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Unaudited Condensed Consolidated Statement of Cash flows
€ in Thousands, $ in Millions
 6 Months Ended
Jun. 30, 2018
EUR (€)
Jun. 30, 2017
EUR (€)
Cash flows from operating activities    
Result after taxation € (13,026) € (39,324) [1]
Adjustments for:    
Changes in fair value derivative [1]   10,667
Unrealized foreign exchange results (3,648) 12,357 [1]
Depreciation and amortization 218 147 [1]
Share-based payment expenses 4,554 7,880 [1]
Net finance (income) expenses (531) (593) [1]
Cash flows from (used in) operations before changes in working capital (12,433) (8,866) [1]
Changes in working capital:    
Taxes and social security assets [1]   (2,024)
Trade and other receivables (959) (1,946) [1]
Other assets (38)  
Trade payables 2,307 1,673 [1]
Other liabilities and accruals 2,233 1,784 [1]
Deferred revenue (5,796) (6,899) [1]
Taxes and social security liabilities (143) 719 [1]
Cash used in operations (14,829) (15,559) [1]
Interest paid (1) (5) [1]
Taxes paid (302) (12) [1]
Net cash used in operating activities (15,132) (15,576) [1]
Cash flow from investing activities    
Purchases of investments (29,560)  
Proceeds from investment maturities 18,931  
Purchase of intellectual property (100)  
Acquisition of property, plant and equipment (624) (525) [1]
Interest received 602 496 [1]
Net cash used in investing activities (10,751) (29) [1]
Cash flow from financing activities    
Proceeds from issuing shares, net of issuance costs 44,731 74,431 [1]
Proceeds from stock option exercises [1]   227
Proceeds from collaboration and license agreement [1]   111,993
Repayment of borrowings [1]   (486)
Increase in restricted cash [1]   167
Net cash from financing activities 44,731 186,332 [1]
Net increase in cash and cash equivalents 18,848 170,727 [1]
Effects of exchange rate changes on cash and cash equivalents 1,801 (11,856) [1]
Cash and cash equivalents as at beginning of period [1] 149,678 56,917
Cash and cash equivalents as at end of period 170,327 € 215,788 [1]
Changes in accrued capital expenditures € 271  
[1] See Note 3 for details regarding the restatement as a result of a change in accounting policy.