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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net loss $ (125,373) $ (78,882) $ (28,837)
Items not involving cash:      
Depreciation 1,624 906 644
Amortization of discount on term loan 0 0 216
Deferred income tax (recovery) expense (44) 58 (285)
Stock-based compensation 20,376 10,017 5,677
Unrealized foreign exchange loss (gain) 2,729 327 (434)
Unrealized fair value loss (gain) on trading securities 2,934 719 (4)
Loss on repayment of term loan (note 11) 0 0 988
Changes in operating assets and liabilities:      
Accounts receivable 1,757 (459) (1,032)
Prepaid expenses and other current assets (10,495) (1,517) (269)
Accounts payable and accrued expenses 8,062 2,971 2,022
Deferred revenue 0 (3,642) (26,810)
Net cash used in operating activities (98,430) (69,502) (48,124)
Investing activities:      
Purchases of property, plant and equipment (2,894) (2,050) (2,637)
Purchase of marketable securities (551,137) (389,474) (228,897)
Proceeds from marketable securities 258,028 144,754 214,710
Net cash used in investing activities (296,003) (246,770) (16,824)
Financing activities:      
Repayment of term loan and repayment fees (note 11) 0 0 (16,743)
Issuance of common shares and pre-funded warrants, net of issuance costs (note 12a and note 12e) 277,766 447,283 102,456
Issuance of common shares pursuant to exercise of stock options 705 260 82
Net cash provided by financing activities 278,471 447,543 85,795
Effect of exchange rate changes on cash and cash equivalents (2,484) (592) (593)
Increase in cash and cash equivalents (118,446) 130,679 20,254
Cash and cash equivalents, beginning of year 175,688 45,009 24,755
Cash and cash equivalents, end of year 57,242 175,688 45,009
Supplemental disclosures:      
Interest paid 0 0 339
Interest received 8,694 3,517 4,115
Cash paid for operating lease 919 824 634
Supplemental disclosures of non-cash transactions:      
Fair value of stock options exercised on a cashless basis 4,491 3,349 887
Purchases of property, plant and equipment included in accounts payable and accrued expenses 391 0 0
Right-of-use asset obtained in exchange for new operating lease liability (note 9) 3,019 0 0
Increase in operating lease liability and accounts receivable related to lease incentives claimed in the period (note 9) 0 493 0
Increase in operating lease right-of-use asset and operating lease liability related to lease amendments (note 9) $ 0 $ 5,248 $ 2,907