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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (65,276) $ (140,956)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in estimated constraint on profit-sharing amount 685 (31,541)
Depreciation and amortization 4,517 5,638
Amortization of premiums (accretion of discounts) on investments, net 238 (9,365)
Noncash lease expense 1,447 2,173
Change in fair value of equity investments 5,915 13,103
Change in estimated fair value of contingent consideration 1,650 (1,246)
Stock-based compensation 23,757 25,481
Other non-cash items, net (176) 206
Changes in operating assets and liabilities:    
Receivable from collaboration (401) 2,093
Prepaid expenses and other current assets 1,834 9,493
Other assets (86) (1,984)
Accounts payable 735 6,564
Accrued liabilities and other long-term liabilities (30,003) (4,036)
Operating lease liabilities (4,067) (3,105)
Deferred revenue (50,159) 1,700
Net cash used in operating activities (109,390) (125,782)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of equipment 533 0
Purchases of property and equipment (1,872) (6,867)
Purchases of investments (562,939) (384,513)
Maturities and sales of investments 592,698 489,459
Net cash provided by investing activities 28,420 98,079
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of principal on financing lease obligation (69) (66)
Proceeds from exercise of stock options 221 2,310
Contributions from noncontrolling interest owners 0 100
Net cash provided by financing activities 152 2,344
Net decrease in cash, cash equivalents and restricted cash and cash equivalents (80,818) (25,359)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 261,292 867,968
Cash, cash equivalents and restricted cash and cash equivalents at end of period 180,474 842,609
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 160,711 824,913
Restricted cash and cash equivalents, current 13,335 10,957
Restricted cash and cash equivalents, noncurrent 6,428 6,739
Total cash, cash equivalents and restricted cash and cash equivalents $ 180,474 $ 842,609