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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (197,533) $ (91,777)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 32,400 30,573
Depreciation 803 518
Accretion of discount on marketable securities 1,423 2,771
Amortization of right-of-use operating lease asset 1,767 965
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,501) (5,589)
Other assets (18) 0
Accounts payable 2,225 1,612
Accrued expenses and other liabilities (1,566) 5,719
Accrued compensation (629) (2,861)
Net cash used in operating activities (163,629) (58,069)
Investing activities    
Purchases of marketable securities (164,537) (255,763)
Sales and maturities of marketable securities 183,038 169,434
Purchases of property and equipment (1,974) (874)
Net cash provided by (used in) investing activities 16,527 (87,203)
Financing activities    
Proceeds from issuance of common stock under equity incentive plans 9,370 19,020
Net cash provided by financing activities 9,370 19,020
Net decrease in cash, cash equivalents and restricted cash (137,732) (126,252)
Cash, cash equivalents and restricted cash at the beginning of period 429,755 554,174
Cash, cash equivalents and restricted cash at the end of period 292,023 427,922
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 1
Supplemental disclosure of non-cash investing and financing information:    
Purchases of property and equipment in accounts payable 53 250
Operating lease liabilities arising from obtaining right-of-use assets $ 1,192 $ 3,544