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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flow from operating activities    
Net loss $ (67,993) $ (72,593)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 16,541 12,761
Depreciation and amortization 1,457 800
Noncash lease expense 1,976 538
Amortization of premiums on investments 1,670 506
Acquired in-process research and development 2,500  
Effective interest on liability for sale of future royalties 391  
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($715,273 and ($3,981) from a related party) 715,176 (4,186)
Prepaid expenses and other current assets (5,590) (4,568)
Other long-term assets (($1,135) and $0 to a related party) (1,727) 63
Accounts payable 8,138 7,722
Accrued research and development 5,567 4,716
Other accrued liabilities (8,462) (2,007)
Deferred revenue (($16,254) and $193,140 to a related party) (18,005) (9,461)
Operating lease liabilities 92 (605)
Other long-term liabilities 2,270 (2)
Net cash provided by (used in) operating activities 654,001 (66,316)
Cash flow from investing activities    
Purchases of short-term and long-term investments (377,573) (192,398)
Proceeds from maturities of short-term and long-term investments 93,817 251,365
Sales of short-term and long-term investments 18,484 7,500
Purchases of property and equipment (2,788) (3,641)
Net cash provided by (used in) investing activities (268,060) 62,826
Cash flow from financing activities    
Proceeds from issuance of common stock ($0 and $220,235 from a related party)   220,235
Proceeds from sale of future royalties 5,000  
Proceeds from issuance of common stock pursuant to equity award plans 9,928 1,885
Net cash provided by financing activities 14,928 222,120
Net increase in cash and cash equivalents 400,869 218,630
Cash, cash equivalents and restricted cash at beginning of period 150,919 173,618
Cash, cash equivalents and restricted cash at end of period 551,788 392,248
Non-cash investing and financing activities:    
Unpaid acquisition of in-process research and development 2,500  
Unpaid portion of property and equipment purchases included in accounts payable and accrued liabilities 691 2,784
Vesting of early exercised stock options and restricted stock $ 52 $ 183