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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities:      
Net loss $ (819,378) $ (618,695) $ (789,608)
Adjustments to reconcile net loss to net cash used in operating    activities:      
Change in fair value of contingent consideration 387 (6,468) 2,747
Depreciation and amortization 19,649 19,356 17,434
Stock-based compensation expense 127,915 156,631 160,629
Unrealized loss (gain) on equity securities (29,356) 7,217 9,297
Excess inventory reserve 29,924 0 0
Other non-cash items 17,235 458 (11,000)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (5,289) (10,089) (13,913)
Inventory (18,447) 0 0
Operating lease right-of-use assets 30,148 21,281 22,496
Accounts payable 9,286 (20,100) 23,600
Accrued expenses and other liabilities 40,025 4,835 29,617
Operating lease liabilities (32,142) (17,380) (9,944)
Collaboration research advancement (5,596) (7,397) (5,739)
Net cash used in operating activities (635,639) (470,351) (564,384)
Cash flows from investing activities:      
Purchase of property, plant and equipment (14,503) (28,986) (71,028)
Purchases of marketable securities (451,391) (1,003,525) (756,570)
Proceeds from maturities of marketable securities 895,333 918,288 1,340,629
Proceeds from sales of marketable securities 31,318 29,878 0
Proceeds from sale of Durham, North Carolina manufacturing facility 110,300 0 0
Purchase of intangible assets (8,500) 0 (5,224)
Net cash provided by (used in) investing activities 562,557 (84,345) 507,807
Cash flows from financing activities:      
Net cash transferred to 2seventy bio at separation (174,284) 0 0
Proceeds from exercise of stock options and ESPP contributions 5,355 5,179 21,187
Net cash provided by (used in) financing activities (93,954) 546,715 21,187
Decrease in cash, cash equivalents and restricted cash (167,036) (7,981) (35,390)
Cash, cash equivalents and restricted cash at beginning of year 373,728 381,709 417,099
Cash, cash equivalents and restricted cash at end of year 206,692 373,728 381,709
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 161,160 317,705 327,214
Restricted cash included in receivables and other current assets 2,282 1,500 0
Restricted cash included in restricted cash and other non-current assets 43,250 54,523 54,495
Total cash, cash equivalents and restricted cash 206,692 373,728 381,709
Supplemental cash flow disclosures:      
Purchases of property, plant and equipment included in accounts    payable and accrued expenses 411 2,854 5,286
Right-of-use assets obtained in exchange for operating lease liabilities 202,221 19,414 23,939
Reduction of right of use asset and associated lease liability due to lease reassessment (9,004) 0 0
Issuance of unrestricted stock awards to settle accrued employee compensation 25,074 0 0
Cash paid during the period for interest 0 0 0
Cash paid during the period for income taxes 617 361 637
Private Placement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 74,975 0 0
Public Offering      
Cash flows from financing activities:      
Proceeds from issuance of common stock $ 0 $ 541,536 $ 0