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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net (loss) income $ (650,175) $ 377,661 $ (348,865)
Reconciliation of net (loss) income to net cash used in operating activities:      
Depreciation and amortization 24,172 17,953 9,184
Equity-based compensation 97,947 102,390 66,018
Other non-cash items, net 12,470 14,109 1,857
Changes in:      
Accounts receivable 305 (161) (45)
Prepaid expenses and other assets 1,598 (13,912) 17,338
Accounts payable and accrued expenses 5,164 37,514 25,747
Deferred revenue (1,011) (783) 1,381
Operating lease assets and liabilities 15,310 9,506 (473)
Other liabilities, net (1,521) (5,305) (10,508)
Net cash (used in) provided by operating activities (495,741) 538,972 (238,366)
Investing activities      
Purchase of property, plant and equipment (37,188) (81,705) (18,358)
Purchases of marketable securities (1,417,800) (1,509,327) (593,998)
Maturities of marketable securities 1,196,333 555,602 71,186
Net cash used in investing activities (258,655) (1,035,430) (541,170)
Financing activities      
Proceeds from issuance of common shares, net of issuance costs 970 213,267 982,289
Proceeds from exercise of options and ESPP contributions, net of issuance costs 37,622 37,678 33,863
Net cash provided by financing activities 38,592 250,945 1,016,152
Effect of exchange rate changes on cash (80) (11) 40
(Decrease) increase in cash (715,884) (245,524) 236,656
Cash, cash equivalents and restricted cash, beginning of period 939,944 1,185,468 948,812
Cash, cash equivalents and restricted cash, end of period 224,060 939,944 1,185,468
Supplemental disclosure of non-cash investing and financing activities      
Property and equipment purchases in accounts payable and accrued expenses 2,121 8,348 3,412
Equity issuance costs in accounts payable and accrued expenses $ 99 $ 334 $ 9,590