CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares |
Sep. 30, 2019 |
Dec. 31, 2018 |
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Statement of Financial Position [Abstract] | ||
Common stock, shares issued | 98,948,935 | 93,254,185 |
Common stock, shares outstanding | 98,948,935 | 93,254,185 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Income Statement [Abstract] | |||||
Net revenues | $ 92,062 | $ 64,756 | $ 252,084 | $ 178,395 | $ 248,069 |
Cost of revenues | 22,900 | 18,949 | 63,820 | 57,020 | 80,048 |
Gross profit | 69,162 | 45,807 | 188,264 | 121,375 | 168,021 |
Operating costs and expenses: | |||||
Research, development and clinical trials | 18,766 | 13,074 | 55,262 | 35,540 | 50,574 |
Sales and marketing | 23,830 | 19,124 | 69,871 | 56,455 | 77,663 |
General and administrative | 22,711 | 18,855 | 64,198 | 54,388 | 73,456 |
Total operating costs and expenses | 65,307 | 51,053 | 189,331 | 146,383 | 201,693 |
Operating income (loss) | 3,855 | (5,246) | (1,067) | (25,008) | (33,672) |
Financial expenses (income), net | 2,555 | 2,397 | 6,165 | 10,110 | 12,270 |
Income (loss) before income taxes | 1,300 | (7,643) | (7,232) | (35,118) | (45,942) |
Income taxes | (630) | 4,051 | 4,258 | 12,810 | 17,617 |
Net income (loss) | $ 1,930 | $ (11,694) | $ (11,490) | $ (47,928) | $ (63,559) |
Basic net income (loss) per ordinary share (in usd per share) | $ 0.02 | $ (0.13) | $ (0.12) | $ (0.52) | $ (0.69) |
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares) | 98,485,519 | 92,911,375 | 96,551,041 | 91,409,619 | 91,828,043 |
Diluted net income (loss) per ordinary share (in usd per share) | $ 0.02 | $ (0.13) | $ (0.12) | $ (0.52) | $ (0.69) |
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares) | 107,604,578 | 92,911,375 | 96,551,041 | 91,409,619 | 91,828,043 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 1,930 | $ (11,694) | $ (11,490) | $ (47,928) | $ (63,559) |
Other comprehensive income (loss), net of tax: | |||||
Change in foreign currency translation adjustments | (216) | (2) | (430) | 19 | 27 |
Pension benefit plan | (68) | 147 | (811) | 197 | (84) |
Total comprehensive income (loss) | $ 1,646 | $ (11,549) | $ (12,731) | $ (47,712) | $ (63,616) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |||||
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Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
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Statement of Stockholders' Equity [Abstract] | ||||||
Other comprehensive income (loss), tax | $ (11) | $ (69) | $ (11) | $ (11) | $ (3) | $ (5) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Cash flows from operating activities: | |||||
Net income (loss) | $ 1,930 | $ (11,694) | $ (11,490) | $ (47,928) | $ (63,559) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 1,932 | 2,311 | 5,993 | 6,801 | 9,006 |
Asset write-downs and impairment of field equipment | 78 | 178 | 239 | 320 | 407 |
Amortization of discount (premium) | (547) | (555) | (1,712) | 1,502 | 1,022 |
Share-based compensation to employees | 14,338 | 10,479 | 37,719 | 29,205 | 39,846 |
Decrease (increase) in accounts receivables | (9,986) | 3,577 | (17,020) | (4,805) | (10,325) |
Decrease (increase) in inventories | 1,067 | (1,735) | (1,832) | 385 | (529) |
Increase (decrease) in accounts payable and accrued expenses | 6,433 | 2,839 | 10,902 | (2,760) | 13,713 |
Decrease (increase) in other long-term assets | 1,069 | 155 | 1,151 | (743) | (949) |
Increase (decrease) in other long-term liabilities | (1,407) | 83 | (4,292) | (656) | 9,503 |
Net cash provided by (used in) operating activities | 14,907 | 5,638 | 19,658 | (18,679) | (1,865) |
Cash flows from investing activities: | |||||
Purchase of property, equipment and field equipment | (2,708) | (1,353) | (7,430) | (4,918) | (6,711) |
Proceeds from maturity of short-term investments | 105,000 | 45,000 | 315,661 | 150,000 | 255,000 |
Purchase of short-term investments | (104,466) | (44,652) | (313,142) | (148,786) | (253,782) |
Net cash provided by (used in) investing activities | (2,174) | (1,005) | (4,911) | (3,704) | (5,493) |
Cash flows from financing activities: | |||||
Proceeds from issuance of shares, net | 0 | 0 | 1,208 | 938 | 1,835 |
Proceeds from long-term loan, net | 0 | 0 | 0 | 149,150 | 149,150 |
Repayment of long-term loan | (7) | (22) | (23) | (100,063) | (100,084) |
Exercise of options and warrants | 15,475 | 3,924 | 51,910 | 16,779 | 18,468 |
Net cash provided by (used in) financing activities | 15,468 | 3,902 | 53,095 | 66,804 | 69,369 |
Effect of foreign currency translation | (216) | (2) | (430) | 19 | 27 |
Increase (decrease) in cash, cash equivalents and restricted cash | 27,985 | 8,533 | 67,412 | 44,440 | 62,038 |
Cash, cash equivalents and restricted cash at the beginning of the period | 182,183 | 116,625 | 142,756 | 80,718 | 80,718 |
Cash, cash equivalents and restricted cash at the end of the period | 210,168 | 125,158 | 210,168 | 125,158 | 142,756 |
Cash paid during the period for: | |||||
Income taxes | 3,040 | 4,145 | 10,431 | 16,159 | 20,350 |
Interest | 3,453 | 3,454 | 10,247 | 9,879 | 13,334 |
Non-cash activities in accordance with of ASC-842: | |||||
Right-of-use assets obtained in exchange for lease obligations | $ 1,062 | $ 0 | $ 18,335 | $ 0 | $ 0 |
Organization and Basis of Presentation |
9 Months Ended |
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Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Organization. NovoCure Limited (including its consolidated subsidiaries, the “Company”) was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields delivery systems, including Optune and NovoTTF-100L, for the treatment of solid tumors. The Company has received regulatory approval from the U.S. Food and Drug Administration (“FDA”) under the Premarket Approval pathway and regulatory approvals and clearances in certain other countries for Optune to treat adult patients with GBM. The Company also has received FDA approval under the Humanitarian Device Exemption pathway to market NovoTTF-100L for unresectable, locally advanced or metastatic MPM in combination with standard chemotherapies. Financial statement preparation. The accompanying consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 10-K”) filed with the Securities and Exchange Commission on February 28, 2019. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2018 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below: Recently Adopted Accounting Pronouncements. In 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which amends the existing standards for lease accounting, requiring lessees to recognize most leases on their balance sheets. The new standard establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating. The standard is effective for interim and annual reporting periods beginning after December 15, 2018. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements - Leases (Topic 842)” (together with ASU 2016-02, “ASC 842”). This update provides an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. The Company adopted the new standard as of January 1, 2019 and it has also elected to adopt the package of practical expedients permitted in ASC 842. ASC 842 provides lessors with a practical expedient, by class of underlying asset, not to separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606). Our product supply agreements include the right to use the device (lease component), the supply obligation of disposable transducer arrays and technical support for the term of treatment (non-lease component). As the non-lease component(s) associated with the lease component is the predominant component of the combined component, the Company accounts for the combined component in accordance with Topic 606. The consolidated financial statements for the three and nine months ended September 30, 2019 are presented under the new standard, while comparative year and other periods presented are not adjusted and continue to be reported in accordance with Topic 840, Leases.
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Cash, Cash Equivalents and Short-Term Investments |
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Cash, Cash Equivalents, and Short-term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-Term investments | CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased.
The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments.
Quoted market prices were applied to determine the fair value of cash equivalents and short-term investments, therefore they are categorized as Level 1 in accordance with ASC 820, “Fair Value Measurements and Disclosures.” The estimated fair value of the Company’s short-term investments as of September 30, 2019 and December 31, 2018 was $104,613 and $105,266, respectively.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of September 30, 2019 and December 31, 2018, the Company’s inventories were composed of:
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Commitments Rights of Use and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments, Rights of Use and Contingent Liabilities | COMMITMENTS, RIGHTS OF USE AND CONTINGENT LIABILITIES Operating Leases and Rights of Use. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2029. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2022. Under ASC 842, all leases with durations greater than 12 months, including non-cancelable operating leases, are now recognized on the balance sheet. The aggregated present value of lease agreements, net of deferred rent, is recorded as a long-term asset titled right-of-use assets. The corresponding lease liabilities are split between other payables and long-term lease liabilities. Upon implementation of ASC 842, effective January 1, 2019, the Company recorded an increase in right-of-use assets obtained in exchange for lease obligations of $15,733 on our opening balance sheet. Lease and rental payments for the nine months ended September 30, 2019, totaled $3,799. Future minimum lease payments under non-cancelable operating leases as of September 30, 2019, are as follows:
Pledged deposits and bank guarantees. As of September 30, 2019 and December 31, 2018, the Company pledged bank deposits of $1,325 and $1,143, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,491 and $1,299, respectively.
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Share Capital |
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Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | SHARE CAPITAL In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted shares, performance shares, restricted stock units (“RSUs”), performance units, long-term cash awards and other share-based awards. Options granted under the 2015 Plan generally have a -year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are canceled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a -year period. RSUs granted under the 2015 Plan that are canceled before expiration become available for future grants. As of September 30, 2019, 11,915,754 ordinary shares were available for grant under the 2015 Plan. A summary of the status of the Company’s option plans as of September 30, 2019 and changes during the period then ended is presented below:
For the nine months, ended September 30, 2019, options to purchase 4,914,918 ordinary shares were exercised, resulting in the issuance of 4,914,918 ordinary shares. A summary of the status of the Company’s RSUs as of September 30, 2019 and changes during the period then ended is presented below:
In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP are construed in a manner consistent with the requirements of such section. As of September 30, 2019, 3,078,989 ordinary shares were available to be purchased by eligible employees under the ESPP and 390,614 shares had been issued under the ESPP. The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions:
The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and nine months ended September 30, 2019 and 2018 and the year ended December 31, 2018 was:
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Earnings Per Share |
9 Months Ended |
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Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic net income (loss) per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period, plus potential dilutive shares considered outstanding during the period, in accordance with ASC 260-10, as determined under the treasury stock method. Basic and diluted net loss per ordinary share was the same for each period presented, except for the three months ended September 30, 2019, as the inclusion of all potential dilutive shares (deriving from options, RSUs and the ESPP) outstanding would be anti-dilutive. The calculation of diluted earnings per share includes the weighted average of potentially dilutive securities, which consists of ordinary shares underlying outstanding share options, RSUs and the ESPP. The effect of these dilutive securities under the treasury stock method was approximately 9,119,059 shares for the three months ended September 30, 2019. The Company excluded 57,782 share options from the computation of dilutive net income per share for the three months ended September 30, 2019 because including them would had have an anti-dilutive effect.
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Supplemental Information |
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Areas, Long-Lived Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location:
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
(1) Reflects revenue recognized in accordance with a License and Collaboration Agreement between us and Zai Lab (Shanghai) Co., Ltd. (“Zai”), dated September 10, 2018, pursuant to which Zai is commercializing Optune in China, Hong Kong, Macau and Taiwan (referred to in this table as “Greater China”). For additional information, see Note 12 to the Consolidated Financial Statements in our 2018 10-K.
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Organization and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which amends the existing standards for lease accounting, requiring lessees to recognize most leases on their balance sheets. The new standard establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating. The standard is effective for interim and annual reporting periods beginning after December 15, 2018. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements - Leases (Topic 842)” (together with ASU 2016-02, “ASC 842”). This update provides an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. The Company adopted the new standard as of January 1, 2019 and it has also elected to adopt the package of practical expedients permitted in ASC 842. ASC 842 provides lessors with a practical expedient, by class of underlying asset, not to separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606). Our product supply agreements include the right to use the device (lease component), the supply obligation of disposable transducer arrays and technical support for the term of treatment (non-lease component). As the non-lease component(s) associated with the lease component is the predominant component of the combined component, the Company accounts for the combined component in accordance with Topic 606. The consolidated financial statements for the three and nine months ended September 30, 2019 are presented under the new standard, while comparative year and other periods presented are not adjusted and continue to be reported in accordance with Topic 840, Leases.
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Cash, Cash Equivalents and Short-Term Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and Cash Equivalents | Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased.
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Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments | The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of September 30, 2019 and December 31, 2018, the Company’s inventories were composed of:
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Commitments Rights of Use and Contingent Liabilities (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Lease | Future minimum lease payments under non-cancelable operating leases as of September 30, 2019, are as follows:
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Share Capital (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Plans | A summary of the status of the Company’s option plans as of September 30, 2019 and changes during the period then ended is presented below:
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Schedule of RSU's | A summary of the status of the Company’s RSUs as of September 30, 2019 and changes during the period then ended is presented below:
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Schedule of Fair Value Assumptions Used for All Equity Based Awards Estimated Using Black-Scholes Option Pricing Model | The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions:
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Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards | The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and nine months ended September 30, 2019 and 2018 and the year ended December 31, 2018 was:
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Supplemental Information (Tables) |
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Geographic Areas, Long-Lived Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Lived Assets by Location | The following table presents long-lived assets by location:
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Schedule of Revenues by Geographic Region | The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
(1) Reflects revenue recognized in accordance with a License and Collaboration Agreement between us and Zai Lab (Shanghai) Co., Ltd. (“Zai”), dated September 10, 2018, pursuant to which Zai is commercializing Optune in China, Hong Kong, Macau and Taiwan (referred to in this table as “Greater China”). For additional information, see Note 12 to the Consolidated Financial Statements in our 2018 10-K.
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Cash, Cash Equivalents and Short-Term Investments - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Cash | $ 5,851 | $ 9,197 |
Money market funds | 202,183 | 131,425 |
Total cash and cash equivalents | $ 208,034 | $ 140,622 |
Cash, Cash Equivalents and Short-Term Investments - Summary of Amortized Cost And Recorded Basis of T-bills in Short Term Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Short-term investments | $ 104,565 | $ 105,256 |
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
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Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Estimated fair value of short-term investments | $ 104,613 | $ 105,266 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
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Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,077 | $ 870 |
Work in progress | 9,860 | 8,667 |
Finished products | 11,451 | 13,018 |
Total | $ 24,388 | $ 22,555 |
Commitments, Rights of Use and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 01, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Commitments and Contingencies Disclosure [Abstract] | ||||||
Increase in right-of-use assets obtained in exchange for lease obligations | $ 15,733 | $ 1,062 | $ 0 | $ 18,335 | $ 0 | $ 0 |
Lease and rental payments | 3,799 | |||||
Operating lease and other contractual commitments | 1,491 | 1,491 | 1,299 | |||
Pledged bank deposits | $ 1,325 | $ 1,325 | $ 1,143 |
Commitments, Rights of Use and Contingent Liabilities - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Lease (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Future minimum lease payments: | ||
2019 (remainder of the year) | $ 1,146 | |
2020 | 4,519 | |
2021 | 4,193 | |
2022 | 3,130 | |
2023 | 1,933 | |
Thereafter | 3,651 | |
Total future minimum lease payments | 18,572 | |
Less imputed interest | (2,956) | |
Net present value of future minimum lease payments | 15,616 | |
Short-term lease liabilities | 4,249 | |
Long-term lease liabilities | 11,367 | $ 0 |
Net present value of future minimum lease payments | $ 15,616 | |
Weighted average of remaining operating lease term (in years) | 4 years 10 months 6 days | |
Weighted average of operating lease discount rate (in percentage) | 7.51% |
Share Capital - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2019
shares
| |
Share Capital [Line Items] | |
Options exercised (in shares) | 4,914,918 |
Ordinary shares issued upon option exercise (in shares) | 4,914,918 |
ESPP | |
Share Capital [Line Items] | |
Ordinary shares available for grants (in shares) | 3,078,989 |
Shares issued under plan (in shares) | 390,614 |
2015 Plan | |
Share Capital [Line Items] | |
Ordinary shares available for grants (in shares) | 11,915,754 |
2015 Plan | Option | |
Share Capital [Line Items] | |
Stock awards granted, vesting period (years) | 4 years |
Stock awards granted, expiration period (years) | 10 years |
2015 Plan | RSUs | |
Share Capital [Line Items] | |
Stock awards granted, vesting period (years) | 3 years |
Share Capital - Schedule of Stock Option Plan (Details) |
9 Months Ended |
---|---|
Sep. 30, 2019
$ / shares
shares
| |
Number of options | |
Number of options, beginning outstanding (in shares) | shares | 14,438,215 |
Number of options, granted (in shares) | shares | 1,496,161 |
Number of options, exercised (in shares) | shares | (4,914,918) |
Number of options, forfeited and canceled (in shares) | shares | (144,403) |
Number of options, ending outstanding (in shares) | shares | 10,875,055 |
Number of options, exercisable options (in shares) | shares | 3,444,478 |
Weighted average exercise price | |
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares | $ 13.56 |
Weighted average exercise price, granted (in usd per share) | $ / shares | 49.43 |
Weighted average exercise price, exercised (in usd per share) | $ / shares | 10.55 |
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares | 19.91 |
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares | 19.77 |
Weighted average exercise price, exercisable options (in usd per share) | $ / shares | $ 14.61 |
Share Capital - Schedule of RSU's (Details) - RSUs |
9 Months Ended |
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Sep. 30, 2019
$ / shares
shares
| |
Number of RSUs | |
Number of RSUs, beginning unvested (in shares) | shares | 1,613,197 |
Number of RSUs, granted (in shares) | shares | 597,583 |
Number of RSUs, vested (in shares) | shares | (736,411) |
Number of RSUs, forfeited and cancelled (in shares) | shares | (24,356) |
Number of RSUs, ending unvested (in shares) | shares | 1,450,013 |
Weighted average grant date fair value price | |
Weighted average grant date fair value price, beginning unvested (in usd per share) | $ / shares | $ 14.04 |
Weighted average grant date fair value price, granted (in usd per share) | $ / shares | 50.71 |
Weighted average grant date fair value price, vested (in usd per share) | $ / shares | 13.36 |
Weighted average grant date fair value price, forfeited and cancelled (in usd per share) | $ / shares | 34.32 |
Weighted average grant date fair value price, ending unvested (in usd per share) | $ / shares | $ 29.16 |
Share Capital - Schedule of Fair Value Assumptions Used Only for Equity Based Awards Estimated Using Black-Scholes Option Pricing Model (Details) |
9 Months Ended | 12 Months Ended | |
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Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Stock Option Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 55.00% | 52.00% | 52.00% |
Expected volatility, maximum | 61.00% | 55.00% | 55.00% |
Risk-free interest rate, minimum | 1.90% | 2.70% | 2.70% |
Risk-free interest rate, maximum | 2.40% | 2.89% | 2.99% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Option Plans | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Stock Option Plans | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 6 months | 6 years 3 months | 6 years 3 months |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | 6 months |
Expected volatility, minimum | 44.00% | 45.00% | 45.00% |
Expected volatility, maximum | 62.00% | 53.00% | 53.00% |
Risk-free interest rate, minimum | 2.10% | 1.61% | 1.61% |
Risk-free interest rate, maximum | 2.51% | 2.14% | 2.14% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Share Capital - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | $ 14,338 | $ 10,479 | $ 37,719 | $ 29,205 | $ 39,846 |
Cost of revenues | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 605 | 464 | 1,626 | 891 | 1,261 |
Research, development and clinical trials | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 2,202 | 1,223 | 5,203 | 3,415 | 4,709 |
Sales and marketing | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 3,368 | 1,979 | 8,585 | 5,309 | 7,393 |
General and administrative | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | $ 8,163 | $ 6,813 | $ 22,305 | $ 19,590 | $ 26,483 |
Earnings Per Share (Details) - Additional Information (Details) |
3 Months Ended |
---|---|
Sep. 30, 2019
shares
| |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Effect of dilutive shares (in shares) | 9,119,059 |
Stock Option Plans | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Potentially dilutive share options (in shares) | 57,782 |
Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 16,564 | $ 15,366 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 8,170 | 8,289 |
Switzerland | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 3,695 | 2,513 |
Israel | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2,393 | 2,236 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 778 | 1,054 |
Others | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,528 | $ 1,274 |
Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 92,062 | $ 64,756 | $ 252,084 | $ 178,395 | $ 248,069 |
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 61,399 | 44,469 | 166,937 | 124,206 | 168,414 |
EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 24,482 | 18,295 | 69,507 | 50,692 | 72,485 |
Japan | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 4,779 | 1,992 | 12,334 | 3,497 | 6,351 |
Greater China | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 1,402 | 0 | 3,306 | 0 | 819 |
Germany | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 21,688 | $ 17,536 | $ 64,065 | $ 48,545 | $ 67,849 |