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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net loss $ (302,110) $ (169,514)
Non-cash adjustments reconciling net loss to operating cash flows:    
Change in fair value of long-term investment 6,682 0
Depreciation of property and equipment 705 253
Amortization of premium and accretion of discounts on investments 2,225 (863)
Share-based compensation expense 52,691 42,354
Changes in operating assets and liabilities:    
Other current assets (68,047) 1,029
Other long-term assets (8,550) (282)
Right-of-use asset 1,185 (127)
Lease liability 2,578 56
Accounts payable, accrued liabilities, deferred revenue and other liabilities 108,858 8,747
Cash flows used in operating activities (203,783) (118,347)
Investing activities:    
Purchases of short-term investments (765,888) (384,127)
Sales and maturities of short-term investments 352,258 240,878
Purchases of property and equipment (5,137) (1,425)
Cash flows used in investing activities (418,767) (144,674)
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 0 324,018
Proceeds from issuance of common stock under equity incentive plans 16,494 23,932
Proceeds from stock issuances under employee stock purchase plan 1,214 524
Cash flows provided by financing activities 17,708 348,474
(Decrease) increase in cash, cash equivalents and restricted cash (604,842) 85,453
Cash, cash equivalents and restricted cash, beginning of period 886,182 46,856
Cash, cash equivalents and restricted cash, end of period 281,340 132,309
Reconciliation of cash, cash equivalents and restricted cash, end of period:    
Cash and cash equivalents 280,720 131,689
Restricted cash included in other long-term assets 620 620
Total cash, cash equivalents and restricted cash 281,340 132,309
Supplemental disclosures of non-cash investing activities:    
Purchases of property and equipment included within accounts payable and accrued liabilities $ 0 $ 239