v3.19.3.a.u2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Entities that Accounted for More than 10% of Total Revenue and Accounts Receivable | A significant portion of our revenue to date has been generated from the following entities that accounted for more than 10% of total revenue and accounts receivable for the periods presented:
| Percentage of Revenue Years Ended December 31, |  | Percentage of Accounts Receivable December 31,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018
Merck | 61 | % |  | 49 | % |  | 31 | % |  | 13 | % |  | 30 | %
BARDA | 13 | % |  | * |  |  | 10 | % |  | 54 | % |  | 13 | %
Vertex | 10 | % |  | * |  |  | * |  |  | 17 | % |  | 22 | %
AstraZeneca | * |  |  | 34 | % |  | 15 | % |  | * |  |  | * |
Alexion | * |  |  | * |  |  | 36 | % |  | * |  |  | * |
DARPA | * |  |  | * |  |  | * |  |  | * |  |  | 16 | %
Massachusetts Life Sciences Center | * |  |  | * |  |  | * |  |  | * |  |  | 12 | %
________ * - Represents an amount of less than 10%
Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are described below:
|  | Estimated Useful Life
Laboratory equipment |  | 5 years
Leasehold improvements |  | Lesser of estimated useful life of improvement or remaining life of related lease
Computer equipment and software |  | 3 years
Other assets including automobiles, furniture and fixtures |  | 5 years
Right of use asset, financing |  | Lease term
Property and equipment, net as of December 31, 2019 and 2018 consists of the following (in thousands):
|  | December 31,
|  | 2019 |  | 2018
Building (1) |  | $ | — |  |  | $ | 140,442 |
Laboratory equipment |  | 108,257 |  |  | 96,907 |
Leasehold improvements (1) |  | 152,426 |  |  | 13,741 |
Furniture, fixtures and other |  | 3,316 |  |  | 2,122 |
Computer equipment and software |  | 11,985 |  |  | 11,513 |
Internally developed software |  | 7,020 |  |  | 7,020 |
Right-of-use asset, financing |  | 9,853 |  |  | — |
Construction in progress |  | 3,222 |  |  | 4,688 |
|  | 296,079 |  |  | 276,433 |
Less: Accumulated depreciation |  | (94,584 | ) |  | (64,456 | )
Property and equipment, net |  | $ | 201,495 |  |  | $ | 211,977 |
_________ (1) Leasehold improvements related to our Moderna Technology Center manufacturing facility were previously capitalized as building under ASC 840 and are now included in leasehold improvements under ASC 842 (Note 2).
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive gain (loss) for the years ended December 31, 2019 and 2018 are as follows (in thousands):
| Unrealized Gain (Loss) on Available-for-Sale Debt Securities
Accumulated other comprehensive loss, balance at December 31, 2017 | $ | (1,157 | )
Other comprehensive loss | (163 | )
Accumulated other comprehensive loss, balance at December 31, 2018 | (1,320 | )
Other comprehensive income | 3,124 |
Accumulated other comprehensive gain, balance at December 31, 2019 | $ | 1,804 |
Effect of Adoption of ASC 606 on Condensed Financial Statements | The following tables summarize the effects of adopting ASC 606 on our consolidated financial statements at December 31, 2019, and for the year ended December 31, 2019 (in thousands, except per share data):
|  | As of December 31, 2019
Consolidated Balance Sheet |  | As reported under ASC 606 |  | Adjustments |  | Balance without adoption of ASC 606
Deferred revenue, current |  | $ | 63,310 |  |  | $ | (8,054 | ) |  | $ | 55,256 |
Deferred revenue, non-current |  | 138,995 |  |  | 4,012 |  |  | 143,007 |
Accumulated deficit |  | (1,496,454 | ) |  | 6,785 |  |  | (1,489,669 | )
|  | Year Ended December 31, 2019
Consolidated Statement of Operations |  | As reported under ASC 606 |  | Adjustments |  | Amount without adoption of ASC 606
Revenue: |  |  |  |  |  |
Collaboration revenue |  | $ | 42,803 |  |  | $ | 2,767 |  |  | $ | 45,570 |
Collaboration revenue from related party |  | 5,233 |  |  | 32,002 |  |  | 37,235 |
Total revenue |  | 60,209 |  |  | 34,769 |  |  | 94,978 |
Loss from operations |  | (545,720 | ) |  | 34,769 |  |  | (510,951 | )
Loss before income taxes |  | (514,716 | ) |  | 34,769 |  |  | (479,947 | )
Net loss |  | (514,021 | ) |  | 34,769 |  |  | (479,252 | )
Net loss per share - basic and diluted |  | (1.55 | ) |  | 0.10 |  |  | (1.45 | )
The cumulative effect of applying both ASC 606 and ASC 842 on our consolidated balance sheets as of January 1, 2019 was as follows (in thousands):
|  | Balance as of December 31, 2018 (1) |  | Effect of the Adoption of |  | Balance as of January 1, 2019
|  |  | ASC 842 |  | ASC 606 |
Assets: |  |
Accounts receivable |  | $ | 11,686 |  |  | $ | — |  |  | $ | (2,738 | ) |  | $ | 8,948 |
Prepaid expenses and other current assets |  | 28,399 |  |  | (300 | ) |  | — |  |  | 28,099 |
Property and equipment, net |  | 211,977 |  |  | (2,483 | ) |  | — |  |  | 209,494 |
Right-of-use assets, operating leases |  | — |  |  | 63,334 |  |  | — |  |  | 63,334 |
Total assets |  | $ | 1,962,149 |  |  | $ | 60,551 |  |  | $ | (2,738 | ) |  | $ | 2,019,962 |
Liabilities and Shareholders’ Equity: |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 109,056 |  |  | $ | — |  |  | $ | (27,281 | ) |  | $ | 81,775 |
Other current liabilities |  | 3,464 |  |  | 5,867 |  |  | — |  |  | 9,331 |
Deferred revenue, non-current |  | 165,352 |  |  | — |  |  | (3,441 | ) |  | 161,911 |
Operating lease liabilities, non-current |  | — |  |  | 64,250 |  |  | — |  |  | 64,250 |
Finance lease liabilities, non-current |  | — |  |  | 37,718 |  |  | — |  |  | 37,718 |
Deferred lease obligation, non-current |  | 10,006 |  |  | (10,006 | ) |  | — |  |  | — |
Lease financing obligation |  | 33,489 |  |  | (33,489 | ) |  | — |  |  | — |
Accumulated deficit |  | (1,006,627 | ) |  | (3,789 | ) |  | 27,984 |  |  | (982,432 | )
Total liabilities and shareholders’ equity |  | $ | 1,962,149 |  |  | $ | 60,551 |  |  | $ | (2,738 | ) |  | $ | 2,019,962 |
_______ (1) As reported in our 2018 Annual Report on Form 10-K. The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in thousands):
|  | Years Ended
Collaboration Revenue by Strategic Collaborator: |  | December 31, 2019 as reported (under ASU 606) |  | December 31, 2019 without adoption of 606 (under ASC 605) |  | December 31, 2018 as reported (under ASC 605)
Merck |  | $ | 36,608 |  |  | $ | 38,977 |  |  | $ | 66,082 |
AstraZeneca |  | 5,233 |  |  | 37,235 |  |  | 45,993 |
Vertex |  | 6,195 |  |  | 6,593 |  |  | 10,437 |
Total collaboration revenue |  | $ | 48,036 |  |  | $ | 82,805 |  |  | $ | 122,512 |
Reconciliation of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
|  | As of December 31,
|  | 2019 |  | 2018
Cash and cash equivalents |  | $ | 235,876 |  |  | $ | 658,364 |
Restricted cash |  | 1,032 |  |  | 595 |
Restricted cash, non-current |  | 10,791 |  |  | 11,532 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows |  | $ | 247,699 |  |  | $ | 670,491 |

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