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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 $ (436,367) $ (248,705) $ (187,091)
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss on disposal of fixed assets 52 19 119
Amortization of intangible assets 1,068 1,069 1,069
Stock-based compensation expense 61,772 31,196 20,724
Depreciation 5,042 3,972 3,083
Change in fair value of warrant liability and contingent earn-out shares 115 0 0
Net amortization of premium or discount on marketable securities (22,205) (3,078) 3,012
Amortization of operating lease right-of-use asset 3,199 4,615 3,180
Changes in operating assets and liabilities:      
Accounts receivable 3,419 1,256 464
Prepaid expenses and other current assets (2,646) (3,779) 198
Accounts payable 32,469 7,288 2,239
Accrued expenses and other current liabilities 14,668 1,502 8,720
Deferred revenue (4,459) (14,472) (1,661)
Operating lease liability (1,532) (2,428) (1,468)
Deferred tax liability (3,910) (419) 0
Other noncurrent assets (1,414) (2,247) 81
Other noncurrent liabilities 157 (190) 151
Net cash used in operating activities (350,572) (224,401) (147,180)
Cash flows from investing activities      
Purchases of marketable securities (1,058,916) (612,769) (671,335)
Maturities of marketable securities 724,047 599,469 526,754
Sales of marketable securities 0 0 8,992
Purchases of property and equipment (7,729) (10,816) (6,528)
Net cash used in investing activities (342,598) (24,116) (142,117)
Cash flows from financing activities      
Cash, cash equivalents and restricted cash acquired in connection with EQRx Acquisition, net of transaction costs 840,834 0 0
Proceeds from issuance of common stock, net of issuance costs 323,706 248,126 281,145
Proceeds from issuance of common stock from at-the-market offering, net of transaction costs 62,053 49,919 10,096
Proceeds from issuance of common stock under equity incentive plans 3,316 1,481 1,487
Proceeds from issuance of common stock under employee stock purchase plan 3,317 1,864 1,875
Tax payment for common stock withheld in satisfaction of withholding tax requirements (4,026) 0 0
Payments of deferred offering costs 0 42 (424)
Net cash provided by financing activities 1,229,200 301,432 294,179
Net increase in cash, cash equivalents and restricted cash 536,030 52,915 4,882
Cash, cash equivalents and restricted cash - beginning of year 163,149 110,234 105,352
Cash, cash equivalents and restricted cash - end of year 699,179 163,149 110,234
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 696,148 161,412 108,497
Restricted cash 3,031 1,737 1,737
Cash, cash equivalents and restricted cash - end of period 699,179 163,149 110,234
Supplemental disclosure of non-cash investing and financing activities      
Issuance of common stock for EQRx acquisition 1,085,676 0 0
Fair value of net assets acquired in connection with EQRx Acquisition 291,475 0 0
EQRx acquisition transaction costs incurred but not paid 100 0 0
Vesting of early exercised options and restricted stock 0 143 149
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities 2,611 1,419 1,129
Advance payments for property and equipment 180 82 0
Right-of-use assets obtained in exchange for operating lease liabilities 25,271 0 35,437
Unpaid/deferred offering costs $ 2 $ 2 $ 110