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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (191.0) $ (119.3) $ (70.3)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 4.8 3.2 1.6
Net accretion of bond discounts/premiums 9.4 1.7 0.2
Forgiveness of debt income (1.0) 0.0 0.0
Loss (gain) on sale of marketable securities 0.2 (0.4) 0.0
Amortization of right to use assets 1.2 0.9 0.7
Amortization of collaboration contract asset 0.4 0.0 0.0
Stock-based compensation 57.1 30.2 20.1
Changes in operating assets and liabilities:      
Accounts receivable (14.0) (1.0) 2.8
Other receivables (3.3) (1.2) (4.0)
Prepaid expenses and other current assets (13.6) (2.4) (1.1)
Collaboration contract asset (12.9) 0.0 0.0
Accounts payable 23.7 2.0 1.5
Accrued expenses 4.2 10.8 3.6
Operating lease liabilities (1.3) (0.9) (0.6)
Deferred revenue 695.5 (13.3) 4.9
Net cash provided by (used in) operating activities 559.4 (89.7) (40.6)
Cash flows from investing activities:      
Purchase of marketable securities (1,744.6) (41.2) (256.5)
Maturities of marketable securities 428.5 174.1 169.7
Sale of marketable securities 7.2 37.8 0.0
Purchase of property, equipment and leasehold improvements (4.7) (6.4) (6.3)
Net cash (used in) provided by investing activities (1,313.6) 164.3 (93.1)
Cash flows from financing activities:      
Repayments of long-term debt 0.0 0.0 (0.2)
Proceeds from issuance of common stock 264.6 460.0 137.7
Payment of common stock offering costs (4.6) (27.7) (0.6)
Proceeds from exercise of stock options 18.6 8.3 2.8
Net cash provided by financing activities 278.6 504.6 139.7
Net (decrease) increase in cash, cash equivalents and restricted cash (475.6) 579.2 6.0
Cash, cash equivalents and restricted cash, beginning of the period 588.4 9.2 3.2
Cash, cash equivalents and restricted cash, end of the period 112.8 588.4 9.2
Supplemental disclosure of cash flow information:      
Purchases of property, equipment and leasehold improvements unpaid at period end 0.5 0.5 0.2
Cash paid for interest 0.1 0.1 0.1
At-the-Market Offering      
Payment of common stock offering costs 0.0 (1.6) 0.0
Proceeds from sale of common stock in at-the-market offering $ 0.0 $ 65.6 $ 0.0