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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (402,266) $ (223,485) $ (100,077)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,156 2,577 1,800
Stock-based compensation expense 48,760 23,650 10,729
Non-cash payments for acquired manufacturing rights 0 7,995 0
Loss on disposal of assets 0 44 97
Asset impairment charges 0 213 0
Amortization of operating right-of-use assets 7,015 6,619 1,657
Net amortization (accretion) of premium (discounts) on investments (34,775) (947) 1,406
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 17,870 433 (7,369)
Operating lease right-of-use assets (16,724) 0 0
Other assets (33,007) (465) (3,539)
Operating lease liabilities 11,284 1,151 (12,856)
Accounts payable 11,225 2,896 (12,470)
Accrued compensation 9,876 (2,275) 3,170
Accrued manufacturing expenses 44,501 3,826 (8,572)
Accrued expenses 36,295 7,171 4,631
Net cash used in operating activities (296,790) (170,597) (121,393)
Cash flows from investing activities:      
Purchases of property and equipment (16,062) (5,848) (6,555)
Purchases of investments (1,329,896) (102,745) (336,341)
Manufacturing facility and equipment construction-in-progress (51,815) 0 0
Maturities of investments 611,876 168,691 100,500
Sales of investments 12,586 14,480 30,062
Proceeds from sales of property and equipment 0 7 26
Net cash (used in) provided by investing activities (773,311) 74,585 (212,308)
Cash flows from financing activities:      
Proceeds from issuance of common stock and pre-funded warrants from follow-on offerings, net of issuance costs 545,302 759,181 0
Proceeds from issuance of common stock under ATM Sales Program, net of issuance costs 90,741 97,299 13,896
Proceeds from exercise of common stock options 5,608 4,895 3,012
Proceeds from issuance of common stock under Employee Stock Purchase Plan 2,038 1,033 888
Release of restricted stock units (3,876) (861) 0
Net cash provided by financing activities 639,813 861,547 17,796
Effect of exchange rate changes on cash and cash equivalents (6,686) 137 (439)
Net (decrease) increase in cash, cash equivalents and restricted cash (436,974) 765,672 (316,344)
Cash, cash equivalents and restricted cash, beginning of period 835,528 69,856 386,200
Cash, cash equivalents and restricted cash, end of period 398,554 835,528 69,856
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 2 7
Supplemental disclosures of non-cash investing and financing activities:      
Purchases of property and equipment recorded in accounts payable and accrued expenses 8,510 110 766
Issuance of common stock for acquired manufacturing rights 0 7,995 0
Stock issued for payment of accounts payable $ 0 $ 0 $ 10,000