Virgin Galactic (SPCE) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-38202
Entity Registrant Name	Virgin Galactic Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1366046
Entity Address, Address Line One	166 North Roadrunner Parkway, Suite 1C
Entity Address, City or Town	Las Cruces
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	88011
City Area Code	575
Local Phone Number	424-2100
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SPCE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		210,403,856
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001706946
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 419,374	$ 480,443
Restricted cash	12,278	12,278
Inventories	28,797	26,817
Prepaid expenses and other current assets	14,879	17,133
Total current assets	475,328	536,671
Property, plant, and equipment, net	52,382	49,333
Other non-current assets	20,349	19,542
Total assets	548,059	605,546
Current liabilities
Accounts payable	8,410	7,038
Accrued expenses	18,511	22,277
Customer deposits	83,264	83,362
Other current liabilities	3,207	3,168
Total current liabilities	113,392	115,845
Other long-term liabilities	22,666	22,141
Total liabilities	136,058	137,986
Commitments and contingencies (Note 15)
Stockholders' Equity
Preferred stock, $0.0001 par value; 10,000,000 authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 209,240,972 and 196,001,038 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	21	20
Additional paid-in capital	593,582	589,158
Accumulated deficit	(181,607)	(121,677)
Accumulated other comprehensive income	5	59
Total stockholders' equity	412,001	467,560
Total liabilities and stockholders' equity	$ 548,059	$ 605,546

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	209,240,972	196,001,038
Common stock, shares outstanding (in shares)	209,240,972	196,001,038

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 238,000	$ 1,782,000
Cost of revenue	173,000	1,006,000
Gross profit	65,000	776,000
Selling, general, and administrative expenses	26,755,000	12,295,000
Research and development expenses	34,282,000	31,424,000
Operating loss	(60,972,000)	(42,943,000)
Interest income	1,177,000	353,000
Interest expense	(9,000)	(1,000)
Other income	3,000	23,000
Other expense	(175,000)	0
Loss before income taxes	(59,976,000)	(42,568,000)
Income tax (benefit) expense	(46,000)	25,000
Net loss	(59,930,000)	(42,593,000)
Other comprehensive loss:
Foreign currency translation adjustment	(54,000)	10,000
Total comprehensive loss	$ (59,984,000)	$ (42,583,000)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.30)	$ (0.22)
Weighted-average shares outstanding
Basic and diluted (in shares)	202,409,552	193,663,150

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Net Parent Investment	Member's Equity	Preferred Stock	Common Stock	Additional paid-in capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2018	$ 41,559	$ 41,477	$ 0	$ 0	$ 0	$ 0	$ 0	$ 82
Beginning balance (in shares) at Dec. 31, 2018			0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(42,593)	(42,593)
Other comprehensive loss	10							10
Net transfer from Parent Company	47,445	47,445
Ending balance at Mar. 31, 2019	46,421	46,329	$ 0	$ 0	$ 0	0	0	92
Ending balance (in shares) at Mar. 31, 2019			0	0	0
Beginning balance at Dec. 31, 2019	467,560	0	$ 0	$ 0	$ 20	589,158	(121,677)	59
Beginning balance (in shares) at Dec. 31, 2019			0	0	196,001,038
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(59,930)						(59,930)
Other comprehensive loss	(54)							(54)
Issuance of common stock (in shares)					13,239,934
Common stock issued related to warrants exercised	0				$ 1	(1)
Stock-based compensation	4,425					4,425
Ending balance at Mar. 31, 2020	$ 412,001	$ 0	$ 0	$ 0	$ 21	$ 593,582	$ (181,607)	$ 5
Ending balance (in shares) at Mar. 31, 2020			0	0	209,240,972

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (59,930)	$ (42,593)
Stock-based compensation	4,425	0
Depreciation and amortization	2,105	1,610
Other operating activities, net	1	(117)
Change in assets and liabilities
Inventories	(1,980)	(35)
Other current and non-current assets	2,142	(835)
Accounts payable and accrued expenses	(2,978)	(131)
Customer deposits	(98)	(770)
Net cash used in operating activities	(56,313)	(42,871)
Cash flows from investing activity
Capital expenditures	(4,036)	(3,068)
Cash used in investing activity	(4,036)	(3,068)
Cash flows from financing activities
Payments of finance lease obligations	(23)	(23)
Net transfer from Parent Company	0	47,445
Transaction costs	(697)
Net cash provided by financing activities	(720)	47,422
Net increase (decrease) increase in cash and cash equivalents	(61,069)	1,483
Cash, cash equivalents and restricted cash at beginning of period	492,721	81,368
Cash, cash equivalents and restricted cash at end of period	431,652	82,851
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash, cash equivalents and restricted cash	$ 431,652	$ 82,851

Organization and its wholly own

Organization and its wholly owned subsidiaries ("VGH, Inc.")	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and its wholly owned subsidiaries ("VGH, Inc.")	Organization and its wholly owned subsidiaries ("VGH, Inc.") Virgin Galactic Holdings, Inc. and its wholly owned subsidiaries ("VGH, Inc.) are focused on the development, manufacture and operations of spaceships and related technologies for the purpose of conducting commercial human spaceflight and flying commercial research and development payloads into space. The development and manufacturing activities are located in Mojave, California with plans to operate the commercial spaceflights out of Spaceport America located in New Mexico. VGH, Inc. is majority owned by Vieco 10 Limited, a British Virgin Islands Company ("Vieco 10"). VGH, Inc. was originally formed as a Cayman Islands exempted company on May 5, 2017 under the name Social Capital Hedosophia Holdings Corp (“SCH”). SCH was a public investment vehicle incorporated as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On July 9, 2019, SCH and Vieco 10 executed a definitive merger agreement (the "Virgin Galactic Business Combination") between SCH and the entities under common control of Vieco 10 comprising the Virgin Galactic operating businesses (the “VG Companies”). The closing of the Virgin Galactic Business Combination occurred on October 25, 2019 and, in connection with the closing, SCH re-domiciled as a Delaware corporation under the name Virgin Galactic Holdings, Inc. Upon closing, the entities comprising the VG Companies became wholly owned subsidiaries of VGH, Inc. and in exchange the VGH, Inc. common stock due to Vieco 10 as consideration was received and directly held by Vieco USA, Inc. ("Vieco US"), a wholly owned subsidiary of Vieco 10. On March 16, 2020, Vieco US distributed its shares of VGH, Inc. to Vieco 10 and, in connection with such distribution, Vieco 10 executed a joinder to the Stockholders' Agreement and the Registration Rights Agreement entered into in connection with the consummation of the Virgin Galactic Business Combination.. Throughout the notes to the condensed consolidated financial statements, unless otherwise noted, “we,” “us,” “our,” the "Company" and similar terms refer to the VG Companies prior to the consummation of the Virgin Galactic Business Combination, and VGH, Inc. and its subsidiaries after the Virgin Galactic Business Combination. Prior to the Virgin Galactic Business Combination and prior to the series of Vieco 10 reorganizational steps, Galactic Ventures, LLC ("GV"), a wholly-owned subsidiary of Vieco 10, was the direct parent of VG Companies. Global Pandemic On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended containment and mitigation measures. Since then, extraordinary actions have been taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. These actions include travel bans, quarantines, “stay-at-home” orders, and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. Consistent with the actions taken by governmental authorities, including California, New Mexico and the United Kingdom, where most of our workforce is located, we have taken appropriately cautious steps to protect our workforce and support community efforts. As part of these efforts, and in accordance with applicable government directives, we initially reduced and then temporarily suspended on-site operations at our facilities in Mojave, California and Spaceport America, New Mexico in late March 2020. Starting late March 2020, approximately two-thirds of our employees and contractors were able to complete their duties from home, which enabled much critical work to continue, including engineering analysis and drawing releases for VSS Unity, VMS Eve and the second SpaceShipTwo vehicle, process documentation updates, as well as workforce training and education. The remaining one-third of our workforce was unable to perform their normal duties from home. In April 2020, in accordance with our classification within the critical infrastructure designation, we resumed some limited operations, which we ramped up each week as we developed revised operational and manufacturing plans that conform to the latest COVID-19 health precautions. This includes universal facial coverings, rearranging facilities to follow social distancing protocols, conducting active daily temperature checks and undertaking regular and thorough disinfecting of surfaces and tools. We are also testing employees and contractors for COVID-19, utilizing both PCR and antibody testing through external testing companies which have excess test capability. As of May 1, 2020, we have tested 579 of our employees, which comprises the vast majority of anyone who is required to work on site, as well as a substantial fraction of the employees who are still working remotely. As of the date of this quarterly report on Form 10-Q, May 5, 2020, over 90% of our employees whose work requires them to be in our facilities are now back on-site. For the time being, we are encouraging those employees who are able to work from home to continue doing so, while we develop our plans for the safe return of those workers back to our facilities. The financial impact to the actions taken beginning in late March 2020 was minimal as of and for the three months ended March 31, 2020. The full impact of the COVID-19 pandemic subsequent to March 31, 2020 will depend on future developments, such as the ultimate duration and scope of the outbreak, its impact on our operations to complete the development of our spaceflight systems, our scheduled spaceflight test programs and commencement of our commercial flights. In addition to existing travel restrictions, countries may continue to close borders, impose prolonged quarantines, or further restrict travel. We believe our cash and cash equivalents on hand at March 31, 2020 and management's operating plan, will provide sufficient liquidity to fund our operations for at least the next twelve months from the issuance of these financial statements. If we experience a significant delay due to our workforce getting ill or if the pandemic worsens, we may take additional actions, such as further reducing costs or seeking additional financing.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesVirgin Galactic Business Combination and Basis of Presentation The Virgin Galactic Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, SCH has been treated as the acquired company for financial reporting purposes. This determination was primarily based on current shareholders of the VG Companies having a relative majority of the voting power of the combined entity, the operations of the VG Companies prior to the acquisition comprising the only ongoing operations of the combined entity, and senior management of the VG Companies comprising the majority of the senior management of the combined entity. Accordingly, for accounting purposes, the financial statements of the combined entity represent a continuation of the financial statements of the VG Companies with the acquisition being treated as the equivalent of the VG Companies issuing stock for the net assets of SCH, accompanied by a recapitalization. The net assets of SCH were recognized as of the date of the Virgin Galactic Business Combination at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Virgin Galactic Business Combination in these financial statements are those of the VG Companies and the accumulated deficit of VG Companies has been carried forward after the Virgin Galactic Business Combination. Earnings per share calculations for all periods prior to the Virgin Galactic Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Virgin Galactic Business Combination to effect the reverse acquisition. These condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Prior to the Virgin Galactic Business Combination, these condensed consolidated financial statements have been derived from the historical condensed consolidated financial statements of Vieco 10 and include assets, liabilities, revenues and expenses directly attributable to our operations and allocations of corporate expenses from the Vieco 10 and GV for providing certain corporate functions, which included, but are not limited to, general corporate expenses related to finance, legal, compliance, facilities, and employee benefits. Following the Virgin Galactic Business Combination, these condensed consolidated financial statements represent the stand-alone activity of the Company. Prior to the Virgin Galactic Business Combination, corporate expenses were allocated to us from Vieco 10 and GV on the basis of direct usage when identifiable or on the basis of headcount. The Company, Vieco 10 and GV each consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company. Following the Virgin Galactic Business Combination, the Company expects to incur additional expenses as a stand-alone company. It is not practicable to estimate actual costs that would have been incurred had the Company been a stand-alone company during the periods presented prior to the Virgin Galactic Business Combination. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The historical condensed consolidated financial statements prior to the Virgin Galactic Business Combination do not reflect any attribution of debt or allocation of interest expense. Following the Virgin Galactic Business Combination, we perform these corporate functions using our own resources or purchased services. We have entered into a transition service agreement with Vieco 10 in connection with the separation, many of which are expected to have terms longer than one year. Prior to the Virgin Galactic Business Combination, the Company was historically funded as part of our Vieco 10 and GV’s treasury program. Cash and cash equivalents were managed through bank accounts legally owned by us, Vieco 10 and GV. Accordingly, cash and cash equivalents held by Vieco 10 and GV at the corporate level were not attributable to us for any of the periods presented. Only cash amounts legally owned by entities dedicated to the Company are reflected in the condensed consolidated balance sheets. Transfers of cash, both to and from Vieco 10 and GV’s treasury program by us or related parties, are reflected as a component of net parent investment or membership equity in the condensed consolidated balance sheets and as a financing activity on the accompanying condensed consolidated statements of cash flows. Prior to the Virgin Galactic Business Combination, as the various entities that make up the Company were not historically held by a single legal entity prior to the contribution of the VG Companies into VGH, LLC on July 8, 2019, total net parent investment is shown in lieu of equity in the condensed consolidated financial statements as of the applicable historical periods. Balances between us, Vieco 10 and GV that were not historically cash settled are included in net parent investment. Net parent investment represents Vieco 10’s interest in the recorded assets of us and represents the cumulative investment by Vieco 10 in us through July 8, 2019, inclusive of operating results. Prior to the Virgin Galactic Business Combination, certain of our employees historically participated in Vieco 10’s stock-based compensation plans in the form of options issued pursuant to Vieco 10's plan. The performance conditions set forth in Vieco 10 stock-based compensation plans resulted in no stock-based compensation expense recognized during all periods presented prior to consummation of the Virgin Galactic Business Combination. Prior to the Virgin Galactic Business Combination, the operations of the Company were included in the consolidated U.S. federal, and certain state and local and foreign income tax returns filed by GV, where applicable. Income tax expense and other income tax related information contained in the condensed consolidated financial statements for periods prior to the Virgin Galactic Business Combination are presented on a separate return basis as if the Company had filed its own tax returns. The income taxes of the Company as presented in the condensed consolidated financial statements may not be indicative of the income taxes that the Company will generate in the future. Additionally, certain tax attributes such as net operating losses or credit carryforwards are presented on a separate return basis and have been removed subsequent to the Virgin Galactic Business Combination. In jurisdictions where the Company has been included in the tax returns filed by GV, any income tax receivables resulting from the related income tax provisions have been reflected in the condensed consolidated balance sheets within net parent investment or membership equity, as applicable. Following the Virgin Galactic Business Combination, the Company will file separate standalone tax returns as we effectively became a new and separate tax filer from GV with no historical net operating losses and credit carryforwards. Property, plant, and equipment, net and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation on property, plant, and equipment, net is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter period of the estimated life or the lease term. The estimated useful lives of property and equipment are principally as follows: Asset Useful Life Buildings 39 years Leasehold Improvements Shorter of the estimated useful life or lease term Aircraft 20 years Machinery & equipment 5 to 7 years IT software and equipment 3 to 5 years We incur repair and maintenance costs on major equipment, which is expensed as incurred. Other than policies noted within Recent Accounting Pronouncements below, there have been no significant changes from the significant accounting policies disclosed in Note 2 of the “Notes to Consolidated Financial Statements” included in the Annual Report on Form 10-K. The interim financial information is unaudited, but reflects all normal recurring adjustments that are,

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”). The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. (a) Issued Accounting Standard Updates In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) , which affects general principles within Topic 740, and are meant to simplify and reduce the cost of accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and simplifies areas including franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, the incremental approach for intraperiod tax allocation, interim period income tax accounting for year-to-date losses that exceed anticipated losses and enacted changes in tax laws in interim periods. The changes are effective for annual periods beginning after December 15, 2020. The Company is currently assessing the impact of ASU 2019-12 in its consolidated financial statements. (b) Adopted Accounting Standard Updates Effective January 1, 2020, we adopted ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) , which modified the disclosure requirements on fair value measurements. The adoption of ASU 2018-03 did not have a material impact on the Company’s consolidated financial statements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of Vieco 10. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” within the United States, Australia, South Africa, and the European Union. Royalty payables, excluding sponsorship royalties, for the use of license are the greater of 1% of revenue or $0.02 million per quarter, prior to the commercial launch date. Sponsorship royalties payable are 25% of revenue. We paid license and royalty fees of $0.06 million and $0.02 million for the three months ended March 31, 2020 and 2019, respectively. As a result of the Virgin Galactic Business Combination, the Company entered into a transition services agreement ("TSA") with Virgin Orbit, LLC ("VO") and GV on October 25, 2019. Prior to the Virgin Galactic Business Combination, the VG Companies historically performed certain services for VO, Vieco 10 and GV. The Company is allocated corporate expenses from Vieco 10 and GV for corporate-related functions based on an allocation methodology that considers our headcount, unless directly attributable to the business. General corporate overhead expense allocations include tax, accounting and auditing professional fees, and certain employee benefits. For the three months ended March 31, 2020, there was no corporate expense allocated to us from Vieco 10 and Vieco US. For the three months period ended March 31, 2019, we were allocated $0.02 million corporate expenses, net, from Vieco 10 and GV. Corporate expense are included within selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory As of March 31, 2020 and December 31, 2019, inventory is comprised of the following: As of March 31, 2020 December 31, 2019 (In thousands) Raw Materials $ 24,735 $ 22,578 Work in-progress 4,062 4,239 Total inventory $ 28,797 $ 26,817 For the three months ended March 31, 2020, we wrote-off due to excess and obsolescence $1.1 million. There were no write-downs of inventories to net realizable value for the three months ended March 31, 2019.

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant, and Equipment, net As of March 31, 2020 and December 31, 2019, property, plant, and equipment, net consists of the following : As of March 31, 2020 December 31, 2019 (In thousands) Buildings $ 9,142 $ 9,142 Leasehold improvements 23,762 20,048 Aircraft 320 320 Machinery and equipment 34,000 33,608 IT software and equipment 17,282 17,151 Construction in progress 4,564 3,674 89,070 83,943 Less accumulated depreciation and amortization (36,688) (34,610) Property, plant, and equipment, net $ 52,382 $ 49,333 Total depreciation and amortization for the three months ended March 31, 2020 and 2019 was $2.1 million and $1.6 million, respectively, of which $0.9 million and $0.3 million was recorded in research and development expense, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases The Company's leases is more fully described in Note 8 of the "Notes to Consolidated Financial Statements" in the 2019 Annual Report on Form 10-K. The following table approximates the impact ASC 842 had on the Company’s March 31, 2020 Consolidated Balance Sheet as impacted by landlord provided incentives and the present value of future cash flows calculation against both the asset and liability: The components of lease expense related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands) Lease Cost: Operating lease expense $ 1,152 $ 980 Short-term lease expense 97 58 Finance lease cost: Amortization of right-of-use assets 27 30 Interest on lease liabilities 9 4 Total finance lease cost 36 34 Variable lease cost 348 89 Total lease cost $ 1,633 $ 1,161 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,312 $ 1,086 Operating cash flows for finance leases $ 9 $ 4 Financing cash flows for finance leases $ 23 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 1,658 $ 16,746 Finance Leases $ 23 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 12.75 14.07 Finance leases (in years) 3.71 1.48 Weighted average discount rates: Operating leases 11.65 % 11.79 % Finance leases 9.11 % 36.95 % The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2020 December 31, 2019 (In thousands) Operating leases Long-term right-of-use assets $ 17,749 $ 16,632 Short-term operating lease liabilities $ 2,421 $ 2,354 Long-term operating lease liabilities 22,382 21,867 Total operating lease liabilities $ 24,803 $ 24,221 Lease expense for the quarters ended March 31, 2020 and March 31, 2019 was $1.6 million and $1.1 million, respectively. Commitments The Company has certain noncancelable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and we recognize rent expense of such arrangements on a straight line basis. Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows: Operating Leases Finance (In thousands) 2020 (for the remaining period) $ 3,877 $ 104 2021 4,715 124 2022 3,891 109 2023 3,226 84 2024 3,226 34 Thereafter 29,738 — Total lease payments $ 48,673 $ 455 Less: Imputed interest/present value discount (23,870) $ (66) Present value of lease liabilities $ 24,803 $ 389
Leases	Leases The Company's leases is more fully described in Note 8 of the "Notes to Consolidated Financial Statements" in the 2019 Annual Report on Form 10-K. The following table approximates the impact ASC 842 had on the Company’s March 31, 2020 Consolidated Balance Sheet as impacted by landlord provided incentives and the present value of future cash flows calculation against both the asset and liability: The components of lease expense related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands) Lease Cost: Operating lease expense $ 1,152 $ 980 Short-term lease expense 97 58 Finance lease cost: Amortization of right-of-use assets 27 30 Interest on lease liabilities 9 4 Total finance lease cost 36 34 Variable lease cost 348 89 Total lease cost $ 1,633 $ 1,161 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,312 $ 1,086 Operating cash flows for finance leases $ 9 $ 4 Financing cash flows for finance leases $ 23 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 1,658 $ 16,746 Finance Leases $ 23 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 12.75 14.07 Finance leases (in years) 3.71 1.48 Weighted average discount rates: Operating leases 11.65 % 11.79 % Finance leases 9.11 % 36.95 % The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2020 December 31, 2019 (In thousands) Operating leases Long-term right-of-use assets $ 17,749 $ 16,632 Short-term operating lease liabilities $ 2,421 $ 2,354 Long-term operating lease liabilities 22,382 21,867 Total operating lease liabilities $ 24,803 $ 24,221 Lease expense for the quarters ended March 31, 2020 and March 31, 2019 was $1.6 million and $1.1 million, respectively. Commitments The Company has certain noncancelable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and we recognize rent expense of such arrangements on a straight line basis. Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows: Operating Leases Finance (In thousands) 2020 (for the remaining period) $ 3,877 $ 104 2021 4,715 124 2022 3,891 109 2023 3,226 84 2024 3,226 34 Thereafter 29,738 — Total lease payments $ 48,673 $ 455 Less: Imputed interest/present value discount (23,870) $ (66) Present value of lease liabilities $ 24,803 $ 389

Other Current and Non-Current A

Other Current and Non-Current Assets	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current and Non-Current Assets	Other current and non-current assets A summary of the components of other assets are as follows: As of March 31, 2020 December 31, 2019 (In thousands) Prepaid expense $ 14,252 $ 16,672 Accounts receivable 552 461 Other current assets 75 — Total other current assets $ 14,879 $ 17,133 Right-of-use assets $ 17,749 $ 16,927 Other non-current assets 2,600 2,615 Total other non-current assets $ 20,349 $ 19,542

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses A summary of the components of accrued liabilities are as follows: As of March 31, 2020 December 31, 2019 (In thousands) Accrued payroll $ 2,867 $ 2,027 Accrued vacation 3,113 2,797 Accrued bonus 1,725 6,502 Other accrued expenses 10,806 10,951 Total accrued expenses $ 18,511 $ 22,277

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of October 25, 2019 and for the period from January 1, 2019 through October 25, 2019, we adopted the separate return approach for the purpose of presenting the condensed consolidated financial statements, including the income tax provisions and the related deferred tax assets and liabilities. The historic operating results for the periods prior to the Virgin Galactic Business Combination reflect a separate return approach for each jurisdiction in which we had a presence and GV will file tax returns for the period from January 1, 2019 through October 25, 2019. As of December 31, 2019 and for the period from October 26, 2019 through December 31, 2019, we will file separate standalone tax returns. Income tax (benefit) expense was $(0.046) million and $0.03 million for the three months ended March 31, 2020 and 2019, respectively. The effective income tax rate was nil for three-months ended March 31, 2020 and 2019. Our effective tax rate differs from the U.S. statutory rate primarily due to a substantially full valuation allowance against our net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity There have been no significant changes from the Stockholders' Equity disclosed in Note 11 of the “Stockholders Equity” included in the Annual Report on Form 10-K other than redemption of warrants noted below. Warrants and Warrant Redemption As of March 31, 2020 and December 31, 2019, there were 2,419,699 and 22,999,977 warrants outstanding, respectively, that had initially been issued as part of our initial public offering in 2017 (the “public warrants”), which included warrants that were part of the Company’s then-outstanding units. As of both March 31, 2020 and December 31, 2019, there were also 8,000,000 warrants outstanding that were issued in a private placement simultaneously with the Company’s initial public offering (the “private placement warrants”). Under the terms of the warrant agreement (the “Warrant Agreement”) between us and Continental Stock Transfer & Trust Company, as warrant agent, the public warrants became exercisable on a cashless basis on January 27, 2020, based on the exchange ratio as calculated under the Warrant Agreement at the time of the exercise. On March 13, 2020 and pursuant to the terms of the Warrant Agreement, we announced that all public warrants that remained unexercised immediately after 5:00 p.m. New York City time on April 13, 2020 (the “Redemption Date”) would be redeemed for $0.01 per warrant. Warrant holders could exercise their public warrants at any time from March 13, 2020 and prior to the Redemption Date on a cashless basis, and receive 0.5073 shares of common stock per public warrant surrendered for exercise. Immediately after the Redemption Date, 295,305 public warrants remained unexercised and were redeemed at a redemption price of $0.01 per public warrant in accordance with the terms of the Warrant Agreement. The private placement warrants were not subject to the redemption and remain outstanding.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents net loss per share and related information: Three Months Ended March 31, 2020 2019 (in thousands, except for share and per share data) Basic and diluted: Net loss $ (59,930) $ (42,593) Weighted average common shares outstanding 202,409,552 193,663,150 Basic and diluted net loss per share $ (0.30) $ (0.22) Earnings per share calculations for three months ended March 31, 2019 have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Virgin Galactic Business Combination to effect the reverse recapitalization less issuance of 1,924,402 shares to Boeing, the issuance of 413,486 shares to settle transaction costs and the common stock equivalent of the vested 1,500,000 Director RSU Awards granted in connection to the Virgin Galactic Business Combination that remain unsettled as of March 31, 2020. For the three months ended March 31, 2020 and 2019, the Company has excluded the potential effect of warrants to purchase shares of common stock totaling 10,419,699 and 30,999,977 shares and the dilutive effect of outstanding stock options and unvested restricted stock units, as described in Note 12 of the “Notes to Consolidated Financial Statements” included in the 2019 Annual Report on Form 10-K, in the calculation of diluted loss per share, as the effect would be anti-dilutive due to losses incurred.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationThe Company's stock compensation plan ("2019 Plan") is more fully described in Note 13 of the "Notes to Consolidated Financial Statements" in the 2019 Annual Report on Form 10-K. Under the 2019 Plan, the Company has the ability to grant incentive stock options, non-qualified stock options and restricted stock units ("RSUs") to employees, directors and other service providers. Twenty five percent of such stock options cliff vest at the grant date first anniversary and will ratably vest monthly over the next three years, subject to continued employment on each vesting date. Vested options will be exercisable at any time until ten years from the grant date, subject to earlier expiration under certain terminations of service and other conditions. The stock options granted have an exercise price equal to the closing stock price of our common stock on the grant date. The following table sets forth the summary of options activity under the 2019 Plan (dollars in thousands except per share data): Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Options outstanding at December 31, 2018 — $ — 0 — Granted 6,212,609 11.58 Exercised — — Forfeited options (90,565) 11.79 Options outstanding at December 31, 2019 6,122,044 $ 11.58 9.83 — Granted 334,894 13.87 Exercised — — Forfeited options (114,516) 11.79 Options outstanding at March 31, 2020 6,342,422 $ 11.69 9.56 — Options exercisable at March 31, 2020 — $ — 9.56 — __________________ (1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date. The following table sets forth the summary of RSUs activity under the 2019 Plan (dollars in thousands except per share data): Shares Weighted Average Fair Value Outstanding at January 1, 2019 — $ — Granted 1,795,209 7.11 Vested — — Forfeited (27,495) 7.11 Outstanding at December 31, 2019 1,767,714 $ 7.11 Granted 283,801 14.69 Vested — — Forfeited (35,497) 7.11 Outstanding at March 31, 2020 2,016,018 $ 8.18 Stock options and RSUs expenses are included in selling, general and administrative and research and development expense in the condensed consolidated statements of operations, related to stock options and RSUs is as follows: For the Three Months Ended March 31, 2020 2019 (In thousands) Stock option expense Selling, General & Administrative $ 2,064 $ — Research and Development 1,040 — 3,104 $ — RSUs expense Selling, General & Administrative 806 — Research and Development 515 — Total stock-based compensation 1,321 — $ 4,425 $ — At March 31, 2020, the unrecognized stock-based compensation related to these options was $44.1 million and is expected to be recognized over a weighted-average period of 3.6 years. At March 31, 2020, the unrecognized stock-based compensation related to RSUs was $30.1 million and is expected to be recognized over a weighted-average period of 3.6 years. The weighted average assumptions used to value the option grants are as follows: As of March 31, 2020 December 31, 2019 Expected life (in years) 6.0 6.0 Volatility 75.3 % 75.0 % Risk free interest rate 1.6 % 1.7 % Dividend yield — % — % The weighted average fair value per option at the grant date for options issued during the three months ended March 31, 2020 and for the year ended December 31, 2019 was $7.73 and $7.63, respectively. Award Modification On March 10, 2020, we modified the RSU grants made in connection with the closing of the Virgin Galactic Business Combination by removing one of the vesting criteria requiring our share price value to be greater than $10 per share at the time RSUs vest. No other terms of the awards were modified. Stock-based compensation expense related to the modification was calculated by taking the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award. Given the RSUs were unvested at the time of modification, the incremental stock-based compensation expense will prospectively be expensed over the remaining vesting period. Total incremental stock-based compensation expense recorded as a result of the modification was $0.4 million for the three months period ended March 31, 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsWe utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date; • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The carrying amounts included in the condensed consolidated balance sheets under current assets and current liabilities approximate fair value because of the short maturity of these instruments. The following tables summarize the fair value of assets that are recorded in the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 112,922 $ — $ — Certificate of Deposit 43,773 — — Cash Equivalents 249,825 — — Total assets at fair value $ 406,520 $ — $ — Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 423,149 $ — $ — Certificate of Deposit 42,630 — — Total asset at fair value $ 465,779 $ — $ —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at March 31, 2020, would not be material to the Company’s financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company has defined contribution plans, under which the Company pays fixed contributions into a separate entity, and additional contributions to the plans are based upon a percentage of the employees’ elected contributions. The Company will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized within selling, general, and administrative expenses and research and development in the condensed consolidated statements of operations and comprehensive loss, as incurred. Defined contributions were $1.0 million and $0.9 million for the three months ended March 31, 2020 and 2019, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three-Months Ended March 31, 2020 2019 (in thousands) Supplemental disclosure Cash payments for: Income tax paid $ (46) $ 25 $ (46) $ 25 Schedule for noncash investing activities Unpaid property, plant, and equipment received $ 1,091 $ 622 $ 1,091 $ 622 Schedule for noncash financing activities Issuance of common stocks through "cashless" warrants exercised $ 341,001 $ — $ 341,001 $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Virgin Galactic Business Combination and Basis of Presentation	Virgin Galactic Business Combination and Basis of Presentation The Virgin Galactic Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, SCH has been treated as the acquired company for financial reporting purposes. This determination was primarily based on current shareholders of the VG Companies having a relative majority of the voting power of the combined entity, the operations of the VG Companies prior to the acquisition comprising the only ongoing operations of the combined entity, and senior management of the VG Companies comprising the majority of the senior management of the combined entity. Accordingly, for accounting purposes, the financial statements of the combined entity represent a continuation of the financial statements of the VG Companies with the acquisition being treated as the equivalent of the VG Companies issuing stock for the net assets of SCH, accompanied by a recapitalization. The net assets of SCH were recognized as of the date of the Virgin Galactic Business Combination at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Virgin Galactic Business Combination in these financial statements are those of the VG Companies and the accumulated deficit of VG Companies has been carried forward after the Virgin Galactic Business Combination. Earnings per share calculations for all periods prior to the Virgin Galactic Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Virgin Galactic Business Combination to effect the reverse acquisition. These condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Prior to the Virgin Galactic Business Combination, these condensed consolidated financial statements have been derived from the historical condensed consolidated financial statements of Vieco 10 and include assets, liabilities, revenues and expenses directly attributable to our operations and allocations of corporate expenses from the Vieco 10 and GV for providing certain corporate functions, which included, but are not limited to, general corporate expenses related to finance, legal, compliance, facilities, and employee benefits. Following the Virgin Galactic Business Combination, these condensed consolidated financial statements represent the stand-alone activity of the Company. Prior to the Virgin Galactic Business Combination, corporate expenses were allocated to us from Vieco 10 and GV on the basis of direct usage when identifiable or on the basis of headcount. The Company, Vieco 10 and GV each consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company. Following the Virgin Galactic Business Combination, the Company expects to incur additional expenses as a stand-alone company. It is not practicable to estimate actual costs that would have been incurred had the Company been a stand-alone company during the periods presented prior to the Virgin Galactic Business Combination. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The historical condensed consolidated financial statements prior to the Virgin Galactic Business Combination do not reflect any attribution of debt or allocation of interest expense. Following the Virgin Galactic Business Combination, we perform these corporate functions using our own resources or purchased services. We have entered into a transition service agreement with Vieco 10 in connection with the separation, many of which are expected to have terms longer than one year. Prior to the Virgin Galactic Business Combination, the Company was historically funded as part of our Vieco 10 and GV’s treasury program. Cash and cash equivalents were managed through bank accounts legally owned by us, Vieco 10 and GV. Accordingly, cash and cash equivalents held by Vieco 10 and GV at the corporate level were not attributable to us for any of the periods presented. Only cash amounts legally owned by entities dedicated to the Company are reflected in the condensed consolidated balance sheets. Transfers of cash, both to and from Vieco 10 and GV’s treasury program by us or related parties, are reflected as a component of net parent investment or membership equity in the condensed consolidated balance sheets and as a financing activity on the accompanying condensed consolidated statements of cash flows. Prior to the Virgin Galactic Business Combination, as the various entities that make up the Company were not historically held by a single legal entity prior to the contribution of the VG Companies into VGH, LLC on July 8, 2019, total net parent investment is shown in lieu of equity in the condensed consolidated financial statements as of the applicable historical periods. Balances between us, Vieco 10 and GV that were not historically cash settled are included in net parent investment. Net parent investment represents Vieco 10’s interest in the recorded assets of us and represents the cumulative investment by Vieco 10 in us through July 8, 2019, inclusive of operating results. Prior to the Virgin Galactic Business Combination, certain of our employees historically participated in Vieco 10’s stock-based compensation plans in the form of options issued pursuant to Vieco 10's plan. The performance conditions set forth in Vieco 10 stock-based compensation plans resulted in no stock-based compensation expense recognized during all periods presented prior to consummation of the Virgin Galactic Business Combination. Prior to the Virgin Galactic Business Combination, the operations of the Company were included in the consolidated U.S. federal, and certain state and local and foreign income tax returns filed by GV, where applicable. Income tax expense and other income tax related information contained in the condensed consolidated financial statements for periods prior to the Virgin Galactic Business Combination are presented on a separate return basis as if the Company had filed its own tax returns. The income taxes of the Company as presented in the condensed consolidated financial statements may not be indicative of the income taxes that the Company will generate in the future. Additionally, certain tax attributes such as net operating losses or credit carryforwards are presented on a separate return basis and have been removed subsequent to the Virgin Galactic Business Combination. In jurisdictions where the Company has been included in the tax returns filed by GV, any income tax receivables resulting from the related income tax provisions have been reflected in the condensed consolidated balance sheets within net parent investment or membership equity, as applicable. Following the Virgin Galactic Business Combination, the Company will file separate standalone tax returns as we effectively became a new and separate tax filer from GV with no historical net operating losses and credit carryforwards.
Use of Estimates	Use of EstimatesThe preparation of the condensed consolidated financial statements in conformity with GAAP required us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant estimates inherent in the preparation of the consolidated financial statements include, but are not limited to, accounting for cost of revenue, useful lives of property, plant and equipment, net, accrued liabilities, income taxes including deferred tax assets and liabilities and impairment valuation, stock-based awards and contingencies.
Property, Plant, and Equipment, net	Property, Plant, and Equipment, net Property, plant, and equipment, net and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation on property, plant, and equipment, net is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter period of the estimated life or the lease term. The estimated useful lives of property and equipment are principally as follows: Asset Useful Life Buildings 39 years Leasehold Improvements Shorter of the estimated useful life or lease term Aircraft 20 years Machinery & equipment 5 to 7 years IT software and equipment 3 to 5 years We incur repair and maintenance costs on major equipment, which is expensed as incurred.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”). The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. (a) Issued Accounting Standard Updates In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) , which affects general principles within Topic 740, and are meant to simplify and reduce the cost of accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and simplifies areas including franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, the incremental approach for intraperiod tax allocation, interim period income tax accounting for year-to-date losses that exceed anticipated losses and enacted changes in tax laws in interim periods. The changes are effective for annual periods beginning after December 15, 2020. The Company is currently assessing the impact of ASU 2019-12 in its consolidated financial statements. (b) Adopted Accounting Standard Updates Effective January 1, 2020, we adopted ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) , which modified the disclosure requirements on fair value measurements. The adoption of ASU 2018-03 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Property, Plant, and Equipment	The estimated useful lives of property and equipment are principally as follows: Asset Useful Life Buildings 39 years Leasehold Improvements Shorter of the estimated useful life or lease term Aircraft 20 years Machinery & equipment 5 to 7 years IT software and equipment 3 to 5 years As of March 31, 2020 and December 31, 2019, property, plant, and equipment, net consists of the following : As of March 31, 2020 December 31, 2019 (In thousands) Buildings $ 9,142 $ 9,142 Leasehold improvements 23,762 20,048 Aircraft 320 320 Machinery and equipment 34,000 33,608 IT software and equipment 17,282 17,151 Construction in progress 4,564 3,674 89,070 83,943 Less accumulated depreciation and amortization (36,688) (34,610) Property, plant, and equipment, net $ 52,382 $ 49,333

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2020 and December 31, 2019, inventory is comprised of the following: As of March 31, 2020 December 31, 2019 (In thousands) Raw Materials $ 24,735 $ 22,578 Work in-progress 4,062 4,239 Total inventory $ 28,797 $ 26,817

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	The estimated useful lives of property and equipment are principally as follows: Asset Useful Life Buildings 39 years Leasehold Improvements Shorter of the estimated useful life or lease term Aircraft 20 years Machinery & equipment 5 to 7 years IT software and equipment 3 to 5 years As of March 31, 2020 and December 31, 2019, property, plant, and equipment, net consists of the following : As of March 31, 2020 December 31, 2019 (In thousands) Buildings $ 9,142 $ 9,142 Leasehold improvements 23,762 20,048 Aircraft 320 320 Machinery and equipment 34,000 33,608 IT software and equipment 17,282 17,151 Construction in progress 4,564 3,674 89,070 83,943 Less accumulated depreciation and amortization (36,688) (34,610) Property, plant, and equipment, net $ 52,382 $ 49,333

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Lease Expense and Cash Flow Information	The components of lease expense related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands) Lease Cost: Operating lease expense $ 1,152 $ 980 Short-term lease expense 97 58 Finance lease cost: Amortization of right-of-use assets 27 30 Interest on lease liabilities 9 4 Total finance lease cost 36 34 Variable lease cost 348 89 Total lease cost $ 1,633 $ 1,161 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2020 2019 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,312 $ 1,086 Operating cash flows for finance leases $ 9 $ 4 Financing cash flows for finance leases $ 23 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 1,658 $ 16,746 Finance Leases $ 23 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 12.75 14.07 Finance leases (in years) 3.71 1.48 Weighted average discount rates: Operating leases 11.65 % 11.79 % Finance leases 9.11 % 36.95 %
Summary of Balance Sheet Information	The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2020 December 31, 2019 (In thousands) Operating leases Long-term right-of-use assets $ 17,749 $ 16,632 Short-term operating lease liabilities $ 2,421 $ 2,354 Long-term operating lease liabilities 22,382 21,867 Total operating lease liabilities $ 24,803 $ 24,221
Summary of Operating Lease Maturities	Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows: Operating Leases Finance (In thousands) 2020 (for the remaining period) $ 3,877 $ 104 2021 4,715 124 2022 3,891 109 2023 3,226 84 2024 3,226 34 Thereafter 29,738 — Total lease payments $ 48,673 $ 455 Less: Imputed interest/present value discount (23,870) $ (66) Present value of lease liabilities $ 24,803 $ 389
Summary of Finance Lease Maturities	Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows: Operating Leases Finance (In thousands) 2020 (for the remaining period) $ 3,877 $ 104 2021 4,715 124 2022 3,891 109 2023 3,226 84 2024 3,226 34 Thereafter 29,738 — Total lease payments $ 48,673 $ 455 Less: Imputed interest/present value discount (23,870) $ (66) Present value of lease liabilities $ 24,803 $ 389

Other Current and Non-Current_2

Other Current and Non-Current Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current and Non-Current Assets	A summary of the components of other assets are as follows: As of March 31, 2020 December 31, 2019 (In thousands) Prepaid expense $ 14,252 $ 16,672 Accounts receivable 552 461 Other current assets 75 — Total other current assets $ 14,879 $ 17,133 Right-of-use assets $ 17,749 $ 16,927 Other non-current assets 2,600 2,615 Total other non-current assets $ 20,349 $ 19,542

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	A summary of the components of accrued liabilities are as follows: As of March 31, 2020 December 31, 2019 (In thousands) Accrued payroll $ 2,867 $ 2,027 Accrued vacation 3,113 2,797 Accrued bonus 1,725 6,502 Other accrued expenses 10,806 10,951 Total accrued expenses $ 18,511 $ 22,277

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table presents net loss per share and related information: Three Months Ended March 31, 2020 2019 (in thousands, except for share and per share data) Basic and diluted: Net loss $ (59,930) $ (42,593) Weighted average common shares outstanding 202,409,552 193,663,150 Basic and diluted net loss per share $ (0.30) $ (0.22)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Options Outstanding	The following table sets forth the summary of options activity under the 2019 Plan (dollars in thousands except per share data): Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Options outstanding at December 31, 2018 — $ — 0 — Granted 6,212,609 11.58 Exercised — — Forfeited options (90,565) 11.79 Options outstanding at December 31, 2019 6,122,044 $ 11.58 9.83 — Granted 334,894 13.87 Exercised — — Forfeited options (114,516) 11.79 Options outstanding at March 31, 2020 6,342,422 $ 11.69 9.56 — Options exercisable at March 31, 2020 — $ — 9.56 — __________________ (1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date.
Schedule of Restricted Stock Units Activity	The following table sets forth the summary of RSUs activity under the 2019 Plan (dollars in thousands except per share data): Shares Weighted Average Fair Value Outstanding at January 1, 2019 — $ — Granted 1,795,209 7.11 Vested — — Forfeited (27,495) 7.11 Outstanding at December 31, 2019 1,767,714 $ 7.11 Granted 283,801 14.69 Vested — — Forfeited (35,497) 7.11 Outstanding at March 31, 2020 2,016,018 $ 8.18
Summary of Stock Option and RSU Expense	Stock options and RSUs expenses are included in selling, general and administrative and research and development expense in the condensed consolidated statements of operations, related to stock options and RSUs is as follows: For the Three Months Ended March 31, 2020 2019 (In thousands) Stock option expense Selling, General & Administrative $ 2,064 $ — Research and Development 1,040 — 3,104 $ — RSUs expense Selling, General & Administrative 806 — Research and Development 515 — Total stock-based compensation 1,321 — $ 4,425 $ —
Schedule of Weighted Average Assumptions	The weighted average assumptions used to value the option grants are as follows: As of March 31, 2020 December 31, 2019 Expected life (in years) 6.0 6.0 Volatility 75.3 % 75.0 % Risk free interest rate 1.6 % 1.7 % Dividend yield — % — %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring Basis	The following tables summarize the fair value of assets that are recorded in the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 112,922 $ — $ — Certificate of Deposit 43,773 — — Cash Equivalents 249,825 — — Total assets at fair value $ 406,520 $ — $ — Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 423,149 $ — $ — Certificate of Deposit 42,630 — — Total asset at fair value $ 465,779 $ — $ —

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Three-Months Ended March 31, 2020 2019 (in thousands) Supplemental disclosure Cash payments for: Income tax paid $ (46) $ 25 $ (46) $ 25 Schedule for noncash investing activities Unpaid property, plant, and equipment received $ 1,091 $ 622 $ 1,091 $ 622 Schedule for noncash financing activities Issuance of common stocks through "cashless" warrants exercised $ 341,001 $ — $ 341,001 $ —

Organization and its wholly o_2

Organization and its wholly owned subsidiaries ("VGH, Inc.") (Details) - Subsequent Event - COVID-19 - employee	May 05, 2020	May 01, 2020
Subsequent Event [Line Items]
Number of employees tested		579
Percentage of employees on-site (more than)	90.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Schedule of Useful Lives of Property and Equipment) (Details)	3 Months Ended
	Mar. 31, 2020
Buildings
Property, Plant and Equipment [Line Items]
Useful life	39 years
Aircraft
Property, Plant and Equipment [Line Items]
Useful life	20 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
IT software and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
IT software and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Royalty payable, as a percentage of revenue	1.00%
Royalty payable, quarterly amount	$ 20,000
Sponsorship royalties payable, as a percentage of revenue	25.00%
Affiliated Entity | License and royalty fees
Related Party Transaction [Line Items]
Expenses from related party	$ 60,000	$ 20,000
Parent Company | Allocation of corporate expenses
Related Party Transaction [Line Items]
Expenses from related party	0	20,000
Subsidiary of Common Parent
Related Party Transaction [Line Items]
Related party (payable) receivable	(700,000)	8,900,000
Subsidiary of Common Parent | Allocation of operating income (expense)
Related Party Transaction [Line Items]
Transaction amounts from related party	$ 140,000	$ 30,000

Inventory (Schedule of Inventor

Inventory (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw Materials	$ 24,735	$ 22,578
Work in-progress	4,062	4,239
Inventories	$ 28,797	$ 26,817

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventory write-down	$ 1,100,000	$ 0

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net (Schedule of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 89,070	$ 83,943
Less accumulated depreciation and amortization	(36,688)	(34,610)
Property, plant, and equipment, net	52,382	49,333
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	9,142	9,142
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	23,762	20,048
Aircraft
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	320	320
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	34,000	33,608
IT software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	17,282	17,151
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 4,564	$ 3,674

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,105	$ 1,610
Research and Development
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 900	$ 300

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1.6	$ 1.1
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years

Leases (Lease Cost) (Details)

Leases (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease expense	$ 1,152	$ 980
Short-term lease expense	97	58
Finance lease cost:
Amortization of right-of-use assets	27	30
Interest on lease liabilities	9	4
Total finance lease cost	36	34
Variable lease cost	348	89
Total lease cost	$ 1,633	$ 1,161

Leases (Cash Flow Information)

Leases (Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows for operating leases	$ 1,312	$ 1,086
Operating cash flows for finance leases	9	4
Financing cash flows for finance leases	23	23
Right-of-use assets obtained in exchange for lease obligations
Operating leases	1,658	16,746
Finance Leases	$ 23	$ 0
Weighted average remaining lease term:
Operating leases (in years)	12 years 9 months	14 years 25 days
Finance leases (in years)	3 years 8 months 15 days	1 year 5 months 23 days
Weighted average discount rates:
Operating leases	11.65%	11.79%
Finance leases	9.11%	36.95%

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Long-term right-of-use assets	$ 17,749	$ 16,632
Short-term operating lease liabilities	2,421	2,354
Long-term operating lease liabilities	22,382	21,867
Total operating lease liabilities	$ 24,803	$ 24,221

Leases (Lease Maturities) (Deta

Leases (Lease Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020 (for the remaining period)	$ 3,877
2021	4,715
2022	3,891
2023	3,226
2024	3,226
Thereafter	29,738
Total lease payments	48,673
Imputed interest/present value discount	(23,870)
Present value of lease liabilities	24,803	$ 24,221
Finance Leases
2020 (for the remaining period)	104
2021	124
2022	109
2023	84
2024	34
Thereafter	0
Total lease payments	455
Imputed interest/present value discount	(66)
Present value of lease liabilities	$ 389

Other Current and Non-Current_3

Other Current and Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 14,252	$ 16,672
Accounts receivable	552	461
Other current assets	75	0
Total other current assets	14,879	17,133
Right-of-use assets	17,749	16,927
Other non-current assets	2,600	2,615
Total other non-current assets	$ 20,349	$ 19,542

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued payroll	$ 2,867	$ 2,027
Accrued vacation	3,113	2,797
Accrued bonus	1,725	6,502
Other accrued expenses	10,806	10,951
Accrued liabilities	$ 18,511	$ 22,277

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (46,000)	$ 25,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Mar. 13, 2020	May 05, 2020	Mar. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			2,419,699	22,999,977
Redemption price per warrant (in dollars per share)	$ 0.01
Number of shares acquired by each warrant (in shares)	0.5073
Private Placement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			8,000,000	8,000,000
Subsequent Event
Class of Warrant or Right [Line Items]
Redemption price per warrant (in dollars per share)		$ 0.01
Warrants redeemed (in shares)		295,305

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted:
Net loss	$ (59,930)	$ (42,593)
Weighted average common shares outstanding (in shares)	202,409,552	193,663,150
Basic and diluted net loss per share (in dollars per share)	$ (0.30)	$ (0.22)

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	Oct. 25, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vested (in shares)		0		0
Boeing | Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock sold (in shares)	1,924,402
Merger Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Transaction costs, settled with stock, shares (in shares)	413,486
Director | Restricted stock units | Merger Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vested (in shares)	1,500,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock		10,419,699	30,999,977

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 10, 2020	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, compensation cost		$ 0.4
Weighted average fair value, shares issued (in dollars per share)		$ 7.73	$ 7.63
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Unrecognized stock-based compensation expense		$ 44.1
Unrecognized compensation cost, period for recognition		3 years 7 months 6 days
Stock option | 2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Expiration period		10 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition		3 years 7 months 6 days
Unrecognized stock-based compensation expense, excluding options		$ 30.1
Share price (more than) (in dollars per share)	$ 10

Stock-Based Compensation (2019

Stock-Based Compensation (2019 Stock Plan Activity) (Details) - 2019 Stock Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Beginning balance (in shares)	6,122,044		0
Granted (in shares)	334,894		6,212,609
Exercised (in shares)	0		0
Forfeited options (in shares)	(114,516)		(90,565)
Ending balance (in shares)	6,342,422		6,122,044
Options exercisable at March 31, 2020 (in shares)	0
Weighted Average Exercise Price
Weighted-average exercise price, beginning (in dollars per share)	$ 11.58		$ 0
Granted (in dollars per share)	13.87		11.58
Exercised (in dollars per share)			0
Forfeited options (in dollars per share)	11.79		11.79
Weighted-average exercise price, ending (in dollars per share)	11.69		$ 11.58
Options exercisable at March 31, 2020 (in dollars per share)	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average contractual term	9 years 6 months 21 days	0 years	9 years 9 months 29 days
Options exercisable, weighted average contractual term	9 years 6 months 21 days
Options outstanding, aggregate intrinsic value			$ 0	$ 0
Options exercisable, aggregate intrinsic value	$ 0

Stock-Based Compensation (RSU A

Stock-Based Compensation (RSU Activity) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Shares
Outstanding, beginning balance (in shares)	1,767,714	0
Granted (in shares)	283,801	1,795,209
Vested (in shares)	0	0
Forfeited (in shares)	(35,497)	(27,495)
Outstanding, ending balance (in shares)	2,016,018	1,767,714
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 7.11	$ 0
Granted (in dollars per share)	14.69	7.11
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	7.11	7.11
Outstanding, ending balance (in dollars per share)	$ 8.18	$ 7.11

Stock-Based Compensation (Compe

Stock-Based Compensation (Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,425	$ 0
Stock option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,104	0
Stock option | Selling, General & Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,064	0
Stock option | Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,040	0
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,321	0
Restricted stock units | Selling, General & Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	806	0
Restricted stock units | Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 515	$ 0

Stock-Based Compensation (Valua

Stock-Based Compensation (Valuation Assumptions) (Details) - Stock option	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 years	6 years
Volatility	75.30%	75.00%
Risk free interest rate	1.60%	1.70%
Dividend yield	0.00%	0.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 406,520	$ 465,779
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Money Market | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	112,922	423,149
Money Market | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Money Market | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Certificate of Deposit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	43,773	42,630
Certificate of Deposit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Certificate of Deposit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	$ 0
Cash Equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	249,825
Cash Equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Cash Equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Mar. 03, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Settlement amount awarded to other party	$ 1.9
Settlement expense		$ 0.2

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Defined contributions	$ 1	$ 0.9

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash payments for:
Income tax paid	$ (46)	$ 25
Schedule for noncash investing activities
Unpaid property, plant, and equipment received	1,091	622
Schedule for noncash financing activities
Issuance of common stocks through "cashless" warrants exercised	$ 341,001	$ 0