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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (304,888) $ (508,783)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 45,072 60,422
Premium on marketable securities (186) (71)
Amortization of discount on marketable securities (5,538) (12,521)
Depreciation expense 902 984
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 12,195 16,121
Collaboration receivable - related party 68,138 (8,853)
Other long-term assets 2,873 (1,823)
Right-of-use operating asset 4,679 4,506
Operating lease liabilities, current (5,082) (676)
Operating lease liabilities, non-current 149 (4,491)
Accounts payable (3,192) (7,677)
Accrued expenses and other liabilities (15,756) 41,796
Net cash used in operating activities (200,634) (421,066)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 582,357 861,231
Purchases of marketable securities (362,253) (459,714)
Purchases of property and equipment 0 (665)
Net cash provided by investing activities 220,104 400,852
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 3,020 6,930
Payments of offering costs (117) 0
Proceeds from public offerings of common stock, net of commissions and underwriting discounts 8,164 0
Payment of employee tax obligations related to vesting of restricted stock units (402) (641)
Net cash provided by financing activities 10,665 6,289
Net increase (decrease) in cash, cash equivalents and restricted cash 30,135 (13,925)
Cash, cash equivalents and restricted cash at beginning of period 72,324 163,969
Cash, cash equivalents and restricted cash at end of period 102,459 150,044
Supplemental disclosure of non-cash operating activities    
Right-of-use assets obtained in exchange for new operating lease liabilities $ 11,472 $ 0