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SS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

For the quarterly period ended March 31, 2021 

OR

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

 

For the transition period from                      to                     .

Commission file number: 001-37923

 

CRISPR THERAPEUTICS AG

(Exact name of Registrant as specified in its charter)

 

 

Switzerland

Not Applicable

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

Baarerstrasse 14

6300 Zug, Switzerland

Not Applicable

(Address of principal executive offices)

(zip code)

+41 (0)41 561 32 77

(Registrant’s telephone number, including area code)

 

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

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Shares, nominal value CHF 0.03

CRSP

The Nasdaq Global Market

 

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

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

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

 

Large Accelerated filer

Accelerated filer

  

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

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

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

As of April 23, 2021, there were 75,768,936 shares of registrant’s common shares outstanding.

 

 

 


 

Throughout this Quarterly Report on Form 10-Q, the “Company,” “CRISPR,” “CRISPR Therapeutics,” “we,” “us,” and “our,” except where the context requires otherwise, refer to CRISPR Therapeutics AG and its consolidated subsidiaries.

 

“CRISPR Therapeutics®” standard character mark and design logo, “CTX001TM,” “CTX110TM,” “CTX120TM,” and “CTX130TM are trademarks and registered trademarks of CRISPR Therapeutics AG. All other trademarks and registered trademarks contained in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q may appear without the ® or  symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, service marks and trade names.

 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” that involve substantial risks and uncertainties.  All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q are forward-looking statements. These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “potential,” “will,” “would” or the negative or plural of these words or similar expressions or variations, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

the safety, efficacy and clinical progress of our various clinical programs including those for CTX001TM, CTX110TM, CTX120TM and CTX130TM;

 

the status of clinical trials, development timelines and discussions with regulatory authorities related to product candidates under development by us and our collaborators;

 

the initiation, timing, progress and results of our preclinical studies and clinical trials, including our ongoing clinical trials and any planned clinical trials for CTX001, CTX110, CTX120 and CTX130, and our research and development programs, including delays or disruptions in clinical trials, non-clinical experiments and investigational new drug application-enabling studies;

 

the actual or potential benefits of U.S. Food and Drug Administration, or FDA, designations, such as orphan drug, fast track and regenerative medicine advanced therapy, or such European equivalents, including Priority Medicines (PRIME) designation;

 

our ability to advance product candidates into, and successfully complete, clinical trials;

 

our plan to consolidate our U.S. offices in the greater Boston area into a single location and to build-out a cell-therapy  manufacturing facility;

 

our intellectual property coverage and positions, including those of our licensors and third parties as well as the status and potential outcome of proceedings involving any such intellectual property;

 

our anticipated expenses, ability to obtain funding for our operations and the sufficiency of our cash resources;

 

the therapeutic value, development, and commercial potential of CRISPR/Cas9 gene-editing technologies and therapies;

 

the closing of the transaction contemplated by the Amended and Restated Joint Development and Commercialization Agreement with Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited; and

 

potential impacts due to the coronavirus pandemic such as delays, interruptions or other adverse effects to clinical trials, delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy, and the overall impact of the coronavirus pandemic on our business, financial condition and results of operations.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q, if any, our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 16, 2021, and in other SEC filings.  You should not rely upon forward-looking statements as predictions of future events. Such forward-looking statements speak only as of the date of this report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or enter into.

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, performance or achievements may be materially different from what we expect. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Investors and others should note that we announce material information to our investors using our investor relations website (https://crisprtx.gcs-web.com/), SEC filings, press releases, public conference calls and webcasts. We use these channels as well as social media to communicate with the public about our company, our business, our product candidates and other matters. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels listed on our investor relations website.


Index

 

 

Page

Number

PART I: FINANCIAL INFORMATION

 

 

 

Item 1. Condensed Consolidated Financial Statements (unaudited)

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2021 and 2020

3

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2021 and 2020

4

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

5

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

28

 

 

Item 4. Controls and Procedures

29

 

 

PART II: OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

30

 

 

Item 1A. Risk Factors

30

 

 

Item 5. Other Information

30

 

 

Item 6. Exhibits

31

 

 

SIGNATURES

32

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

CRISPR Therapeutics AG

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except share and per share data)

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,126,059

 

 

$

1,168,620

 

Marketable securities

 

 

680,144

 

 

 

521,713

 

Accounts receivable

 

 

150

 

 

 

144

 

Prepaid expenses and other current assets

 

 

26,006

 

 

 

26,143

 

Total current assets

 

 

1,832,359

 

 

 

1,716,620

 

Property and equipment, net

 

 

51,913

 

 

 

42,160

 

Intangible assets, net

 

 

167

 

 

 

180

 

Restricted cash

 

 

16,844

 

 

 

16,848

 

Operating lease assets

 

 

50,129

 

 

 

50,865

 

Other non-current assets

 

 

6,498

 

 

 

1,293

 

Total assets

 

$

1,957,910

 

 

$

1,827,966

 

Liabilities and shareholders’ equity

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

13,072

 

 

$

9,094

 

Accrued expenses

 

 

49,864

 

 

 

53,782

 

Deferred revenue, current

 

 

1,802

 

 

 

2,341

 

Accrued tax liabilities

 

 

3,356

 

 

 

10,473

 

Operating lease liabilities

 

 

12,063

 

 

 

11,362

 

Other current liabilities

 

 

2,933

 

 

 

7,207

 

Total current liabilities

 

 

83,090

 

 

 

94,259

 

Deferred revenue, non-current

 

 

11,776

 

 

 

11,776

 

Operating lease liabilities, net of current portion

 

 

49,408

 

 

 

50,067

 

Other non-current liabilities

 

 

8,138

 

 

 

7,630

 

Total liabilities

 

 

152,412

 

 

 

163,732

 

Commitments and contingencies, see Note 6

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common shares, CHF 0.03 par value, 115,172,786 shares authorized at

  March 31, 2021 and December 31, 2020, 75,925,944 and 74,110,160

   shares issued at March 31, 2021 and December 31, 2020, respectively, 75,730,628 and

  73,914,844 shares outstanding at March 31, 2021 and December 31, 2020, respectively.

 

 

2,340

 

 

 

2,277

 

Treasury shares, at cost, 195,316 shares at March 31, 2021 and December 31, 2020.

 

 

(63

)

 

 

(63

)

Additional paid-in capital

 

 

2,490,421

 

 

 

2,235,679

 

Accumulated deficit

 

 

(686,739

)

 

 

(573,576

)

Accumulated other comprehensive loss

 

 

(461

)

 

 

(83

)

Total shareholders' equity

 

 

1,805,498

 

 

 

1,664,234

 

Total liabilities and shareholders’ equity

 

$

1,957,910

 

 

$

1,827,966

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited, in thousands, except share and per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

202

 

 

$

157

 

Grant revenue

 

 

337

 

 

 

 

Total revenue

 

 

539

 

 

 

157

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

90,565

 

 

 

54,193

 

General and administrative

 

 

24,517

 

 

 

19,550

 

Total operating expenses

 

 

115,082

 

 

 

73,743

 

Loss from operations

 

 

(114,543

)

 

 

(73,586

)

Other income (expense):

 

 

 

 

 

 

 

 

Other income, net

 

 

1,955

 

 

 

4,232

 

Total other income (expense), net

 

 

1,955

 

 

 

4,232

 

Net loss before income taxes

 

 

(112,588

)

 

 

(69,354

)

Provision for income taxes

 

 

(575

)

 

 

(377

)

Net loss

 

 

(113,163

)

 

 

(69,731

)

Foreign currency translation adjustment

 

 

5

 

 

 

(25

)

Unrealized loss on marketable securities

 

 

(383

)

 

 

 

Comprehensive loss

 

$

(113,541

)

 

$

(69,756

)

 

 

 

 

 

 

 

 

 

Net loss per common share — basic

 

$

(1.51

)

 

$

(1.15

)

Basic weighted-average common shares outstanding

 

 

75,005,187

 

 

 

60,847,683

 

Net loss per common share — diluted

 

$

(1.51

)

 

$

(1.15

)

Diluted weighted-average common shares outstanding

 

 

75,005,187

 

 

 

60,847,683

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

3


 

 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited, in thousands, except share and per share data)

 

 

Common Shares

 

Treasury Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

CHF 0.03

Par Value

 

Shares

 

Amount,

at cost

 

Additional

Paid-in

Capital

 

Accumulated

Deficit

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Total

Shareholders’

Equity

 

Balance at December 31, 2019

 

60,783,799

 

 

1,847

 

 

250,226

 

 

(63

)

 

1,162,345

 

 

(224,711

)

 

7

 

 

939,425

 

Vesting of restricted shares

 

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Exercise of vested options

 

83,406

 

 

3

 

 

 

 

 

 

1,385

 

 

 

 

 

 

1,388

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

14,151

 

 

 

 

 

 

14,151

 

Issuance of common shares related to license agreement

 

17,830

 

 

 

 

(17,830

)

 

 

 

889

 

 

 

 

 

 

889

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

(25

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(69,731

)

 

 

 

(69,731

)

Balance at March 31, 2020

 

60,890,035

 

$

1,850

 

 

232,396

 

$

(63

)

$

1,178,770

 

$

(294,442

)

$

(18

)

$

886,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

73,914,844

 

$

2,277

 

 

195,316

 

$

(63

)

$

2,235,679

 

$

(573,576

)

$

(83

)

$

1,664,234

 

Issuance of common shares, net of issuance costs of $5.4 million

 

1,353,121

 

 

45

 

 

 

 

 

 

222,130

 

 

 

 

 

 

222,175

 

Vesting of restricted shares

 

109,355

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Exercise of vested options, net of issuance costs of $1.5 million

 

342,051

 

 

15

 

 

 

 

 

 

9,769

 

 

 

 

 

 

9,784

 

Purchase of common stock under ESPP

 

11,257

 

 

 

 

 

 

 

 

751

 

 

 

 

 

 

751

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

22,092

 

 

 

 

 

 

22,092

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(378

)

 

(378

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(113,163

)

 

 

 

(113,163

)

Balance at March 31, 2021

 

75,730,628

 

$

2,340

 

 

195,316

 

$

(63

)

$

2,490,421

 

$

(686,739

)

$

(461

)

$

1,805,498

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

4


 

 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(113,163

)

 

$

(69,731

)

Reconciliation of net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,715

 

 

 

2,091

 

Equity-based compensation

 

 

22,092

 

 

 

14,151

 

Other income, non-cash

 

 

2,064

 

 

 

890

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(6

)

 

 

(25,018

)

Prepaid expenses and other assets

 

 

(5,068

)

 

 

29,659

 

Accounts payable and accrued expenses

 

 

(5,770

)

 

 

(2,496

)

Deferred revenue

 

 

(539

)

 

 

(157

)

Operating lease assets and liabilities

 

 

778

 

 

 

37

 

Other liabilities, net

 

 

(3,766

)

 

 

(1,601

)

Net cash used in operating activities

 

 

(100,663

)

 

 

(52,175

)

Investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(7,024

)

 

 

(2,991

)

Purchases of marketable securities

 

 

(323,975

)

 

 

 

Maturities of marketable securities

 

 

163,101

 

 

 

 

Net cash used in investing activities

 

 

(167,898

)

 

 

(2,991

)

Financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common shares, net of issuance costs

 

 

214,592

 

 

 

-

 

Proceeds from exercise of options and ESPP contributions, net of issuance costs

 

 

11,399

 

 

 

1,132

 

Net cash provided by financing activities

 

 

225,991

 

 

 

1,132

 

Effect of exchange rate changes on cash

 

 

5

 

 

 

(25

)

Decrease in cash

 

 

(42,565

)

 

 

(54,059

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

1,185,468

 

 

 

948,812

 

Cash, cash equivalents and restricted cash, end of period

 

$

1,142,903

 

 

$

894,753

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

 

 

 

Property and equipment purchases in accounts payable and accrued expenses

 

$

8,847

 

 

$

1,340

 

Equity issuance costs in accounts payable and accrued expenses

 

$

2,868

 

 

$

39

 

 

 

 

As of March 31,

 

Reconciliation to amounts within the condensed consolidated balance sheets

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

1,126,059

 

 

$

889,712

 

Restricted cash

 

 

16,844

 

 

 

5,041

 

Cash, cash equivalents and restricted cash at end of period

 

 

1,142,903

 

 

 

894,753

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

5


 

 

CRISPR Therapeutics AG

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or GAAP.  

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three-month interim periods ended March 31, 2021 and 2020.

The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020, which are contained in the 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 16, 2021.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known.

Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s 2020 Annual Report on Form 10-K filed with the SEC on February 16, 2021.

New Accounting Pronouncements – Recently Adopted

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

6


 

2. Marketable Securities

The following table summarizes cash equivalents and marketable securities held at March 31, 2021 and December 31, 2020 (in thousands), which are recorded at fair value.  The table below excludes $494.2 million and $395.1 million of cash at March 31, 2021 and December 31, 2020, respectively.

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

629,357

 

 

$

 

 

$

 

 

$

629,357

 

Corporate debt securities

 

 

2,533

 

 

 

1

 

 

 

(2

)

 

 

2,532

 

Certificates of deposit

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents

 

 

631,890

 

 

 

1

 

 

 

(2

)

 

 

631,889

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

536,144

 

 

 

37

 

 

 

(551

)

 

 

535,630

 

Certificates of deposit

 

 

54,273

 

 

 

 

 

 

 

 

 

54,273

 

Government-sponsored enterprise securities

 

 

3,120

 

 

 

 

 

 

(1

)

 

 

3,119

 

Commercial paper

 

 

87,120

 

 

 

2

 

 

 

 

 

 

87,122

 

Total marketable securities

 

 

680,657

 

 

 

39

 

 

 

(552

)

 

 

680,144

 

Total cash equivalents and marketable securities

 

$

1,312,547

 

 

$

40

 

 

$

(554

)

 

$

1,312,033

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

742,958

 

 

$

 

 

$

 

 

$

742,958

 

Corporate debt securities

 

 

2,526

 

 

 

1

 

 

 

(24

)

 

 

2,503

 

Certificates of deposit

 

 

12,527

 

 

 

 

 

 

 

 

 

12,527

 

Commercial paper

 

 

15,549

 

 

 

 

 

 

 

 

 

15,549

 

Total cash equivalents

 

 

773,560

 

 

 

1

 

 

 

(24

)

 

 

773,537

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

47,976

 

 

 

3

 

 

 

 

 

 

47,979

 

Corporate debt securities

 

 

324,569

 

 

 

43

 

 

 

(156

)

 

 

324,456

 

Certificates of deposit

 

 

25,162

 

 

 

 

 

 

 

 

 

25,162

 

Government-sponsored enterprise securities

 

 

33,738

 

 

 

5

 

 

 

(2

)

 

 

33,741

 

Commercial paper

 

 

90,375