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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (295,746) $ (278,961)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense on liabilities related to revenue participation right purchase agreements 27,311 21,837
Stock-based compensation expense 51,084 46,234
Non-cash lease expense 2,566 2,049
Depreciation of property and equipment 4,585 4,737
Change in fair value of derivative liabilities (2,600) 600
Change in fair value of liabilities related to RPI Transactions 10,700 (200)
Realized gain on investment, net (16) 0
Interest receivable and amortization on investments (10,206) (13,723)
Non-cash interest expense related to debt 8,783 4,541
Changes in operating assets and liabilities:    
Accounts receivable 8,240 1,283
Prepaid and other assets (5,013) 1,531
Accounts payable (3,626) (12,105)
Deferred revenue (51,026) 0
Accrued and other liabilities (382) (1,406)
Operating lease liabilities (4,466) (3,404)
Other non-current liabilities (41) (1,833)
Net cash used in operating activities (259,853) (228,820)
Cash flows from investing activities:    
Purchases of investments (382,071) (957,890)
Investment in non-marketable equity security (5,000) 0
Maturities and paydown of investments 549,725 340,898
Sales of investments 5,992 0
Purchases of property and equipment (9,809) (1,915)
Net cash provided by (used in) investing activities 158,837 (618,907)
Cash flows from financing activities:    
Repayment of finance lease liabilities (204) (460)
Repayment of term loans (5,378) (3,350)
Proceeds from RPI Transactions 75,000 200,000
Proceeds from issuance of common stock related to private placement, net of issuance costs 0 50,000
Proceeds from issuance of common stock under equity incentive and stock purchase plans 14,396 40,217
Taxes paid related to net share settlement of equity awards (527) (18,449)
Net cash provided by financing activities 83,287 924,802
Effect of exchange rate changes on cash (952) 43
Net (decrease) increase in cash, cash equivalents, and restricted cash (18,681) 77,118
Cash, cash equivalents, and restricted cash, beginning of period 95,232 113,399
Cash, cash equivalents, and restricted cash, end of period 76,551 190,517
Supplemental cash flow disclosures:    
Cash paid for interest 10,253 10,878
Non-cash investing and financing activities:    
Right-of-use assets recognized in exchange for operating lease obligations 3,501 311
Amounts unpaid for purchases of property and equipment 2,830 68
At The Market Offering [Member]    
Cash flows from financing activities:    
Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs 0 93,640
Public Offering [Member]    
Cash flows from financing activities:    
Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs $ 0 $ 563,204