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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (234,330) $ (182,393) $ (125,373)
Adjustments to reconcile net loss to net cash used in operating activities:      
Interest receivable and accretion of discounts on marketable securities 816 (5,785) (2,598)
Depreciation of property, plant and equipment 2,560 2,061 1,405
Non-cash operating lease expense 1,254 1,213 819
Deferred income tax recovery (8,864) (292) (44)
Stock-based compensation 50,717 32,372 20,376
Unrealized foreign exchange (gain) loss 745 (640) 2,729
Unrealized fair value (gain) loss on trading securities   (3,550) 2,934
Changes in operating assets and liabilities:      
Accounts receivable (614) 130 1,757
Prepaid expenses and other current assets (984) 1,574 (10,495)
Accounts payable and accrued liabilities 8,531 3,931 8,062
Operating lease liability (1,220) 267 (600)
Net cash used in operating activities (181,389) (151,112) (101,028)
Investing activities:      
Purchases of property, plant and equipment (3,075) (5,617) (2,894)
Purchase of marketable securities (532,268) (793,907) (551,137)
Proceeds from marketable securities 700,343 688,139 260,626
Net cash provided by (used in) investing activities 165,000 (111,385) (293,405)
Financing activities:      
Proceeds from public offerings, net 12,083 353,487 277,766
Proceeds from exercise of stock options 47 35 705
Net cash provided by financing activities 12,130 353,522 278,471
Effect of exchange rate changes on cash and cash equivalents (1,672) 376 (2,484)
Increase (decrease) in cash and cash equivalents (5,931) 91,401 (118,446)
Cash and cash equivalents, beginning of year 148,643 57,242 175,688
Cash and cash equivalents, end of year 142,712 148,643 57,242
Supplemental disclosures:      
Cash paid for operating lease 1,672 1,624 919
Cash received for lease incentives   1,489  
Supplemental disclosures of non-cash transactions:      
Fair value of stock options exercised on a cashless basis $ 8,305 5,250 4,491
Fair value of pre-funded warrants exercised   $ 35,913  
Purchases of property, plant and equipment included in accounts payable and accrued liabilities     391
Right-of-use asset obtained in exchange for new operating lease liability     $ 3,019