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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net loss $ (182,393) $ (125,373) $ (78,882)
Items not involving cash:      
Depreciation 3,541 1,624 906
Deferred income tax (recovery) expense (292) (44) 58
Stock-based compensation 32,372 20,376 10,017
Unrealized foreign exchange (gain) loss (640) 2,729 327
Unrealized fair value (gain) loss on trading securities (3,550) 2,934 719
Changes in operating assets and liabilities:      
Accounts receivable 130 1,757 (459)
Prepaid expenses and other current assets 1,574 (10,495) (1,517)
Accounts payable and accrued expenses 3,931 8,062 2,971
Deferred revenue     (3,642)
Net cash used in operating activities (145,327) (98,430) (69,502)
Investing activities:      
Purchases of property, plant and equipment (5,617) (2,894) (2,050)
Purchase of marketable securities (793,907) (551,137) (389,474)
Proceeds from marketable securities 682,354 258,028 144,754
Net cash used in investing activities (117,170) (296,003) (246,770)
Financing activities:      
Issuance of common shares and pre-funded warrants, net of issuance costs (note 10a and note 10e) 353,487 277,766 447,283
Issuance of common shares pursuant to exercise of stock options 35 705 260
Net cash provided by financing activities 353,522 278,471 447,543
Effect of exchange rate changes on cash and cash equivalents 376 (2,484) (592)
Increase (decrease) in cash and cash equivalents 91,401 (118,446) 130,679
Cash and cash equivalents, beginning of year 57,242 175,688 45,009
Cash and cash equivalents, end of year 148,643 57,242 175,688
Supplemental disclosures:      
Cash paid for operating lease 1,624 919 824
Cash received for lease incentives 1,489    
Supplemental disclosures of non-cash transactions:      
Fair value of stock options exercised on a cashless basis 5,250 4,491 3,349
Fair value of pre-funded warrants exercised $ 35,913    
Purchases of property, plant and equipment included in accounts payable and accrued expenses   391  
Right-of-use asset obtained in exchange for new operating lease liability (note 8)   $ 3,019  
Increase in operating lease liability and accounts receivable related to lease incentives claimed in the period (note 8)     493
Increase in operating lease right-of-use asset and operating lease liability related to lease amendments (note 8)     $ 5,248