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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows used in operating activities      
Net loss $ (74,676) $ (139,674) $ (256,256)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 508 528 656
Share-based compensation 64,035 52,832 43,013
Stock issued for services 82 92 90
Amortization of premiums and accretion of discounts on investment securities, net (9,029) (8,400) 447
Changes in operating assets and liabilities:      
Accounts receivable, net (52,482) (38,829) (55,033)
Inventory (14,905) (26,348) (15,972)
Prepaid expenses and other assets (67,791) (4,457) (19,749)
Accounts payable 14,622 1,057 1,704
Accrued and other current liabilities 37,271 8,287 8,584
Accrued customer programs 22,235 27,552 19,657
Accrued employee benefits 7,410 4,368 2,099
Lease liabilities, net (457) (1,207) 574
Net cash used in operating activities (73,177) (124,199) (270,186)
Cash flows (used in) provided by investing activities      
Purchases of investments (739,679) (415,269) (759,209)
Maturities of investments 404,851 521,079 631,614
Purchases of property and equipment (322) (269) (778)
Net cash (used in) provided by investing activities (335,150) 105,541 (128,373)
Cash flows provided by financing activities      
Proceeds of public offerings, net 543,086 0 433,718
Proceeds from exercise of stock options 24,422 17,810 21,441
Net cash provided by financing activities 567,508 17,810 455,159
Net increase (decrease) in cash, cash equivalents, and restricted cash 159,181 (848) 56,600
Cash, cash equivalents, and restricted cash at beginning of period 149,517 150,365 93,765
Cash, cash equivalents, and restricted cash at end of period 308,698 149,517 150,365
Cash paid for taxes 1,824 162 6
Non-cash investing and financing activities      
Right of use assets under operating leases $ 2,548 $ 0 $ 419