XML 32 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (299,964,000) $ (266,489,000) $ (192,256,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 46,078,000 37,137,000 20,410,000
Depreciation expense 3,014,000 2,305,000 830,000
Noncash lease expense 3,446,000 2,834,000 958,000
Acquired in-process research and development 4,000,000 0 0
Gain on disposal of equipment 0 (7,000) 0
Net accretion of discounts on marketable securities 1,782,000 (1,611,000) (3,999,000)
Changes in operating assets and liabilities:      
Accounts receivable (6,699,000) (13,896,000) 0
Inventory (10,155,000) (3,241,000) 0
Prepaid expenses and other current assets (7,934,000) (1,772,000) (10,321,000)
Accounts payable 833,000 (7,533,000) 10,862,000
Accrued expenses and other current liabilities 27,285,000 13,923,000 24,189,000
Operating lease liabilities (2,510,000) (1,333,000) (319,000)
Other long-term liabilities 0 0 350,000
Net cash flows used in operating activities (240,824,000) (239,683,000) (149,296,000)
Cash flows from investing activities:      
Purchases of marketable securities (335,375,000) (1,096,769,000) (817,142,000)
Maturities of marketable securities 468,587,000 627,913,000 261,216,000
Sales of marketable securities 49,613,000 504,216,000 100,780,000
Purchases of property and equipment (1,970,000) (5,316,000) (4,935,000)
Proceeds from sale of equipment 0 7,000 0
Payments to Acquire in Process Research and Development (4,000,000) 0 0
Increase in restricted investments (7,000) (1,592,000) (441,000)
Net cash flows provided by (used in) investing activities 176,848,000 28,459,000 (460,522,000)
Cash flows from financing activities:      
Proceeds from offerings of common stock, net of underwriting discounts and commissions 8,589,000 207,231,000 432,400,000
Repayment of notes payable to related party 0 0 (1,294,000)
Payments of public offering costs (40,000) (815,000) (620,000)
Proceeds from stock option exercises and employee stock purchase plan 6,341,000 20,385,000 5,888,000
Net cash flows provided by financing activities 14,890,000 226,801,000 436,374,000
Net (decrease) increase in cash and cash equivalents (49,086,000) 15,577,000 (173,444,000)
Effect of Exchange Rate on Cash and Cash Equivalents 252,000 0 0
Cash and cash equivalents at beginning of period 135,897,000 120,320,000 293,764,000
Cash and cash equivalents at end of period 87,063,000 135,897,000 120,320,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 0 67,000
Addition of operating lease asset included in accrued expenses and other current liabilities 0 0 562,000
Supplemental disclosure of non-cash investing and financing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 71,000 239,000 661,000
Unsettled exercise of stock options $ 0 $ 0 $ 553,000