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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net loss $ (245,595) $ (221,863) $ (169,069)
Adjustments to reconcile net loss to net cash used in operating activities:      
Accretion of discount on convertible notes 0 0 753
Depreciation and amortization of property and equipment 4,944 3,932 3,240
Amortization of finance lease right of use asset 2,154 2,334 2,133
Impairment of acquired intangible asset 574 0 0
Write down of property and equipment 311 236 261
Stock-based compensation 39,406 31,009 29,237
Accretion of discount and amortization of premium on investments, net (10,168) 134 2,887
Expense in connection with warrant issuance 0 0 12,781
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 2,694 (3,593) 1,307
Accounts payable and accrued expenses 10,147 9,674 (4,827)
Operating lease liability and right of use asset, net 137 (120) (11)
Finance lease liability 139 172 201
Other liabilities 341 (57) (56)
Net cash used in operating activities (194,916) (178,142) (121,163)
Investing activities:      
Purchases of investments (390,920) (376,327) (245,875)
Proceeds from maturities of investments 309,326 272,894 272,443
Cash proceeds from acquisition of business, net of cash paid 0 42,726 0
Payments made to acquire right of use asset (36) (261) (95)
Purchases of property and equipment (16,436) (8,358) (7,620)
Net cash (used in) provided by investing activities (98,066) (69,326) 18,853
Financing activities:      
Issuance of common stock, pursuant to exercise of stock options 2,231 631 11,327
Treasury stock repurchase 0 (47) 0
Issuance of common stock, pursuant to sale of treasury stock 56 0 0
Issuance of common stock, pursuant to exercise of warrants 7 0 0
Net cash provided by financing activities 208,401 155,288 37,681
Net change in cash, cash equivalents and restricted cash (84,581) (92,180) (64,629)
Cash, cash equivalents and restricted cash at beginning of period 141,857 234,037 298,666
Cash, cash equivalents and restricted cash at end of period 57,276 141,857 234,037
Supplemental disclosure of non-cash financing and investing activities:      
Accrued purchases of property and equipment, ending balance 1,077 2,095 728
Operating lease liabilities 2,929 0 0
Unrealized gain (loss) on investments 676 (196) (119)
Conversion of convertible notes into common stock 0 0 40,694
Issuance of common stock related to acquisition 0 70,724 0
Reclassification of construction in process from finance right of use asset 0 261 98
Supplemental cash flow information:      
Cash paid for interest 0 0 148
Public Offering      
Financing activities:      
Issuance of common stock, net of issuance costs 188,885 108,138 26,354
At-the-Market Offering Program      
Financing activities:      
Issuance of common stock, net of issuance costs $ 17,222 $ 46,566 $ 0