Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 85-3608069 | |
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, $0.0001 par value per share | |
Trading Symbol | SPCE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 240,712,527 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001706946 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 616,625 | $ 665,924 |
Restricted cash | 13,031 | 13,031 |
Inventories | 30,187 | 30,483 |
Prepaid expenses and other current assets | 14,486 | 18,489 |
Total current assets | 674,329 | 727,927 |
Property, plant, and equipment, net | 50,936 | 53,148 |
Other non-current assets | 22,762 | 22,915 |
Total assets | 748,027 | 803,990 |
Current liabilities: | ||
Accounts payable | 3,738 | 5,998 |
Accrued liabilities | 28,351 | 22,982 |
Customer deposits | 83,015 | 83,211 |
Other current liabilities | 2,981 | 2,830 |
Total current liabilities | 118,085 | 115,021 |
Non-current liabilities: | ||
Warrant liability | 184,159 | 135,440 |
Other long-term liabilities | 25,939 | 26,451 |
Total liabilities | 328,183 | 276,912 |
Commitments and contingencies (Note 16) | ||
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; 237,274,430 and 236,123,659 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 23 | 23 |
Additional paid-in capital | 1,320,228 | 1,297,794 |
Accumulated deficit | (900,438) | (770,744) |
Accumulated other comprehensive income | 31 | 5 |
Total stockholders' equity | 419,844 | 527,078 |
Total liabilities and stockholders' equity | $ 748,027 | $ 803,990 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 237,274,430 | 236,123,659 |
Common stock, shares outstanding (in shares) | 237,274,430 | 236,123,659 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 238 |
Cost of revenue | 0 | 173 |
Gross profit | 0 | 65 |
Selling, general, and administrative expenses | 44,914 | 26,755 |
Research and development expenses | 36,363 | 34,282 |
Operating loss | (81,277) | (60,972) |
Change in fair value of warrants | (48,719) | (316,896) |
Interest income (expense), net | 318 | 1,168 |
Other income (expense), net | 27 | (172) |
Loss before income taxes | (129,651) | (376,872) |
Income tax benefit (expense) | (43) | 46 |
Net loss | (129,694) | (376,826) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | 27 | (54) |
Total comprehensive loss | $ (129,667) | $ (376,880) |
Net loss per share: | ||
Basic and diluted (in dollars per share) | $ (0.55) | $ (1.86) |
Weighted-average shares outstanding | ||
Basic and diluted (in shares) | 234,191,636 | 202,409,552 |
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, 2019 | $ 343,230 | $ 0 | $ 0 | $ 0 | $ 20 | $ 469,008 | $ (125,857) | $ 59 |
Beginning balance (in shares) at Dec. 31, 2019 | 0 | 0 | 196,001,038 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (376,826) | (376,826) | ||||||
Other comprehensive income (loss) | (54) | (54) | ||||||
Common stock issued related to warrants exercised (in shares) | 13,239,934 | |||||||
Common stock issued related to warrants exercised | 341,001 | $ 1 | 341,000 | |||||
Stock-based compensation | 4,425 | 4,425 | ||||||
Ending balance at Mar. 31, 2020 | 311,776 | 0 | $ 0 | $ 0 | $ 21 | 814,433 | (502,683) | 5 |
Ending balance (in shares) at Mar. 31, 2020 | 0 | 0 | 209,240,972 | |||||
Beginning balance at Dec. 31, 2020 | 527,078 | 0 | $ 0 | $ 0 | $ 23 | 1,297,794 | (770,744) | 5 |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 0 | 236,123,659 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (129,694) | (129,694) | ||||||
Other comprehensive income (loss) | 26 | 26 | ||||||
Stock-based compensation | $ 22,111 | 22,111 | ||||||
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares) | 1,150,771 | |||||||
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes | $ 323 | |||||||
Ending balance at Mar. 31, 2021 | $ 419,844 | $ 0 | $ 0 | $ 0 | $ 23 | $ 1,320,228 | $ (900,438) | $ 31 |
Ending balance (in shares) at Mar. 31, 2021 | 0 | 0 | 237,274,430 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (129,694) | $ (376,826) |
Stock-based compensation | 22,111 | 4,425 |
Depreciation and amortization | 2,869 | 2,105 |
Change in fair value of warrants | 48,719 | 316,896 |
Other operating activities, net | 10 | 1 |
Change in assets and liabilities | ||
Inventories | 296 | (1,980) |
Other current and non-current assets | 3,692 | 2,142 |
Accounts payable and accrued liabilities | 3,322 | (2,978) |
Customer deposits | (196) | (98) |
Other current and non-current liabilities | 102 | 0 |
Net cash used in operating activities | (48,769) | (56,313) |
Cash flows from investing activity | ||
Capital expenditures | (819) | (4,036) |
Cash used in investing activity | (819) | (4,036) |
Cash flows from financing activities | ||
Payments of finance lease obligations | (34) | (23) |
Proceeds from issuance of common stock pursuant to stock options exercised | 10,837 | 0 |
Transaction costs | 0 | (697) |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (10,514) | 0 |
Net cash provided by (used in) financing activities | 289 | (720) |
Net decrease in cash and cash equivalents | (49,299) | (61,069) |
Cash, cash equivalents and restricted cash at beginning of period | 678,955 | 492,721 |
Cash, cash equivalents and restricted cash at end of period | 629,656 | 431,652 |
Cash, cash equivalents and restricted cash | $ 629,656 | $ 431,652 |
Organization and its wholly own
Organization and its wholly owned subsidiaries ("VGH, Inc.") | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 October 25, 2019, VGH, Inc. domesticated as a Delaware corporation and consummated the merger transactions contemplated by the Agreement and Plan of Merger, dated as of July 29, 2019, as amended on October 2, 2019, by and among VGH, Inc., Vieco USA, Inc. (“Vieco US”), Vieco 10 Limited (“Vieco 10”), TSC Vehicle Holdings, Inc., (“TSCV”), Virgin Galactic Vehicle Holdings, Inc., (“VGVH”), Virgin Galactic Holdings, LLC (“VGH LLC” and, collectively with TSCV and VGVH, the “VG Companies”), and the other parties thereto (the “Virgin Galactic Business Combination”). 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 US. 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 limited operations under revised operational and manufacturing plans that conform to the latest COVID-19 health precautions. This includes universal facial covering requirements, 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 on a regular basis. However, the COVID-19 pandemic and the continued precautionary actions taken related to COVID-19 have adversely impacted, and are expected to continue to adversely impact, our operations, including the completion of the development of our spaceflight systems and our scheduled spaceflight test programs. As of the date of this quarterly report on Form 10-Q, all our employees whose work requires them to be in our facilities are now back on-site, but we have experienced, and expect to continue to experience, reductions in operational efficiency due to illness from COVID-19 and precautionary actions taken related to COVID-19. For the time being, we are encouraging those employees who are able to work from home to continue doing so. The COVID-19 pandemic and the protocols and procedures we have implemented in response to the pandemic have caused some delays in operational and maintenance activities, including delays in our test flight program. The full impact of the COVID-19 pandemic on our business and results of operations subsequent to March 31, 2021 will depend on future developments, such as the ultimate duration and scope of the outbreak and its impact on our operations necessary 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 maintain or reimpose closed borders, impose prolonged quarantines, or further restrict travel. We believe our cash and cash equivalents on hand at March 31, 2021 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. Restatement of Previously Issued Financial Statements As previously disclosed in Amendment No. 2 to our Annual Report on Form 10-K/A for the year ended December 31, 2020, the Company has restated its financial statements as of December 31, 2020 and 2019, for the years ended December 31, 2020 and 2019, as well as the unaudited condensed financial statements for the three month period ended March 31, 2020, to correct misstatements in those prior periods related to the accounting for warrants, under the guidance of Accounting Standards Codification (“ASC”) 815-40, Contracts in Entity’s Own Equity. The following tables represent the estimated fair value of the Company’s public and private warrant liabilities recorded on our balance sheet along with changes in fair value which are recorded as other income and expense on our statement of operations and the fair value of common stock issued on the date of exercise, which were recorded as additional paid in capital. Public Warrants Private Placement Warrants Total (In thousands) Warrant Liability at December 31, 2019 $ 77,050 $ 47,280 $ 124,330 Redemption/Exercises of Warrants (341,001) — (341,001) Change in Fair Value 283,296 33,600 316,896 Total liability at fair value as of March 31, 2020 $ 19,345 $ 80,880 $ 100,225 Public Warrants Private Placement Warrants Total (In thousands) Warrant Liability at December 31, 2020 $ — $ 135,440 $ 135,440 Change in Fair Value — 48,719 48,719 Total liability at fair value as of March 31, 2021 $ — $ 184,159 $ 184,159 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting PoliciesBasis of PresentationThese 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.Use of EstimatesOther Summary of Significant Accounting PoliciesThere have been no significant changes from the significant accounting policies disclosed in Note 2 of the “Notes to Consolidated Financial Statements” included in the Company's Amendment No. 2 to its Annual Report on Form 10-K/A.The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Amendment No. 2 to its Annual Report on Form 10-K/A for the year ended December 31, 2020. Interim results are not necessarily indicative of the results for a full year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
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 and continues to monitor new accounting pronouncements issued by the FASB. We do not believe any accounting pronouncements issued through the date of this report will have a material impact to the Company's condensed consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalty payables, excluding sponsorship royalties, for the use of license are the greater of 1% of revenue or $0.04 million per quarter, prior to the commercial launch date. Sponsorship royalties payable are 25% of sponsorship revenue. We paid license and royalty fees of $0.04 million and $0.06 million for the three months ended March 31, 2021 and 2020, respectively. The Company has a Transition Services Agreement ("TSA") with Virgin Orbit, LLC ("VO") based on an allocation methodology that considers our headcount, unless directly attributable to the business. The Company is allocated operating expense from VO Holdings, Inc. and its subsidiaries (“VOH”), a majority owned company of GV for operations-related functions based on an allocation methodology that considers our headcount, unless directly attributable to the business. Operating expense allocations include use of machinery and equipment, pilot services, and other general administrative expenses. We were allocated $0.04 million and $0.14 million of operating expenses, net, from VOH for the three months ended March 31, 2021 and 2020, respectively. The Company has a receivable (payable) to VOH of $— million and $(0.8) million as of March 31, 2021 and December 31, 2020, respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory As of March 31, 2021 and December 31, 2020, inventory is comprised of the following: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Raw Materials $ 22,514 $ 22,963 Spare parts 7,673 7,520 Total inventory $ 30,187 $ 30,483 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant, and Equipment, net As of March 31, 2021 and December 31, 2020, property, plant, and equipment, net consists of the following: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Buildings $ 9,118 $ 9,142 Leasehold improvements 28,808 28,744 Aircraft 195 195 Machinery and equipment 35,287 34,330 IT software and equipment 22,446 22,042 Construction in progress 977 1,780 96,831 96,233 Less accumulated depreciation and amortization (45,895) (43,085) Property, plant, and equipment, net $ 50,936 $ 53,148 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company's leases are more fully described in Note 8 of the "Notes to Consolidated Financial Statements" to its Annual Report on Form 10-K/A Amendment No. 2. The components of lease expense related to leases for the periods presented below are as follows: Three Months Ended 2021 2020 (Unaudited and in thousands) Lease Cost: Operating lease expense $ 1,260 $ 1,152 Short-term lease expense 12 97 Finance Lease Cost: Amortization of right-of-use assets 34 27 Interest on lease liabilities 7 9 Total finance lease cost 41 36 Variable lease cost 1,338 348 Total lease cost $ 2,651 $ 1,633 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2021 2020 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,310 $ 1,312 Operating cash flows for finance leases $ 7 $ 9 Financing cash flows for finance leases $ 34 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 180 $ 1,658 Finance Leases $ — $ 23 Other Information: Weighted average remaining lease term: Operating leases (in years) 12.53 12.75 Finance leases (in years) 2.66 3.71 Weighted average discount rates: Operating leases 11.68 % 11.65 % Finance leases 8.40 % 9.11 % The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Operating leases Long-term right-of-use assets $ 19,240 $ 19,555 Short-term operating lease liabilities $ 2,461 $ 2,384 Long-term operating lease liabilities 23,713 24,148 Total operating lease liabilities $ 26,174 $ 26,532 Commitments The Company has certain non-cancelable 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 non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2021 are as follows: Operating Leases Finance (In thousands) 2021 (for the remaining period) $ 5,331 $ 157 2022 3,880 121 2023 3,836 91 2024 3,833 7 2025 3,833 — Thereafter 29,894 — Total lease payments $ 50,607 $ 376 Less: Imputed interest/present value discount (24,434) $ (37) Present value of lease liabilities $ 26,173 $ 339 |
Leases | Leases The Company's leases are more fully described in Note 8 of the "Notes to Consolidated Financial Statements" to its Annual Report on Form 10-K/A Amendment No. 2. The components of lease expense related to leases for the periods presented below are as follows: Three Months Ended 2021 2020 (Unaudited and in thousands) Lease Cost: Operating lease expense $ 1,260 $ 1,152 Short-term lease expense 12 97 Finance Lease Cost: Amortization of right-of-use assets 34 27 Interest on lease liabilities 7 9 Total finance lease cost 41 36 Variable lease cost 1,338 348 Total lease cost $ 2,651 $ 1,633 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2021 2020 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,310 $ 1,312 Operating cash flows for finance leases $ 7 $ 9 Financing cash flows for finance leases $ 34 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 180 $ 1,658 Finance Leases $ — $ 23 Other Information: Weighted average remaining lease term: Operating leases (in years) 12.53 12.75 Finance leases (in years) 2.66 3.71 Weighted average discount rates: Operating leases 11.68 % 11.65 % Finance leases 8.40 % 9.11 % The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Operating leases Long-term right-of-use assets $ 19,240 $ 19,555 Short-term operating lease liabilities $ 2,461 $ 2,384 Long-term operating lease liabilities 23,713 24,148 Total operating lease liabilities $ 26,174 $ 26,532 Commitments The Company has certain non-cancelable 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 non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2021 are as follows: Operating Leases Finance (In thousands) 2021 (for the remaining period) $ 5,331 $ 157 2022 3,880 121 2023 3,836 91 2024 3,833 7 2025 3,833 — Thereafter 29,894 — Total lease payments $ 50,607 $ 376 Less: Imputed interest/present value discount (24,434) $ (37) Present value of lease liabilities $ 26,173 $ 339 |
Other Current and Non-Current A
Other Current and Non-Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 (Unaudited) (In thousands) Prepaid expense $ 13,657 $ 17,949 Accounts receivable 829 470 Other current assets — 70 Total other current assets $ 14,486 $ 18,489 Right-of-use assets $ 19,565 $ 19,914 Other non-current assets 3,197 3,001 Total other non-current assets $ 22,762 $ 22,915 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses A summary of the components of accrued liabilities are as follows: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Accrued payroll $ 7,082 $ 4,060 Accrued vacation 5,000 4,624 Accrued bonus 9,646 6,892 Accrued inventory 436 950 Other accrued expenses 6,187 6,456 Total accrued expenses $ 28,351 $ 22,982 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Commercial loan $ 620 $ 620 620 620 Less: Current portion (310) (310) Non-current portion $ 310 $ 310 Aggregate maturities of long-term debt as of March 31, 2021 are as follows: (In thousands) 2021 (for the remaining period) 310 2022 310 $ 620 On June 18, 2020, we financed the purchase of software licenses through a loan totaling approximately $0.9 million. The loan amortized in three equal annual installment of approximately $0.3 million with the final payment due on October 1, 2022 with 0% interest rate. The loan is secured by a standby letter of credit issued from our financial institution and restricted cash has been recorded for the corresponding outstanding balance. The imputed interest of this loan was immaterial. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIncome tax expense (benefit) was $(0.04) million and 0.05 million for the three months ended March 31, 2021 and 2020, respectively. The effective income tax rate was nil for three months ended March 31, 2021 and 2020. 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, 2021 | |
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 Amendment No. 2 to our Annual Report on Form 10-K/A other than the issuance of common stock and redemption of warrants as noted below. Issuance of Common Stock In August 2020, the Company sold 23,600,000 shares of common stock at a public offering price of $19.50 per share for gross proceeds, before deducting underwriting discounts and commissions and other expenses payable by the Company, of $460.2 million. The Company incurred $20.9 million of transaction costs, including underwriting discounts and commissions. Stockholders' Agreement In connection with the closing of the Virgin Galactic Business Combination, the Company entered into a stockholders’ agreement with certain of the Company’s investors. Pursuant to the terms of the Stockholders’ Agreement, as long as Virgin Investments Limited (VIL) is entitled to designate two directors to the Company’s Board of Directors, the Company must obtain VIL’s prior written consent to engage in certain corporate transactions and management functions such as business combinations, disposals, acquisitions, incurring indebtedness, and engagement of professional advisors, among others. Warrants and Warrant Redemption Public warrants were initially issued as part of SCH's initial public offering in 2017 and assumed upon the consummation of the Business Combination. As of March 31, 2021, and December 31, 2020, there were no public warrants outstanding. As of both March 31, 2021 and December 31, 2020, there were 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 as of March 31, 2021. The Company determined that both the public warrants and the private placement warrants (the "Warrants") should be classified as a liability in accordance with ASC 480. The Company remeasures the fair value of the Warrants at each reporting date with changes recorded in earnings. In connection with the Company's remeasurement of the Warrants to fair value, the Company recorded income (expense) of approximately $(48.7) million and (316.9) million |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (As Restated) (In thousands, except for share and per share data) Basic and diluted: Net loss $ (129,694) $ (376,826) Weighted average shares of common stock outstanding 234,191,636 202,409,552 Basic and diluted net loss per share $ (0.55) $ (1.86) As of March 31, 2021 and March 31, 2020, the Company has excluded the potential effect of warrants to purchase shares of common stock totaling 8,000,000 and 10,419,699, respectively, 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 2020 Amendment No. 2 to our Annual Report on Form 10-K/A, 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, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based CompensationThe Company's 2019 Incentive Award 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 RSUs to employees, directors and other service providers. Twenty five percent of such stock options cliff vest at the grant dates 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, 2020 6,796,045 $ 13.59 8.64 68,888 Granted — — Exercised (832,880) 13.01 Forfeited options (532,866) 13.93 Options outstanding at March 31, 2021 5,430,299 $ 13.65 8.88 92,212 Options exercisable at March 31, 2021 1,811,328 $ 13.47 7.41 31,082 __________________ (1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at period 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 period end date. Restricted Stock Units The RSUs vest over four years with 25% cliff vest at the first year anniversary of the grant date and ratably over the next three years. RSU activity during the year ended December 31, 2020 was as follows: 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 December 31, 2020 4,760,784 $ 19.63 Granted 567,255 41.74 Vested (570,936) 16.72 Forfeited (598,982) 16.42 Outstanding at March 31, 2021 4,158,121 $ 23.51 Stock options and RSUs expenses are included in selling, general and administrative and research and development expense in the condensed consolidated statements of operations and comprehensive loss , related to stock options and RSUs is as follows: Three Months Ended March 31, 2021 2020 Stock option expense Selling, General & Administrative 8,986 2,064 Research & Development 843 1,040 Total stock option expense 9,829 3,104 RSU expense Selling, General & Administrative 9,052 806 Research & Development 3,230 515 Total RSU expense 12,282 1,321 Total stock-based compensation expense $ 22,111 $ 4,425 As of March 31, 2021, the unrecognized stock-based compensation related to these options was $32.0 million and is expected to be recognized over a weighted-average period of 3.1 years. At March 31, 2021, the unrecognized stock-based compensation related to RSUs was $106.6 million and is expected to be recognized over a weighted-average period of 3.3 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We 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 fair value of the warrant liability was determined using the Black-Scholes valuation methodology and the quoted price of the Company’s common stock in an active market, a Level 3 measurement. Volatility was based on the actual market activity of the Company’s peer group as well as the Company's historical volatility since the Virgin Galactic Business Combination. The expected life was based on the remaining contractual term of the warrants, and the risk free interest rate was based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life. The Company calculated the estimated fair value of warrants using the following assumptions: As of March 31, 2021 Risk-free interest rate 0.51% Contractual term 3.58 years Expected volatility 80% As of December 31, 2020 Risk-free interest rate 0.25% Contractual term 3.82 years Expected volatility 80% 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, 2021 and December 31, 2020 at fair value on a recurring basis: Fair Value Measurements as of March 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets: Money Market $ 306,704 $ — $ — Certificate of Deposit 91,838 — — Cash Equivalents 200,364 — — Total assets at fair value $ 598,906 $ — $ — Liabilities: Warrant Liability $ — $ — $ 184,159 Total Liabilities $ — $ — $ 184,159 Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 357,463 $ — $ — Certificate of Deposit 93,802 — — Cash Equivalents 200,364 — — Total asset at fair value $ 651,629 $ — $ — Liabilities: Warrant Liability $ — $ — $ 135,440 Total Liabilities $ — $ — $ 135,440 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, 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, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The 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 $1.1 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Three Months Ended 2021 2020 (As Restated) (in thousands) Supplemental disclosure Cash payments for: Income tax paid $ (52) $ (46) $ (52) $ (46) Schedule for noncash investing activities Unpaid property, plant, and equipment received $ 186 $ 1,091 $ 186 $ 1,091 Schedule for noncash financing activities Issuance of common stock through "cashless" warrants exercised $ — $ 341,001 Issuance of common stock through restricted stock units vested 22,825 — $ 22,825 $ 341,001 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Financial StatementsAs previously disclosed in Amendment No. 2 to our Annual Report on Form 10-K/A for the year ended December 31, 2020, the Company has restated its financial statements as of December 31, 2020 and 2019, for the years ended December 31, 2020 and 2019, as well as the unaudited condensed financial statements for the three month period ended March 31, 2020, to correct misstatements in those prior periods related to the accounting for warrants, under the guidance of Accounting Standards Codification (“ASC”) 815-40, Contracts in Entity’s Own Equity. |
Basis of Presentation | Basis of PresentationThese 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. |
Use of Estimates | Use of Estimates |
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 and continues to monitor new accounting pronouncements issued by the FASB. We do not believe any accounting pronouncements issued through the date of this report will have a material impact to the Company's condensed consolidated financial statements. |
Organization and its wholly o_2
Organization and its wholly owned subsidiaries ("VGH, Inc.") (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Fair Value | The following tables represent the estimated fair value of the Company’s public and private warrant liabilities recorded on our balance sheet along with changes in fair value which are recorded as other income and expense on our statement of operations and the fair value of common stock issued on the date of exercise, which were recorded as additional paid in capital. Public Warrants Private Placement Warrants Total (In thousands) Warrant Liability at December 31, 2019 $ 77,050 $ 47,280 $ 124,330 Redemption/Exercises of Warrants (341,001) — (341,001) Change in Fair Value 283,296 33,600 316,896 Total liability at fair value as of March 31, 2020 $ 19,345 $ 80,880 $ 100,225 Public Warrants Private Placement Warrants Total (In thousands) Warrant Liability at December 31, 2020 $ — $ 135,440 $ 135,440 Change in Fair Value — 48,719 48,719 Total liability at fair value as of March 31, 2021 $ — $ 184,159 $ 184,159 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of March 31, 2021 and December 31, 2020, inventory is comprised of the following: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Raw Materials $ 22,514 $ 22,963 Spare parts 7,673 7,520 Total inventory $ 30,187 $ 30,483 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | As of March 31, 2021 and December 31, 2020, property, plant, and equipment, net consists of the following: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Buildings $ 9,118 $ 9,142 Leasehold improvements 28,808 28,744 Aircraft 195 195 Machinery and equipment 35,287 34,330 IT software and equipment 22,446 22,042 Construction in progress 977 1,780 96,831 96,233 Less accumulated depreciation and amortization (45,895) (43,085) Property, plant, and equipment, net $ 50,936 $ 53,148 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Expense and Cash Flow Information | The components of lease expense related to leases for the periods presented below are as follows: Three Months Ended 2021 2020 (Unaudited and in thousands) Lease Cost: Operating lease expense $ 1,260 $ 1,152 Short-term lease expense 12 97 Finance Lease Cost: Amortization of right-of-use assets 34 27 Interest on lease liabilities 7 9 Total finance lease cost 41 36 Variable lease cost 1,338 348 Total lease cost $ 2,651 $ 1,633 The components of supplemental cash flow information related to leases for the period are as follows: Three Months Ended March 31, 2021 2020 (In thousands, except term and rate data) Cash flow information: Operating cash flows for operating leases $ 1,310 $ 1,312 Operating cash flows for finance leases $ 7 $ 9 Financing cash flows for finance leases $ 34 $ 23 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations Operating leases $ 180 $ 1,658 Finance Leases $ — $ 23 Other Information: Weighted average remaining lease term: Operating leases (in years) 12.53 12.75 Finance leases (in years) 2.66 3.71 Weighted average discount rates: Operating leases 11.68 % 11.65 % Finance leases 8.40 % 9.11 % |
Summary of Balance Sheet Information | The supplemental balance sheet information related to leases for the period is as follows: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Operating leases Long-term right-of-use assets $ 19,240 $ 19,555 Short-term operating lease liabilities $ 2,461 $ 2,384 Long-term operating lease liabilities 23,713 24,148 Total operating lease liabilities $ 26,174 $ 26,532 |
Summary of Operating Lease Maturities | Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2021 are as follows: Operating Leases Finance (In thousands) 2021 (for the remaining period) $ 5,331 $ 157 2022 3,880 121 2023 3,836 91 2024 3,833 7 2025 3,833 — Thereafter 29,894 — Total lease payments $ 50,607 $ 376 Less: Imputed interest/present value discount (24,434) $ (37) Present value of lease liabilities $ 26,173 $ 339 |
Summary of Finance Lease Maturities | Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2021 are as follows: Operating Leases Finance (In thousands) 2021 (for the remaining period) $ 5,331 $ 157 2022 3,880 121 2023 3,836 91 2024 3,833 7 2025 3,833 — Thereafter 29,894 — Total lease payments $ 50,607 $ 376 Less: Imputed interest/present value discount (24,434) $ (37) Present value of lease liabilities $ 26,173 $ 339 |
Other Current and Non-Current_2
Other Current and Non-Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 (Unaudited) (In thousands) Prepaid expense $ 13,657 $ 17,949 Accounts receivable 829 470 Other current assets — 70 Total other current assets $ 14,486 $ 18,489 Right-of-use assets $ 19,565 $ 19,914 Other non-current assets 3,197 3,001 Total other non-current assets $ 22,762 $ 22,915 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | A summary of the components of accrued liabilities are as follows: As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Accrued payroll $ 7,082 $ 4,060 Accrued vacation 5,000 4,624 Accrued bonus 9,646 6,892 Accrued inventory 436 950 Other accrued expenses 6,187 6,456 Total accrued expenses $ 28,351 $ 22,982 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of March 31, 2021 December 31, 2020 (Unaudited) (In thousands) Commercial loan $ 620 $ 620 620 620 Less: Current portion (310) (310) Non-current portion $ 310 $ 310 |
Schedule of Maturities of Long-term Debt | Aggregate maturities of long-term debt as of March 31, 2021 are as follows: (In thousands) 2021 (for the remaining period) 310 2022 310 $ 620 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (As Restated) (In thousands, except for share and per share data) Basic and diluted: Net loss $ (129,694) $ (376,826) Weighted average shares of common stock outstanding 234,191,636 202,409,552 Basic and diluted net loss per share $ (0.55) $ (1.86) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 6,796,045 $ 13.59 8.64 68,888 Granted — — Exercised (832,880) 13.01 Forfeited options (532,866) 13.93 Options outstanding at March 31, 2021 5,430,299 $ 13.65 8.88 92,212 Options exercisable at March 31, 2021 1,811,328 $ 13.47 7.41 31,082 __________________ (1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at period 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 period 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 December 31, 2020 4,760,784 $ 19.63 Granted 567,255 41.74 Vested (570,936) 16.72 Forfeited (598,982) 16.42 Outstanding at March 31, 2021 4,158,121 $ 23.51 |
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 and comprehensive loss , related to stock options and RSUs is as follows: Three Months Ended March 31, 2021 2020 Stock option expense Selling, General & Administrative 8,986 2,064 Research & Development 843 1,040 Total stock option expense 9,829 3,104 RSU expense Selling, General & Administrative 9,052 806 Research & Development 3,230 515 Total RSU expense 12,282 1,321 Total stock-based compensation expense $ 22,111 $ 4,425 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Valuation Assumptions | The Company calculated the estimated fair value of warrants using the following assumptions: As of March 31, 2021 Risk-free interest rate 0.51% Contractual term 3.58 years Expected volatility 80% As of December 31, 2020 Risk-free interest rate 0.25% Contractual term 3.82 years Expected volatility 80% |
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, 2021 and December 31, 2020 at fair value on a recurring basis: Fair Value Measurements as of March 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets: Money Market $ 306,704 $ — $ — Certificate of Deposit 91,838 — — Cash Equivalents 200,364 — — Total assets at fair value $ 598,906 $ — $ — Liabilities: Warrant Liability $ — $ — $ 184,159 Total Liabilities $ — $ — $ 184,159 Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets Money Market $ 357,463 $ — $ — Certificate of Deposit 93,802 — — Cash Equivalents 200,364 — — Total asset at fair value $ 651,629 $ — $ — Liabilities: Warrant Liability $ — $ — $ 135,440 Total Liabilities $ — $ — $ 135,440 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Three Months Ended 2021 2020 (As Restated) (in thousands) Supplemental disclosure Cash payments for: Income tax paid $ (52) $ (46) $ (52) $ (46) Schedule for noncash investing activities Unpaid property, plant, and equipment received $ 186 $ 1,091 $ 186 $ 1,091 Schedule for noncash financing activities Issuance of common stock through "cashless" warrants exercised $ — $ 341,001 Issuance of common stock through restricted stock units vested 22,825 — $ 22,825 $ 341,001 |
Organization and its wholly o_3
Organization and its wholly owned subsidiaries ("VGH, Inc.") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Warrant Liability [Roll Forward] | ||
Beginning balance | $ 135,440 | $ 124,330 |
Redemption/Exercises of Warrants | (341,001) | |
Change in fair value of warrants | 48,719 | 316,896 |
Ending balance | 184,159 | 100,225 |
Public Warrant | ||
Warrant Liability [Roll Forward] | ||
Beginning balance | 0 | 77,050 |
Redemption/Exercises of Warrants | (341,001) | |
Change in fair value of warrants | 0 | 283,296 |
Ending balance | 0 | 19,345 |
Private Placement Warrant | ||
Warrant Liability [Roll Forward] | ||
Beginning balance | 135,440 | 47,280 |
Redemption/Exercises of Warrants | 0 | |
Change in fair value of warrants | 48,719 | 33,600 |
Ending balance | $ 184,159 | $ 80,880 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Royalty payable, as a percentage of revenue | 1.00% | ||
Royalty payable, quarterly amount | $ 40 | ||
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 | $ 40 | $ 60 | |
Subsidiary of Common Parent | |||
Related Party Transaction [Line Items] | |||
Related party (payable) receivable | 0 | $ (800) | |
Subsidiary of Common Parent | Allocation of corporate expenses | |||
Related Party Transaction [Line Items] | |||
Transaction amounts from related party | $ 40 | $ 140 |
Inventory (Schedule of Inventor
Inventory (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 22,514 | $ 22,963 |
Spare parts | 7,673 | 7,520 |
Total inventory | $ 30,187 | $ 30,483 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 0.1 | $ 1.1 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, net (Schedule of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 96,831 | $ 96,233 |
Less accumulated depreciation and amortization | (45,895) | (43,085) |
Property, plant, and equipment, net | 50,936 | 53,148 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 9,118 | 9,142 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 28,808 | 28,744 |
Aircraft | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 195 | 195 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 35,287 | 34,330 |
IT software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 22,446 | 22,042 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 977 | $ 1,780 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 2,869 | $ 2,105 |
Research & Development | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 1,300 | $ 900 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,260 | $ 1,152 |
Short-term lease expense | 12 | 97 |
Finance Lease Cost: | ||
Amortization of right-of-use assets | 34 | 27 |
Interest on lease liabilities | 7 | 9 |
Total finance lease cost | 41 | 36 |
Variable lease cost | 1,338 | 348 |
Total lease cost | $ 2,651 | $ 1,633 |
Leases (Cash Flow Information)
Leases (Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows for operating leases | $ 1,310 | $ 1,312 |
Operating cash flows for finance leases | 7 | 9 |
Financing cash flows for finance leases | 34 | 23 |
Right-of-use assets obtained in exchange for lease obligations | ||
Operating leases | 180 | 1,658 |
Finance Leases | $ 0 | $ 23 |
Weighted average remaining lease term: | ||
Operating leases (in years) | 12 years 6 months 10 days | 12 years 9 months |
Finance leases (in years) | 2 years 7 months 28 days | 3 years 8 months 15 days |
Weighted average discount rates: | ||
Operating leases | 11.68% | 11.65% |
Finance leases | 8.40% | 9.11% |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Long-term right-of-use assets | $ 19,240 | $ 19,555 |
Short-term operating lease liabilities | 2,461 | 2,384 |
Long-term operating lease liabilities | 23,713 | 24,148 |
Total operating lease liabilities | $ 26,174 | $ 26,532 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2021 |
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 Maturities) (Deta
Leases (Lease Maturities) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
2021 (for the remaining period) | $ 5,331 |
2022 | 3,880 |
2023 | 3,836 |
2024 | 3,833 |
2025 | 3,833 |
Thereafter | 29,894 |
Total lease payments | 50,607 |
Imputed interest/present value discount | (24,434) |
Present value of lease liabilities | 26,173 |
Finance Leases | |
2021 (for the remaining period) | 157 |
2022 | 121 |
2023 | 91 |
2024 | 7 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 376 |
Imputed interest/present value discount | (37) |
Present value of lease liabilities | $ 339 |
Other Current and Non-Current_3
Other Current and Non-Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expense | $ 13,657 | $ 17,949 |
Accounts receivable | 829 | 470 |
Other current assets | 0 | 70 |
Total other current assets | 14,486 | 18,489 |
Right-of-use assets | 19,565 | 19,914 |
Other non-current assets | 3,197 | 3,001 |
Total other non-current assets | $ 22,762 | $ 22,915 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 7,082 | $ 4,060 |
Accrued vacation | 5,000 | 4,624 |
Accrued bonus | 9,646 | 6,892 |
Accrued inventory | 436 | 950 |
Other accrued expenses | 6,187 | 6,456 |
Total accrued expenses | $ 28,351 | $ 22,982 |
Long-term Debt (Schedule of Deb
Long-term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 620 | $ 620 |
Less: Current portion | (310) | (310) |
Non-current portion | 310 | 310 |
Commercial loan | Commercial loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 620 | $ 620 |
Long-term Debt (Schedule of Mat
Long-term Debt (Schedule of Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 (for the remaining period) | $ 310 | |
2022 | 310 | |
Total debt | $ 620 | $ 620 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) - Commercial loan - Commercial loan $ in Millions | 27 Months Ended | |
Oct. 01, 2022USD ($) | Jun. 18, 2020USD ($)installment | |
Debt Instrument [Line Items] | ||
Loans payable | $ 0.9 | |
Number of installments | installment | 3 | |
Interest rate | 0.00% | |
Forecast | ||
Debt Instrument [Line Items] | ||
Annual payment | $ 0.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit (expense) | $ 43 | $ (46) |
Effective income tax rate | 0.00% | 0.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Warrant or Right [Line Items] | |||||||
Stock sold (in shares) | 23,600,000 | ||||||
Stock sold, price per share (in dollars per share) | $ 19.50 | ||||||
Gross proceeds from sale of stock | $ 460,200 | ||||||
Stock issuance costs | $ 20,900 | ||||||
Redemption price per warrant (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Number of shares acquired by each warrant (in shares) | 0.5073 | ||||||
Warrants redeemed (in shares) | 295,305 | ||||||
Change in fair value of warrants | $ (48,719) | $ (316,896) | |||||
Warrant liability | $ 184,159 | 100,225 | $ 135,440 | $ 124,330 | |||
Public Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Outstanding warrants (in shares) | 0 | 0 | |||||
Change in fair value of warrants | $ 0 | (283,296) | |||||
Warrant liability | $ 0 | $ 19,345 | $ 0 | $ 77,050 | |||
Private Placement | |||||||
Class of Warrant or Right [Line Items] | |||||||
Outstanding warrants (in shares) | 8,000,000 | 8,000,000 |
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, 2021 | Mar. 31, 2020 | |
Basic and diluted: | ||
Net loss | $ (129,694) | $ (376,826) |
Weighted average shares of common stock outstanding (in shares) | 234,191,636 | 202,409,552 |
Basic and diluted net loss per share (in dollars per share) | $ (0.55) | $ (1.86) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential effect of warrants to purchase stock | 8,000,000 | 10,419,699 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 32 |
Unrecognized stock-based compensation expense, excluding options | $ 106.6 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
Unrecognized compensation cost, period for recognition | 3 years 1 month 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] | |
Vesting period | 4 years |
Unrecognized compensation cost, period for recognition | 3 years 3 months 18 days |
Restricted stock units | Tranche one | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
Restricted stock units | Tranche two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
Restricted stock units | Tranche three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
Restricted stock units | Tranche four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
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, 2021 | Dec. 31, 2020 | |
Number of Shares | ||
Beginning balance (in shares) | 6,796,045 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (832,880) | |
Forfeited options (in shares) | (532,866) | |
Ending balance (in shares) | 5,430,299 | 6,796,045 |
Options exercisable at September 30, 2020 (in shares) | 1,811,328 | |
Weighted Average Exercise Price | ||
Weighted-average exercise price, beginning (in dollars per share) | $ 13.59 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 13.01 | |
Forfeited options (in dollars per share) | 13.93 | |
Weighted-average exercise price, ending (in dollars per share) | 13.65 | $ 13.59 |
Options exercisable at September 30, 2020 (in dollars per share) | $ 13.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average contractual term | 8 years 10 months 17 days | 8 years 7 months 20 days |
Options exercisable, weighted average contractual term | 7 years 4 months 28 days | |
Options outstanding, aggregate intrinsic value | $ 92,212 | $ 68,888 |
Options exercisable, aggregate intrinsic value | $ 31,082 |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 4,760,784 |
Granted (in shares) | shares | 567,255 |
Vested (in shares) | shares | (570,936) |
Forfeited (in shares) | shares | (598,982) |
Outstanding, ending balance (in shares) | shares | 4,158,121 |
Weighted Average Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 19.63 |
Granted (in dollars per share) | $ / shares | 41.74 |
Vested (in dollars per share) | $ / shares | 16.72 |
Forfeited (in dollars per share) | $ / shares | 16.42 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 23.51 |
Stock-Based Compensation (Compe
Stock-Based Compensation (Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 22,111 | $ 4,425 |
Stock option | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 9,829 | 3,104 |
Stock option | Selling, General & Administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 8,986 | 2,064 |
Stock option | Research & Development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 843 | 1,040 |
Restricted stock units | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 12,282 | 1,321 |
Restricted stock units | Selling, General & Administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 9,052 | 806 |
Restricted stock units | Research & Development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,230 | $ 515 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions) (Details) - Level 3 | Mar. 31, 2021employee | Dec. 31, 2020employee |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement inputs | 0.0051 | 0.0025 |
Contractual term | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contractual term | 3 years 6 months 29 days | 3 years 9 months 25 days |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement inputs | 0.80 | 0.80 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Values) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Warrant liability | $ 184,159 | $ 135,440 | $ 100,225 | $ 124,330 |
Fair Value, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets at fair value | 598,906 | 651,629 | ||
Warrant liability | 0 | 0 | ||
Total Liabilities | 0 | 0 | ||
Fair Value, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Warrant liability | 0 | 0 | ||
Total Liabilities | 0 | 0 | ||
Fair Value, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets at fair value | 0 | 0 | ||
Warrant liability | 184,159 | 135,440 | ||
Total Liabilities | 184,159 | 135,440 | ||
Fair Value, Recurring | Money Market | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 306,704 | 357,463 | ||
Fair Value, Recurring | Money Market | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 0 | 0 | ||
Fair Value, Recurring | Money Market | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 0 | 0 | ||
Fair Value, Recurring | Certificate of Deposit | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 91,838 | 93,802 | ||
Fair Value, Recurring | Certificate of Deposit | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 0 | 0 | ||
Fair Value, Recurring | Certificate of Deposit | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 0 | 0 | ||
Fair Value, Recurring | Cash Equivalents | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 200,364 | 200,364 | ||
Fair Value, Recurring | Cash Equivalents | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | 0 | 0 | ||
Fair Value, Recurring | Cash Equivalents | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets: | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Settlement amount awarded to other party | $ 1.9 | |
Loss contingency payable | $ 1.9 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Defined contributions | $ 1.1 | $ 1 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash payments for: | ||
Income tax paid | $ (52) | $ (46) |
Schedule for noncash investing activities | ||
Unpaid property, plant, and equipment received | 186 | 1,091 |
Schedule for noncash financing activities | ||
Issuance of common stock through "cashless" warrants exercised | 0 | 341,001 |
Issuance of common stock through restricted stock units vested | 22,825 | 0 |
Noncash financing activities | $ 22,825 | $ 341,001 |