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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (242,999) $ (130,805)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization 9,678 10,012
Equity-based compensation 43,077 42,640
Other non-cash items, net (16,566) (5,620)
Acquired in-process research and development 0 1,500
Changes in:    
Accounts receivable 200,000 (70,000)
Prepaid expenses and other assets 5,297 15,952
Accounts payable and accrued expenses 18,724 13,637
Deferred revenue (775) 0
Operating lease assets and liabilities (1,874) (1,277)
Other liabilities, net (392) (485)
Net cash provided by (used in) operating activities 14,170 (124,446)
Investing activities:    
Purchase of property, plant and equipment (1,428) (6,614)
Purchase of in-process research and development 0 (1,500)
Investment in equity securities (12,885) 0
Purchases of marketable securities (797,509) (452,363)
Maturities of marketable securities 587,117 795,229
Net cash (used in) provided by investing activities (224,705) 334,752
Financing activities:    
Proceeds from issuance of common shares, net of issuance costs 279,733 0
Proceeds from exercise of options and ESPP contributions, net of issuance costs 25,735 22,169
Net cash provided by financing activities 305,468 22,169
Effect of exchange rate changes on cash (9) 60
Increase in cash 94,924 232,535
Cash, cash equivalents and restricted cash, beginning of period 401,068 224,060
Cash, cash equivalents and restricted cash, end of period 495,992 456,595
Supplemental disclosure of non-cash investing and financing activities    
Property and equipment purchases in accounts payable and accrued expenses 20 1,029
Equity issuance costs in accounts payable, accrued expenses, and other long term liabilities $ 3,029 $ 293