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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net loss $ (135,996) $ (116,591)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization 4,736 4,833
Equity-based compensation 20,212 19,405
Other non-cash items, net 2,253 (8,385)
Changes in:    
Accounts receivable 25,000 200,000
Prepaid expenses and other assets (634) 2,949
Accounts payable and accrued expenses 42,998 9,443
Deferred revenue (824) (504)
Operating lease assets and liabilities (1,151) (966)
Other liabilities, net (10,541) (432)
Net cash (used in) provided by operating activities (53,947) 109,752
Investing activities:    
Purchase of property, plant and equipment (206) (721)
Investment in equity securities (5,000) (7,500)
Purchases of marketable securities (200,730) (326,915)
Maturities of marketable securities 186,181 237,336
Net cash used in investing activities (19,755) (97,800)
Financing activities:    
Proceeds from issuance of common shares, net of issuance costs 8,516 280,745
Proceeds from exercise of options and ESPP contributions, net of issuance costs 2,072 25,189
Net cash provided by financing activities 10,588 305,934
Effect of exchange rate changes on cash 41 (11)
(Decrease) increase in cash (63,073) 317,875
Cash, cash equivalents and restricted cash, beginning of period 309,776 401,068
Cash, cash equivalents and restricted cash, end of period 246,703 718,943
Supplemental disclosure of non-cash investing and financing activities    
Equity issuance costs in accounts payable, accrued expenses, and other long-term liabilities $ 3,219 $ 4,522