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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (141,795) $ (100,222)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,723 2,125
Stock-based compensation 39,873 26,230
Accretion and amortization of premiums and discounts on investments, net 1,398 2,629
Amortization of collaboration contract assets 763 1,602
Deferred revenue 2,793 (5,208)
Change in fair value of stock price appreciation milestones (14,240) 7,956
Changes in operating assets and liabilities:    
Accounts receivable (4,450) (4,788)
Prepaid expenses and other assets (8,136) (1,669)
Accounts payable and accrued expenses 586 9,550
Right-of-use assets and lease liabilities, net (287) 2,593
Net cash used in operating activities (117,772) (59,202)
Investing activities    
Purchases of property and equipment (20,213) (17,600)
Purchases of investments (196,115) (629,244)
Maturities of investments 249,589 173,584
Net cash provided by (used in) investing activities 33,261 (473,260)
Financing activities    
Issuance of common stock from equity incentive plans, net of issuance costs 6,203 9,323
Proceeds from public offering of common stock and issuance of pre-funded warrants, net of issuance costs 0 432,446
Net cash provided by financing activities 6,203 441,769
Net change in cash, cash equivalents and restricted cash (78,308) (90,693)
Cash, cash equivalents and restricted cash at beginning of the period 148,810 182,574
Cash, cash equivalents and restricted cash at end of the period 70,502 91,881
Supplemental schedule of noncash investing and financing activities    
Purchases of property and equipment in accounts payable 1,469 1,435
Right-of use assets obtained in exchange for lease obligations $ 518 $ 1,546