XML 17 R5.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (146,828) $ (122,055)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Stock-based compensation expense 20,038 18,553
Premium on marketable securities (29) (1,189)
Amortization of premium (discount) on marketable securities (3,179) 3,533
Depreciation expense 323 275
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (8,024) 2,635
Collaboration receivable - related party (1,342) (1,291)
Other long-term assets 515 (340)
Right-of-use operating asset 1,470 1,350
Operating lease liabilities, current 41 55
Operating lease liabilities, non-current (1,728) (1,568)
Accounts payable (6,550) (3,251)
Accrued expenses and other liabilities (8,389) (4,507)
Net cash used in operating activities (153,682) (107,800)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 351,982 292,539
Purchases of marketable securities (156,890) (301,928)
Purchases of property and equipment (225) (169)
Net cash provided by (used in) investing activities 194,867 (9,558)
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 3,301 1,799
Payment of employee tax obligations related to vesting of restricted stock units (629)  
Net cash provided by financing activities 2,672 1,799
Net increase (decrease) in cash, cash equivalents and restricted cash 43,857 (115,559)
Cash, cash equivalents and restricted cash at beginning of period 163,969 295,502
Cash, cash equivalents and restricted cash at end of period $ 207,826 $ 179,943