
56 |
|
|
|
10 |
|
|
|
56 |
|
|
|
10 |
|
|
Pension benefit plan |
|
|
183 |
|
|
|
235 |
|
|
|
134 |
|
|
|
(235 |
) |
|
|
(388 |
) |
|
Total comprehensive loss |
|
$ |
(20,990 |
) |
|
$ |
(40,321 |
) |
|
$ |
(39,075 |
) |
|
|
(76,228 |
) |
|
$ |
(132,223 |
) |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 4 -
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
|
|
|
Ordinary shares |
|
|
|
Additional paid-in |
|
|
Accumulated other comprehensive |
|
|
Accumulated |
|
|
Total shareholders' |
|
|||||
|
|
|
Shares |
|
|
|
capital |
|
|
loss |
|
|
deficit |
|
|
equity |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015 (audited) |
|
|
83,778,581 |
|
|
|
$ |
640,406 |
|
|
$ |
(1,505 |
) |
|
$ |
(388,081 |
) |
|
$ |
250,820 |
|
|
Share-based compensation to employees |
|
|
- |
|
|
|
|
21,441 |
|
|
|
- |
|
|
|
- |
|
|
|
21,441 |
|
|
Exercise of options and warrants |
|
|
3,195,477 |
|
|
|
|
993 |
|
|
|
- |
|
|
|
- |
|
|
|
993 |
|
|
Issuance of shares in connection with employee stock purchase plan |
|
|
92,388 |
|
|
|
|
616 |
|
|
|
- |
|
|
|
- |
|
|
|
616 |
|
|
Tax benefit from share-based award activity |
|
|
- |
|
|
|
|
698 |
|
|
|
- |
|
|
|
- |
|
|
|
698 |
|
|
Other comprehensive loss, net of tax benefit of $38 |
|
|
- |
|
|
|
|
- |
|
|
|
(378 |
) |
|
|
- |
|
|
|
(378 |
) |
|
Net loss |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
(131,845 |
) |
|
|
(131,845 |
) |
|
Balance as of December 31, 2016 (audited) |
|
|
87,066,446 |
|
|
|
$ |
664,154 |
|
|
$ |
(1,883 |
) |
|
$ |
(519,926 |
) |
|
$ |
142,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation to employees |
|
|
- |
|
|
|
|
12,131 |
|
|
|
- |
|
|
|
- |
|
|
|
12,131 |
|
|
Exercise of options and warrants |
|
|
1,446,792 |
|
|
|
|
1,363 |
|
|
|
- |
|
|
|
- |
|
|
|
1,363 |
|
|
Cumulative effect adjustment resulting from ASU 2016-09 adoption (see Note 1) |
|
|
- |
|
|
|
|
670 |
|
|
|
- |
|
|
|
(670 |
) |
|
|
- |
|
|
Issuance of shares in connection with employee stock purchase plan |
|
|
116,967 |
|
|
|
|
781 |
|
|
|
- |
|
|
|
- |
|
|
|
781 |
|
|
Other comprehensive loss, net of tax benefit of $29 |
|
|
- |
|
|
|
|
- |
|
|
|
144 |
|
|
|
- |
|
|
|
144 |
|
|
Net loss |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
(39,219 |
) |
|
|
(39,219 |
) |
|
Balance as of June 30, 2017 (unaudited) |
|
|
88,630,205 |
|
|
|
$ |
679,099 |
|
|
$ |
(1,739 |
) |
|
$ |
(559,815 |
) |
|
$ |
117,545 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 5 -
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
Year ended December 31, |
|
|||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Audited |
|
|||||||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(21,174 |
) |
|
$ |
(40,612 |
) |
|
$ |
(39,219 |
) |
|
$ |
(76,049 |
) |
|
$ |
(131,845 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,811 |
|
|
|
1,407 |
|
|
|
3,471 |
|
|
|
2,510 |
|
|
|
5,652 |
|
|
Asset write-downs and impairment of field equipment |
|
|
59 |
|
|
|
6,425 |
|
|
|
134 |
|
|
|
6,430 |
|
|
|
6,446 |
|
|
Increase in accrued interest expense |
|
|
- |
|
|
|
(637 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Share-based compensation to employees |
|
|
7,570 |
|
|
|
5,637 |
|
|
|
12,131 |
|
|
|
11,093 |
|
|
|
22,139 |
|
|
Excess tax benefits from share-based award activity |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(698 |
) |
|
Increase in trade receivables |
|
|
(2,064 |
) |
|
|
- |
|
|
|
(7,550 |
) |
|
|
- |
|
|
|
(6,339 |
) |
|
Amortization of discount (premium) |
|
|
103 |
|
|
|
(39 |
) |
|
|
209 |
|
|
|
(56 |
) |
|
|
155 |
|
|
Decrease (increase) in receivables and prepaid expenses |
|
|
3,354 |
|
|
|
(1,672 |
) |
|
|
(1,461 |
) |
|
|
(2,208 |
) |
|
|
243 |
|
|
Decrease (Increase) in inventories |
|
|
803 |
|
|
|
(4,769 |
) |
|
|
403 |
|
|
|
(7,621 |
) |
|
|
(11,955 |
) |
|
Increase in other long-term assets |
|
|
(38 |
) |
|
|
(111 |
) |
|
|
(294 |
) |
|
|
(278 |
) |
|
|
(692 |
) |
|
Increase (decrease) in trade payables |
|
|
(1,638 |
) |
|
|
2,321 |
|
|
|
(5,195 |
) |
|
|
4,144 |
|
|
|
1,601 |
|
|
Increase in other payables and accrued expenses |
|
|
4,888 |
|
|
|
2,399 |
|
|
|
3,478 |
|
|
|
756 |
|
|
|
6,647 |
|
|
Increase in employee benefit liabilities, net |
|
|
130 |
|
|
|
32 |
|
|
|
239 |
|
|
|
270 |
|
|
|
97 |
|
|
Increase in other long-term liabilities |
|
|
321 |
|
|
|
225 |
|
|
|
871 |
|
|
|
638 |
|
|
|
957 |
|
|
Net cash used in operating activities |
|
$ |
(5,875 |
) |
|
$ |
(29,394 |
) |
|
$ |
(32,783 |
) |
|
$ |
(60,371 |
) |
|
$ |
(107,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
$ |
(376 |
) |
|
$ |
(2,338 |
) |
|
$ |
(1,407 |
) |
|
$ |
(3,340 |
) |
|
$ |
(5,674 |
) |
|
Purchase of field equipment |
|
|
(859 |
) |
|
|
(4,274 |
) |
|
|
(2,261 |
) |
|
|
(6,100 |
) |
|
|
(11,990 |
) |
|
increase in restricted cash |
|
|
(1 |
) |
|
|
(13 |
) |
|
|
(1,269 |
) |
|
|
(12 |
) |
|
|
(180 |
) |
|
Proceeds from maturity of short-term investments |
|
|
60,000 |
|
|
|
- |
|
|
|
120,000 |
|
|
|
150,000 |
|
|
|
270,000 |
|
|
Purchase of short-term investments |
|
|
(59,352 |
) |
|
|
- |
|
|
|
(104,006 |
) |
|
|
(119,728 |
) |
|
|
(239,341 |
) |
|
Net cash provided by (used in) investing activities |
|
$ |
(588 |
) |
|
$ |
(6,625 |
) |
|
$ |
11,057 |
|
|
$ |
20,820 |
|
|
$ |
12,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of shares, net |
|
$ |
781 |
|
|
$ |
- |
|
|
$ |
781 |
|
|
$ |
- |
|
|
$ |
616 |
|
|
Proceeds from long-term loan, net |
|
|
19 |
|
|
|
17 |
|
|
|
19 |
|
|
|
17 |
|
|
|
72,887 |
|
|
Excess tax benefits from share-based award activity |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
698 |
|
|
Repayment of other long-term loan |
|
|
(19 |
) |
|
|
(19 |
) |
|
|
(37 |
) |
|
|
(35 |
) |
|
|
(70 |
) |
|
Exercise of options and warrants |
|
|
1,286 |
|
|
|
904 |
|
|
|
1,363 |
|
|
|
961 |
|
|
|
993 |
|
|
Net cash provided by financing activities |
|
$ |
2,067 |
|
|
$ |
902 |
|
|
$ |
2,126 |
|
|
$ |
943 |
|
|
$ |
75,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
$ |
(1 |
) |
|
$ |
56 |
|
|
$ |
10 |
|
|
$ |
56 |
|
|
$ |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents |
|
|
(4,397 |
) |
|
|
(35,061 |
) |
|
|
(19,590 |
) |
|
|
(38,552 |
) |
|
|
(19,643 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
|
84,587 |
|
|
|
115,932 |
|
|
|
99,780 |
|
|
|
119,423 |
|
|
|
119,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
$ |
80,190 |
|
|
$ |
80,871 |
|
|
$ |
80,190 |
|
|
$ |
80,871 |
|
||||