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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (541,489) $ (532,784) $ (457,892)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 73,367 61,602 104,629
Premium on marketable securities (132) (1,500) (23,641)
Amortization of premium (discount) on marketable securities (6,340) 5,853 13,046
Depreciation expense 1,393 1,122 4,182
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 19,001 (10,985) (17,020)
Collaboration receivable - related party (69,349) 4,846 (18,506)
Other long-term assets (1,778) (519) (910)
Right-of-use operating asset 6,074 5,577 5,221
Operating lease liabilities, current (2,478) 175 206
Operating lease liabilities, non-current (4,491) (6,473) (5,944)
Accounts payable (8,495) 8,433 6,689
Accrued expenses and other liabilities (5,868) 4,617 11,758
Net cash used in operating activities (540,585) (460,036) (378,182)
Cash flows from investing activities      
Proceeds from sales and maturities of marketable securities 1,038,136 1,207,407 988,075
Purchases of marketable securities (594,670) (881,037) (1,990,151)
Purchases of property and equipment (553) (937) (372)
Net cash provided by (used in) investing activities 442,913 325,433 (1,002,448)
Cash flows from financing activities      
Proceeds from stock option exercises and employee stock purchase plan issuances 6,930 3,113 14,719
Payment of employee tax obligations related to vesting of restricted stock units (903) (43) (1,385)
Net cash provided by financing activities 6,027 3,070 13,334
Net decrease in cash, cash equivalents and restricted cash (91,645) (131,533) (1,367,296)
Cash, cash equivalents and restricted cash at beginning of period 163,969 295,502 1,662,798
Cash, cash equivalents and restricted cash at end of period $ 72,324 163,969 295,502
Supplemental disclosure of non-cash operating activities      
Purchases of property and equipment included in accounts payable   $ 137 70
Lease asset de-recognized upon lease cancellation     $ 3,733