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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flow from operating activities    
Net loss $ (134,625) $ (148,563)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 32,218 26,128
Depreciation and amortization 2,962 1,620
Noncash lease expense 4,000 1,117
Amortization of premiums on investments 2,380 1,412
Acquired in-process research and development 2,500  
Effective interest on liability for sale of future royalties 902  
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($708,296 and ($381) from a related party) 708,764 (526)
Prepaid expenses and other current assets 4,028 (9,086)
Other long-term assets (($1,322) and $0 to a related party) (1,442) 471
Accounts payable 12,102 (3,569)
Accrued research and development 8,432 10,449
Other accrued liabilities (10,220) 163
Deferred revenue (($41,264) and ($15,422) to a related party) (44,764) (18,922)
Operating lease liabilities (1,184) (1,003)
Other long-term liabilities 2,645 (2)
Net cash provided by (used in) operating activities 588,698 (140,311)
Cash flow from investing activities    
Purchases of short-term and long-term investments (763,131) (370,690)
Proceeds from maturities of short-term and long-term investments 262,824 438,733
Sales of short-term and long-term investments 26,852 7,500
Purchases of property and equipment (4,302) (9,714)
Purchases of in-process research and development (5,500)  
Net cash (used in) provided by investing activities (483,257) 65,829
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 14,274 4,122
Repurchase of unvested shares of stock   (6)
Net cash provided by financing activities 19,274 224,351
Net increase in cash and cash equivalents 124,715 149,869
Cash, cash equivalents and restricted cash at beginning of period 150,919 173,618
Cash, cash equivalents and restricted cash at end of period 275,634 323,487
Supplemental disclosure of cash flow information    
Income taxes paid 2,743  
Non-cash investing and financing activities:    
Unpaid portion of property and equipment purchases included in accounts payable and accrued liabilities 617 6,488
Vesting of early exercised stock options and restricted stock $ 52 $ 358