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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net (loss) income $ (153,610) $ (650,175) $ 377,661
Reconciliation of net (loss) income to net cash used in operating activities:      
Depreciation and amortization 19,837 24,172 17,953
Equity-based compensation 81,028 97,947 102,390
Other non-cash items, net (16,545) 12,470 14,109
Acquired in-process research and development 2,500 0 0
Changes in:      
Accounts receivable (200,000) 305 (161)
Prepaid expenses and other assets 23,219 1,598 (13,912)
Accounts payable and accrued expenses (20,247) 5,164 37,514
Deferred revenue 5,794 (1,011) (783)
Operating lease assets and liabilities (2,461) 15,310 9,506
Other liabilities, net 110 (1,521) (5,305)
Net cash (used in) provided by operating activities (260,375) (495,741) 538,972
Investing activities      
Purchase of property, plant and equipment (9,470) (37,188) (81,705)
Purchase of in-process research and development (2,500) 0 0
Purchases of marketable securities (1,065,911) (1,417,800) (1,509,327)
Maturities of marketable securities 1,452,528 1,196,333 555,602
Net cash provided by (used in) investing activities 374,647 (258,655) (1,035,430)
Financing activities      
Proceeds from issuance of common shares, net of issuance costs 32,721 970 213,267
Proceeds from exercise of options and ESPP contributions, net of issuance costs 29,943 37,622 37,678
Net cash provided by financing activities 62,664 38,592 250,945
Effect of exchange rate changes on cash 73 (80) (11)
Increase (decrease) in cash 177,009 (715,884) (245,524)
Cash, cash equivalents and restricted cash, beginning of period 224,060 939,944 1,185,468
Cash, cash equivalents and restricted cash, end of period 401,068 224,060 939,944
Supplemental disclosure of non-cash investing and financing activities      
Property and equipment purchases in accounts payable and accrued expenses 725 2,121 8,348
Equity issuance costs in accounts payable and accrued expenses $ 417 $ 99 $ 334