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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (258,746) $ (245,595) $ (221,863)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization of property and equipment 7,221 4,944 3,932
Amortization of finance lease right of use asset 2,154 2,154 2,334
Impairment of acquired intangible asset 0 574 0
Write down of property and equipment, net 0 311 236
Stock-based compensation 43,920 39,406 31,009
Accretion of discount and amortization of premium on investments, net (8,068) (10,168) 134
Change in fair value of warrant liabilities 1,876 (364)  
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (661) 2,694 (3,593)
Accounts payable and accrued expenses 6,067 10,147 9,674
Operating lease liabilities and right of use assets, net 89 137 (120)
Finance lease liability 95 139 172
Other liabilities (3,671) 705 (57)
Net cash used in operating activities (209,724) (194,916) (178,142)
Investing activities:      
Purchases of investments (245,886) (390,920) (376,327)
Proceeds from maturities of investments 383,454 309,326 272,894
Cash proceeds from acquisition of business, net of cash paid 0 0 42,726
Payments made to acquire right of use asset 0 (36) (261)
Purchases of property and equipment (5,862) (16,436) (8,358)
Net cash provided by/(used in) investing activities 131,706 (98,066) (69,326)
Financing activities:      
Issuance of common stock, pursuant to exercise of stock options 3,211 2,231 631
Treasury stock repurchase 0 0 (47)
Issuance of common stock, pursuant to sale of treasury stock 0 56 0
Issuance of common stock, pursuant to exercise of warrants 0 7 0
Net cash provided by financing activities 185,739 208,401 155,288
Net change in cash, cash equivalents and restricted cash 107,721 (84,581) (92,180)
Cash, cash equivalents and restricted cash at beginning of period 57,276 141,857 234,037
Cash, cash equivalents and restricted cash at end of period 164,997 57,276 141,857
Supplemental disclosure of non-cash financing and investing activities:      
Accrued purchases of property and equipment, ending balance 185 1,077 2,095
Receivables from sale of property and equipment, ending balance 135 0 0
Operating lease liabilities 1,134 2,929 0
Operating lease right of use assets 1,134 2,958 0
Unrealized (loss) gain on investmentss (253) 676 (196)
Issuance of common stock related to acquisition 0 0 70,724
Reclassification of construction in process from finance right of use asset 0 0 261
Public Offering      
Financing activities:      
Issuance of common stock, net of issuance costs 182,528 188,885 108,138
At-the-Market Offering      
Financing activities:      
Issuance of common stock, net of issuance costs $ 0 $ 17,222 $ 46,566