false
--12-31
FY
2019
2019-12-31
10-K
0001626878
28852927
Yes
true
false
Accelerated Filer
Yes
581565527
XBiotech Inc.
false
true
No
No
Common Stock, no par value
xbit
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Accrued Expenses </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Accrued expenses consist of the following as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> (in thousands):</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center">2019</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued compensation and related expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">337</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">258</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accrued professional fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accrued clinical trial expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,082</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">905</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,180</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,291</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
2149000
1653000
49361000
1056000
4180000
1291000
566000
92000
11729000
9366000
-106000
-255000
1635000
1635000
1660000
1660000
3358000
3358000
1635000
696000
413000
1723000
964000
2063000
3358000
1660000
2476000
6965730
5535439
5303624
6965730
5535439
5303624
816877000
44345000
716263000
17016000
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Basis of Presentation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (US GAAP).</div></div></div></div></div></div>
714594000
15823000
31768000
34324000
698771000
-15945000
-2556000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Cash and Cash Equivalents </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company considers highly liquid investments with a maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German, Swiss and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value.</div></div></div></div></div></div>
0
0
0
Unlimited
Unlimited
41519633
35899772
324808000
279353000
668778000
-20625000
-33975000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Comprehensive Income (Loss)</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220,</div> <div style="display: inline; font-style: italic;">Comprehensive Income</div>, requires that all components of comprehensive income (loss), including net income (loss), be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation adjustments.</div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Concentrations of Credit Risk </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> financial institution. These amounts at times <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exceed federally insured limits. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> experienced any credit losses in such accounts and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe it is exposed to any significant credit risk on these funds. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Basis of Consolidation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.</div></div></div></div></div></div>
4500000
0
48031000
1806000
49837000
-13000
443000
-13000
446000
221000
317000
3000
3683000
48663000
46097000
3119000
2833000
443000
43000
43474000
41551000
2354000
1712000
1618000
699000
229000
49000
1000
4000
2794000
48442000
45780000
98000
55000
348000
166000
282000
2361000
2433000
1484000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Common Stock Options </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 11, 2005, </div>the board of directors of the Company adopted the XBiotech Inc. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005</div> Incentive Stock Option Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2005</div> Plan”), and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 24, 2015, </div>the board of directors of the Company adopted the XBiotech Inc. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Equity Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Plan”) pursuant to which the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>grant incentive stock and non-qualified stock options to directors, officers, employees or consultants of the Company or an affiliate or other persons as the Compensation Committee <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>approve. </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 12pt 0 0">All options under both Plans will be non-transferable and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be exercised only by the participant, or in the event of the death of the participant, a legal representative until the earlier of the options’ expiry date or the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> anniversary of the participant’s death, or such other date as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be specified by the Compensation Committee.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The term of the options is at the discretion of the Compensation Committee, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years from the grant date. The options expire on the earlier of the expiration date or the date <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months following the day on which the participant ceases to be an officer or employee of or consultant to the Company, or in the event of the termination of the participant with cause, the date of such termination. Options held by non-employee Directors have an exercise period coterminous with the term of the options.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 57; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The number of common shares reserved for issuance to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> person pursuant to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005</div> Plan shall <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not,</div> in aggregate, exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of the total number of outstanding common shares. The exercise price per common share under each option will be the fair market value of such shares at the time of the grant. Upon stock option exercise, the Company issues new shares of common stock.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 12pt 0 0">A summary of changes in common stock options issued under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005</div> Plan and under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Plan is as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Options</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Exercise Price</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Weighted-<br /> Average<br /> Exercise Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 53%; font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2016</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,188,658</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.52</div></td> <td style="width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td style="width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div><div style="display: inline; font-size: 10pt"></div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.49</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,251,000</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.15</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.85</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(406,667</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.93</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.71</div><div style="display: inline; font-size: 10pt"></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.28</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(729,367</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.94</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.99</div><div style="display: inline; font-size: 10pt"></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.90</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2017</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.69</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,153,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.93</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.32</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(160,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(761,185</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.09</div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.12</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2018</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.30</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,563,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.15</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.87</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.36</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(771,376</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.62</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(361,833</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.50</div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.53</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2019</div></td> <td style="padding-bottom: 2.5pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.71</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td style="border-bottom: Black 2.5pt double"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.09</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The weighted average fair value of the options issued to directors, employees and consultants during the fiscal years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.36,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.97</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.97,</div> respectively. Options with an intrinsic value of $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.25</div>), $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.22</div>) and $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.75</div>), became vested during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. The total intrinsic value of options exercisable and total options outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42.4</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million respectively. The total fair value of options vested during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.7</div> million, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.6</div> million, respectively.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>there was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.5</div> million of unrecognized compensation cost, related to stock options granted under the Plan which will be amortized to stock compensation expense over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.74</div> years.</div></div>
750000000
750000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Janssen Transaction</div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 7, 2019, </div>the Company entered into an Asset Purchase Agreement with Janssen Biotech, Inc., under which Janssen acquired the Company’s True Human Antibody bermekimab to target interleukin-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> alpha (IL-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1⍺</div>) and the intellectual property associated with indications, particularly dermatological diseases. Upon closing, Janssen paid XBiotech <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$750</div> million, with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div> million held in an interest-bearing escrow account for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months to satisfy indemnity claims. There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> known asserted or unasserted claims with regard to the intellectual property as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>In accordance with the agreement, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> Company employees from various departments were transferred to Janssen. Additionally, Janssen will pay the Company up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> milestone payments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150</div> million each if it receives specified commercial authorizations within a specified timeframe for a pharmaceutical product that contains bermekimab and is for a non-dermatological indication. This represents contingent consideration; the Company has made a policy election <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recognize any amounts associated with these milestone payments upon execution of the arrangement and treat all amounts as a form of gain contingency. As <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> amount is currently reasonably certain of collection, these milestone payments were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the consideration in the contract. This transaction was accounted for as a sale of a business.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 55; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company and Janssen also entered into an IP Non-Assertion and License Agreement, pursuant to which the Company granted Janssen a non-exclusive license to certain of its patents and intellectual property. Janssen granted the Company a non-exclusive license back of certain intellectual property rights and agreed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to assert certain claims from the patents acquired from the Company in the Janssen Transaction against the Company in connection with the Company’s new antibodies targeting IL-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1⍺</div> as described in the Purchase Agreement, to treat non-dermatological diseases. In addition, the Company entered into a Clinical Manufacturing Agreement, under which XBiotech USA agreed to manufacture bermekimab for use by Janssen in clinical trials, in exchange for fixed payments, paid in quarterly installments. Finally, The Company and Janssen entered into a Transition Services Agreement, under which XBiotech USA agreed to continue operational management, on a fee-for-service basis, of certain ongoing clinical trials related to bermekimab.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">As a result of Janssen Transaction, the Company recognized a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$750</div> million in non-operating income. Of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$750</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$675</div> million was received and booked in cash and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div> million is held in an interest-bearing escrow account for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months and booked in long term assets as a receivable. In addition, the Company received a prepayment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million from Janssen related to the clinical manufacturing agreement that will be performed in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> which the Company determined to be “at market” in exchange for the services in the clinical manufacturing agreement. The Company booked the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million within contract liabilities. Substantially all amounts transferred related to IPR&D, and as such, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> carrying value of the amounts disposed in the Janssen Transaction.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Additionally, the Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$572</div> thousand in expense due to professional fees. The Company determined the costs were “at market” and did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> result in any additional consideration with respect to the sale.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Income in the consolidated statement of cash flows includes the gain resulting from the Janssen Transaction. Net cash provided by operating activities related to Janssen Transaction was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million reflected within the operating cash inflow as a change in contract liabilities for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>Net cash provided by investing activities related to Janssen Transaction was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$675</div> million for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div></div>
-0.16
-0.16
-0.15
16.67
17.17
-0.59
-0.95
-0.11
-0.16
-0.14
-0.17
-0.16
-0.16
-0.15
14.82
14.44
-0.59
-0.95
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Net Income/Loss per Share </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Net income/loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income/loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method.</div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Net Income/Loss Per Share </div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following summarizes the computation of basic and diluted net income/loss per share for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (in thousands, except share and per share data):</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Net income (loss)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">668,629</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,138</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted-average number of common shares—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,945,468</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,804,304</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,875,814</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.17</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.59</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.95</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted-average number of common shares—diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,319,457</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,804,304</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,875,814</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income (loss) per share—diluted</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.44</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.59</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.95</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average common shares outstanding, because including them would have had an anti-dilutive effect due to the losses reported.</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Stock options</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
149000
513000
-825000
0.069
0.27
0.26
0.26
-0.063
-0.203
-0.153
-0.134
337000
258000
P1Y270D
16500000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 30.6pt; margin: 0pt 0">The Company follows ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> <div style="display: inline; font-style: italic;">Fair Value Measurements and Disclosures</div>, which establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market date (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> levels:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 30.6pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1—Unadjusted</div> quoted prices in active markets for identical assets or liabilities.</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> </table> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2—Quoted</div> prices for similar assets and liabilities in active markets, quoted prices in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> </table> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3—Unobservable</div> inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.</td> </tr> </table> <div style=" font-size: 10pt; text-indent: 30.6pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 30.6pt">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div></div></div></div> have any assets or liabilities that are measured at fair value on a recurring basis. The carrying amounts reflected in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> due to their short-term nature.</div></div></div></div></div></div>
-888000
-548000
555000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Foreign Currency Transactions </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled.</div></div></div></div></div></div>
7143000
5269000
7635000
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Impairment of Long-Lived Assets </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> <div style="display: inline; font-style: italic;">Property, Plant and Equipment</div>. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized any impairment through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div></div></div></div></div></div>
664689000
-15404000
-26034000
718453000
-21138000
-33150000
53971000
-5102000
-5765000
-207000
-632000
-1351000
718453000
-21138000
-33150000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Income Taxes </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 12pt 0 9pt">The components of income before income taxes are as follows:</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">(In thousands)</td> <td style="font-size: 10pt"> </td> <td colspan="11" style="text-align: center; font-size: 10pt"><div style="display: inline; font-weight: bold;">Years Ended December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2019</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2018</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,971</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,102</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,765</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">664,689</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,404</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,034</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Foreign</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(632</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,351</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,453</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,138</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,150</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The components of the provision for income taxes are as follows for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (in thousands):</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">Current</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; width: 55%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,806</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,031</div></div> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Other Foreign</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,837</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Deferred</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">United States</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13</div></div> </td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Other Foreign</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total income tax expense</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,824</div></div> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The provision for income taxes differs from the amount computed by applying the Canada statutory rate to pre-tax income as follows for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; width: 55%">Income tax benefit computed at federal tax rate</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital gain exclusion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13.0</div></div> </td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Change in valuation allowance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.3</div></td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impacts of US tax reform</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13.4</div></td> <td style="font-size: 10pt; text-align: left">%)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Prior year true-ups</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.4</div></td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock compensation and other</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3.4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.7</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div><div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the President of the United States signed into law the Tax Cuts and Jobs Act, or TCJA, tax reform legislation. TJCA significantly changes U.S. tax law by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. TCJA reduced the U.S corporate tax rate from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%,</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018.</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In connection with the initial analysis of the impact of TJCA, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%.</div> The remeasurement of the Company’s’ deferred tax balance was offset by application of its valuation allowance. The Company applied the guidance in SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> when accounting for the enactment-date effects of the Act in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and throughout <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company completed its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> income tax returns and its accounting for the enactment-date income tax effects of TCJA with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustments to the provisional amounts recorded at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Significant components of the Company’s deferred tax assets and liabilities as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> as follows (in thousands):</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred tax assets:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; width: 55%; font-size: 10pt; text-align: left">Noncapital losses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,474</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,551</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Qualifying research and development credits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,119</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,833</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Stock based compensation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,354</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,712</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,618</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Share issue costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">587</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">128</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accrued liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">699</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Deferred rent</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total deferred tax assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,683</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,663</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,097</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Prepaid assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">98</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Share issuance costs</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">446</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">317</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net deferred tax asset</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,237</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,442</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,780</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Valuation allowance for deferred tax assets</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,794</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(48,442</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,780</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax asset including valuation allowance</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">443</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 6.2pt 0pt 1.95pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company had unused net operating losses of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million in Switzerland and Japan, and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$173.2</div> million (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$141.7</div> million in Canada, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30.9</div> million in the U.S., and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million in Switzerland and Japan), respectively, available to reduce taxable income of future years. The tax benefit of net operating losses begins to expire in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022</div> in Switzerland and Japan.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. With the exception of certain items as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>that will generate cash refunds through loss carryback claims in the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years, the Company has established a full valuation allowance in the U.S., Switzerland, Japan and a partial valuation allowance on certain deferred tax assets in Canada due to uncertainties regarding the realization of these deferred tax assets based upon the Company’s lack of earnings history and the Company expects to continue to incur significant expenses for the foreseeable future.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 60; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provided Canadian income taxes and withholding taxes on the undistributed earnings of U.S. subsidiary as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>because we intend to indefinitely reinvest such earnings. We intend to use available cash to expand our research and development and manufacturing facilities and also fund the development of our manufacturing processes.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Due to the usage of substantially all net operating losses and tax credit carryforwards as a result of the Janssen Transaction, the valuation allowance decreased by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45.6</div> million during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The valuation allowance increased by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.6</div> million during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>due to additional losses incurred during the year.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company applies the accounting guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> related to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on a determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to be realized following resolution of any potential contingencies present related to the tax benefit. A reconciliation of the beginning and ending amount of unrecognized tax benefits as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> is as follows (in thousands):</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt">Balance as of January 1</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additions based on tax positions related to the current year</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additions for tax positions of prior years</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,010</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Reductions for tax positions of prior years</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Settlements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Balance at December 31</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,056</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> interest or penalties were recognized or accrued as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> million, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> million of unrecognized tax benefits that if recognized would affect the annual effective tax rate.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company files federal income tax returns in Canada, U.S, Switzerland, Germany, and Japan. The Company also files income tax returns in the state of Texas in the U.S. The statute of limitations for assessment by local taxing authorities is open for tax years ended after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2012 </div>and all years since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2008</div> for the U.S. remain open until such time the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> tax year statute of limitation closes. There are currently <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div></div></div> federal or state income tax audits in progress.</div></div>
0
0
0
49824000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Income Taxes </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 6pt 0 0">The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for the full fiscal year. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating losses and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets certain deferred tax assets with a valuation allowance. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>in the future determine that certain deferred tax assets more-likely-than-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized, in which case the Company will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>recognize a benefit from income taxes in its statement of operations in that period.</div> <div style=" font-size: 10pt; margin: 0"></div> <div style=" margin: 6pt 0 0; font-size: 10pt; text-indent: 0.5in">Income taxes are recorded in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> <div style="display: inline; font-style: italic;">Accounting for Income Taxes</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740”</div>), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines its deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that some or all of the deferred tax assets will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized.</div> <div style=" margin: 6pt 0 0; font-size: 10pt; text-indent: 0.5in">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> clarifies the accounting for uncertainty in income taxes recognized in the financial statements and provides that a tax benefit from an uncertain tax position <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recognized when it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company’s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of tax expense.</div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements </div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB established Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases, by issuing Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> which supersedes ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> was subsequently amended by ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01,</div> Land Easement Practical Expedient for Transition to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842;</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases; and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> Targeted Improvements. Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> as amended (the "new lease standard") establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The effective date of the new guidance is for the Company’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The FASB has approved an optional, alternative method to adopt the lease standard by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the new standard effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>using the alternative method. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a cumulative adjustment impacting retained earnings. Adoption of the lease standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s consolidated financial statements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Financial Instruments—Credit Losses (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>): Measurement of Credit Losses on Financial Instruments. This ASU requires instruments measured at amortized cost to be presented at the net amount expected to be collected. Entities are also required to record allowances for available-for-sale debt securities rather than reduce the carrying amount. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 15, 2019, </div>the FASB delayed the effective date of the standard for certain small public companies and other private companies. As amended, the effective date of ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div> was delayed until fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2022 </div>for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div>-for-profit entities. The Company expects that the adoption will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its consolidated financial statements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><div style="display: inline; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> </div><div style="display: inline; font-style: italic;">Income Taxes (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740:</div> Simplifying the Accounting for Income Taxes</div> <div style="display: inline; background-color: white">(“ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12”</div>), which removes certain exceptions to the general principles in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740.</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> is effective for the fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2020, </div>with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.</div></div></div></div></div></div></div>
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1
31233000
20994000
34059000
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100000
173200000
141700000
30900000
600000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Organization </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">XBiotech Inc. (XBiotech or the Company) was incorporated in Canada on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005.</div> XBiotech USA, Inc., a wholly-owned subsidiary of the Company, was incorporated in Delaware, United States in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007.</div> XBiotech Switzerland AG, a wholly-owned subsidiary of the Company, was incorporated in Zug, Switzerland in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010.</div> XBiotech Japan K.K., a wholly-owned subsidiary of the Company, was incorporated in Tokyo, Japan in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2013. </div>XBiotech Germany GmbH, a wholly-owned subsidiary of the Company, was incorporated in Germany in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2014. </div>The Company’s headquarters are located in Austin, Texas.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Since its inception, XBiotech has focused on advancing technology to rapidly identify and clone antibodies from individuals that have resistance to disease. At the heart of the Company is a proprietary technical knowhow to translate natural human immunity into therapeutic product candidates.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005,</div> the Company began to develop a new framework for commercial manufacturing, using technology that required less capital, fewer operators and provided greater flexibility than standard industry practices.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">With the manufacturing capability to produce its True Human<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">™</div> antibody therapy, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010,</div> the Company began a clinical trial program. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> clinical trial program at MD Anderson Cancer Center began treating the sickest cancer patients irrespective of tumor type. Soon thereafter, the Company used the same antibody therapy in various clinical studies at treatment centers around the United States (U.S.) and abroad to investigate the antibody effect in patients that had vascular disease, leukemia, type <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> diabetes, psoriasis or acne.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned clinical operations, including completion of its planned trials, is expected to depend on the amount and timing of cash receipts from future collaboration or product sales and/or financing transactions. The Company believes that its cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$714.6</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> will enable the Company to achieve several major inflection points, including potential new clinical studies with our lead product candidate. We expect to have sufficient cash through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the report issuance date.</div></div>
195000
36000
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513000
513000
149000
149000
10000
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204000
122000
1405000
0
0
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Unlimited
0
0
0
0
1669000
1193000
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31600000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Property and Equipment and Building Construction in Progress</div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Property and equipment consisted of the following as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> (in thousands):</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Computer and office equipment</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">482</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Furniture and fixtures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Land</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Leasehold improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">802</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">802</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Scientific equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,592</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,572</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Vehicle</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Building </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,013</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,013</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Mobile facility </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Construction in process</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">186</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,729</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,366</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,171</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,329</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div><div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Depreciation expenses related to property and equipment amounted to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. Construction in process is related to research and development and manufactory equipment.</div></div>
482000
476000
183000
183000
1418000
1418000
802000
802000
12592000
12572000
30000
30000
21013000
21013000
194000
186000
201000
25171000
27329000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Property and Equipment </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated, using the straight line method. The useful lives are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <table style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: top; padding-left: 0.5in; width: 43%"><div style="display: inline; font-size: 10pt">• Furniture and fixtures</div></td> <td style="vertical-align: bottom; width: 57%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Office equipment</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Scientific equipment</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Vehicles</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Mobile facility</div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27.5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Building</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39</div> years</div></td> </tr> </table> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Costs of major additions and betterments are capitalized; maintenance and repairs, which do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized.</div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Computer and office equipment</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">482</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Furniture and fixtures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Land</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Leasehold improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">802</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">802</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Scientific equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,592</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,572</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Vehicle</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Building </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,013</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,013</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Mobile facility </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Construction in process</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">186</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Accumulated depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,729</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,366</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,171</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,329</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> Selected Quarterly Financial Data (Unaudited)</div></div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><div style="display: inline; font-weight: normal">Selected Quarterly Financial Data (Unaudited) for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> is presented below (in thousands except per share data):</div></div> <div style=" font-size: 10pt; font-weight: bold; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth Quarter</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Loss from operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,805</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,006</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,111</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,311</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,864</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,852</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,150</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">686,495</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.15</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.15</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.82</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth Quarter</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Loss from operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,621</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,115</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,108</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net Loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,069</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,907</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,051</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,111</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss per share—basic and diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.11</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.14</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.17</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table> </div></div>
24090000
15725000
26424000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Research and Development Costs </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> alternative future use are expensed as incurred as research and development costs.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.</div></div></div></div></div></div>
430929000
-237700000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center">2019</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued compensation and related expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">337</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">258</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accrued professional fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">566</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accrued clinical trial expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,082</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">905</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,180</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,291</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Stock options</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">Current</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; width: 55%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,806</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,031</div></div> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Other Foreign</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,837</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Deferred</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">United States</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13</div></div> </td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Other Foreign</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13</div></div> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total income tax expense</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,824</div></div> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred tax assets:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; width: 55%; font-size: 10pt; text-align: left">Noncapital losses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,474</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,551</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Qualifying research and development credits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,119</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,833</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Stock based compensation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,354</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,712</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,618</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Share issue costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">587</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">128</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accrued liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">699</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Deferred rent</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total deferred tax assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,683</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,663</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,097</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Prepaid assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">98</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Share issuance costs</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">446</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">317</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net deferred tax asset</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,237</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,442</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,780</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Valuation allowance for deferred tax assets</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,794</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(48,442</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,780</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax asset including valuation allowance</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">443</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Net income (loss)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">668,629</div></div> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,138</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted-average number of common shares—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,945,468</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,804,304</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,875,814</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.17</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.59</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.95</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted-average number of common shares—diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,319,457</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,804,304</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,875,814</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income (loss) per share—diluted</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.44</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.59</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.95</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; width: 55%">Income tax benefit computed at federal tax rate</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital gain exclusion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13.0</div></div> </td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Change in valuation allowance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.3</div></td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impacts of US tax reform</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13.4</div></td> <td style="font-size: 10pt; text-align: left">%)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Prior year true-ups</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.4</div></td> <td style="font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.3</div></td> <td style="font-size: 10pt; text-align: left">%)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock compensation and other</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3.4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.7</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended <br />December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Research and development</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,635</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">696</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">413</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total share-based compensation expense</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,358</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,660</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,476</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">(In thousands)</td> <td style="font-size: 10pt"> </td> <td colspan="11" style="text-align: center; font-size: 10pt"><div style="display: inline; font-weight: bold;">Years Ended December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2019</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2018</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,971</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,102</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,765</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Canada</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">664,689</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,404</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(26,034</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Foreign</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(632</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,351</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,453</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,138</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,150</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth Quarter</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Loss from operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,805</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,006</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,111</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,311</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,864</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,852</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,150</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">686,495</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—basic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.15</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share—diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.15</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.82</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth Quarter</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Loss from operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,621</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,115</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,108</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net Loss</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,069</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,907</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,051</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,111</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss per share—basic and diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.11</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.16</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.14</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.17</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Options</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Exercise Price</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Weighted-<br /> Average<br /> Exercise Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 53%; font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2016</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,188,658</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.52</div></td> <td style="width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td style="width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div><div style="display: inline; font-size: 10pt"></div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.49</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,251,000</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.15</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.85</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(406,667</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.93</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.71</div><div style="display: inline; font-size: 10pt"></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.28</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(729,367</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.94</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.99</div><div style="display: inline; font-size: 10pt"></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.90</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2017</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,303,624</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.69</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,153,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.93</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.32</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(160,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(761,185</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.09</div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.12</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2018</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,535,439</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.30</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Granted</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,563,500</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.15</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.87</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.36</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Exercised</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(771,376</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div></td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.62</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 20pt"><div style="display: inline; font-size: 10pt">Forfeitures</div></td> <td style="padding-bottom: 1pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(361,833</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.50</div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.53</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-size: 10pt"><div style="display: inline; font-size: 10pt">Options outstanding at December 31, 2019</div></td> <td style="padding-bottom: 2.5pt; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,965,730</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.71</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21.99</div></td> <td style="border-bottom: Black 2.5pt double"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.09</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="14" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Year Ended <br />December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 49%; font-size: 10pt"><div style="display: inline; font-size: 10pt">Weighted-average grant date fair value per share</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.36</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.32</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.85</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.41%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.64%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.38%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.12%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.83%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.41%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Dividend yield</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt">Balance as of January 1</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additions based on tax positions related to the current year</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additions for tax positions of prior years</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,010</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Reductions for tax positions of prior years</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Settlements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Balance at December 31</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,056</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Segment and Geographic Information </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.</div></div></div></div></div></div>
3358000
1660000
1750000
0.8
0.97
0.67
0.8
0.65
0.67
0.0141
0.0264
0.0238
0.0312
0.0183
0.0241
729367
761185
361833
1251000
1153500
2563500
9.36
2.97
2.97
9.36
4.32
4.85
5188658
5303624
5535439
6965730
0.52
21.99
8.49
2.50
21.99
7.69
2.50
21.99
7.30
2.71
21.99
6.09
0.05
2.50
0.93
14.71
2.28
2.50
2.50
15
4.62
0.94
21.99
11.90
2.50
19.09
6.12
2.50
16.50
7.53
4.15
12.60
4.85
2.50
5.93
4.32
5.15
19.87
9.36
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Share-Based Compensation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company accounts for its share-based compensation awards in accordance with ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> <div style="display: inline; font-style: italic;">Compensation-Stock Compensation</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718”</div>). ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, the Company recognizes share-based compensation expense, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur rather than on an estimated basis.</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 52; Value: 2 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Share-based compensation expense recognized for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was included in the following line items on the Consolidated Statements of Operations (in thousands).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended <br />December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Research and development</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,635</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">696</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">413</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total share-based compensation expense</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,358</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,660</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,476</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="14" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Year Ended <br />December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 49%; font-size: 10pt"><div style="display: inline; font-size: 10pt">Weighted-average grant date fair value per share</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.36</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.32</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.85</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.41%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.64%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.38%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.12%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.83%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.41%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Dividend yield</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Due to the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> “Stock Compensation” on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2017, </div>the Company accounts for forfeitures as they occur rather than on an estimated basis.</div></div></div></div></div></div>
P10Y
P5Y138D
P10Y
P1Y
P10Y
P5Y138D
P10Y
42400000
2100000
2000000
1700000
1600000
12.09
12.37
13
2.50
14.71
8.25
2.50
15
32628000
35439000
35900000
41519000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Significant Accounting Policies </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Basis of Presentation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (US GAAP).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Basis of Consolidation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Use of Estimates </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Prior to its initial public offering on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2015, </div>the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including the prices at which the Company sold shares of its common stock to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties and external market conditions affecting the biotechnology industry sector. After the initial public offering, the fair market value is calculated by using the closing price of the Company’s common stock as reported by NASDAQ.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 51; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Research and Development Costs </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> alternative future use are expensed as incurred as research and development costs.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Income Taxes </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 6pt 0 0">The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for the full fiscal year. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating losses and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets certain deferred tax assets with a valuation allowance. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>in the future determine that certain deferred tax assets more-likely-than-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized, in which case the Company will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>recognize a benefit from income taxes in its statement of operations in that period.</div> <div style=" font-size: 10pt; margin: 0"></div> <div style=" margin: 6pt 0 0; font-size: 10pt; text-indent: 0.5in">Income taxes are recorded in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> <div style="display: inline; font-style: italic;">Accounting for Income Taxes</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740”</div>), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines its deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that some or all of the deferred tax assets will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized.</div> <div style=" margin: 6pt 0 0; font-size: 10pt; text-indent: 0.5in">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> clarifies the accounting for uncertainty in income taxes recognized in the financial statements and provides that a tax benefit from an uncertain tax position <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recognized when it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company’s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of tax expense.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Share-Based Compensation </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company accounts for its share-based compensation awards in accordance with ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> <div style="display: inline; font-style: italic;">Compensation-Stock Compensation</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718”</div>). ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,</div> which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, the Company recognizes share-based compensation expense, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur rather than on an estimated basis.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 52; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Share-based compensation expense recognized for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was included in the following line items on the Consolidated Statements of Operations (in thousands).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended <br />December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Research and development</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,635</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">696</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">413</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total share-based compensation expense</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,358</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,660</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,476</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="14" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">Year Ended <br />December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 49%; font-size: 10pt"><div style="display: inline; font-size: 10pt">Weighted-average grant date fair value per share</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.36</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.32</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.85</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.41%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.64%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.38%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.12%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.83%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.41%</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.38</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Dividend yield</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Due to the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> “Stock Compensation” on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2017, </div>the Company accounts for forfeitures as they occur rather than on an estimated basis.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Cash and Cash Equivalents </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company considers highly liquid investments with a maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German, Swiss and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Concentrations of Credit Risk </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> financial institution. These amounts at times <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exceed federally insured limits. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> experienced any credit losses in such accounts and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe it is exposed to any significant credit risk on these funds. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 53; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 30.6pt; margin: 0pt 0">The Company follows ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> <div style="display: inline; font-style: italic;">Fair Value Measurements and Disclosures</div>, which establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market date (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> levels:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 30.6pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1—Unadjusted</div> quoted prices in active markets for identical assets or liabilities.</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2—Quoted</div> prices for similar assets and liabilities in active markets, quoted prices in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 30.6pt"></td> <td style="width: 18.35pt">•</td> <td>Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3—Unobservable</div> inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.</td> </tr> </table> <div style=" font-size: 10pt; text-indent: 30.6pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 30.6pt">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company did<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div>t</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div> have any assets or liabilities that are measured at fair value on a recurring basis. The carrying amounts reflected in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> due to their short-term nature.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Property and Equipment </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated, using the straight line method. The useful lives are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; padding-left: 0.5in; width: 43%"><div style="display: inline; font-size: 10pt">• Furniture and fixtures</div></td> <td style="vertical-align: bottom; width: 57%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Office equipment</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Scientific equipment</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Vehicles</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Mobile facility</div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27.5</div> years</div></td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"> </td> <td> </td> </tr> <tr> <td style="vertical-align: top; padding-left: 0.5in"><div style="display: inline; font-size: 10pt">• Building</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39</div> years</div></td> </tr> </table> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Costs of major additions and betterments are capitalized; maintenance and repairs, which do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Impairment of Long-Lived Assets </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> <div style="display: inline; font-style: italic;">Property, Plant and Equipment</div>. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized any impairment through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Foreign Currency Transactions </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Comprehensive Income (Loss)</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220,</div> <div style="display: inline; font-style: italic;">Comprehensive Income</div>, requires that all components of comprehensive income (loss), including net income (loss), be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation adjustments.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 54; Value: 2 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Segment and Geographic Information </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Net Income/Loss per Share </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Net income/loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income/loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Subsequent Events </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements </div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB established Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases, by issuing Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> which supersedes ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. 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