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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (373,630) $ (295,350) $ (241,846)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 49,735 31,625 26,873
Depreciation and amortization expense 527 467 405
Amortization of debt issuance costs and discount 2,414 797 0
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (555) (1,257) (325)
Accounts payable 4,210 2,451 20,363
Accrued expense (1,481) 36,413 9,826
Accrued interest, net of interest received on maturity of investments (5,450) (3) 787
Net cash used in operating activities (324,230) (224,857) (183,917)
Cash flows from investing activities:      
Purchases of marketable securities (834,439) (143,478) (394,120)
Sales and maturities of marketable securities 333,398 350,381 389,274
Purchases of property and equipment, net of disposals (1,479) (217) (209)
Net cash provided by (used in) investing activities (502,520) 206,686 (5,055)
Cash flows from financing activities:      
Proceeds from issuance of loan payable 65,000 50,000 0
Payment of debt issuance costs (363) (886) 0
Net cash provided by financing activities 595,116 313,451 171,237
Net increase (decrease) in cash and cash equivalents (231,634) 295,280 (17,735)
Cash and cash equivalents at beginning of period 331,549 36,269 54,004
Cash and cash equivalents at end of period 99,915 331,549 36,269
Supplemental disclosure of cash flow information:      
Obtaining a right-of-use asset in exchange for a lease liability 1,628 583 376
Related Party      
Cash flows from financing activities:      
Proceeds from issuance or sale of equity 270,292 8,955 1,030
Nonrelated Party      
Cash flows from financing activities:      
Proceeds from issuance or sale of equity $ 260,187 $ 255,382 $ 170,207