SEC Filings

10-Q
ARRAY BIOPHARMA INC filed this Form 10-Q on 05/10/2017
Entire Document
 

Cash Flow Activities
 
Below is a summary of our cash flow activities (in thousands):
 
Nine Months Ended March 31,
 
 
 
2017
 
2016
 
$ Change
Cash flows provided by (used in):
 
 
 
 
 
Operating activities
$
(56,661
)
 
$
(62,628
)
 
$
5,967

Investing activities
(72,465
)
 
64,451

 
(136,916
)
Financing activities
156,277

 
4,944

 
151,333

Total
$
27,151

 
$
6,767

 
$
20,384


Net cash used in operating activities decreased approximately $6.0 million between the comparable periods. The decrease in net cash used in operating activities was mainly due to the increase in net loss of approximately $19.4 million offset by a change in working capital items of approximately $19.8 million and an increase in non-cash adjustments of $5.6 million.
 
Net cash used in investing activities increased $136.9 million due to a decrease in proceeds from maturities and sales of investment securities and an increase in purchases of securities during the current period following our public offering of shares of common stock in October 2016, as compared to the prior year period where maturities and sales of investment securities exceeded purchases.

Net cash provided by financing activities increased $151.3 million primarily related to $124.2 million in net proceeds from the follow-on offering of our common stock in October 2016, $16.7 million increased net proceeds for at-the-market sales of our common stock under our Sales Agreement with Cantor, and $9.8 million in net proceeds from the Convertible Promissory Notes we issued to Redmile in September 2016.

Recent Accounting Pronouncements

Our discussion of recently adopted accounting pronouncements and other recent accounting pronouncements is set forth in Note 1 - Overview, Basis of Presentation and Summary of Significant Accounting Policies to the accompanying unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk represents the risk of loss that may impact our financial position, results of operations or cash flows due to adverse changes in financial and commodity market prices and fluctuations in interest rates. All of our collaboration and license agreements and nearly all purchase orders are denominated in U.S. dollars. As a result, historically and as of March 31, 2017, we have had minimal exposure to market risk from changes in foreign currency or exchange rates.


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