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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flow from operating activities    
Net loss $ (199,544) $ (226,538)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 48,478 40,713
Depreciation and amortization 4,522 2,583
Noncash lease expense 6,049 1,701
Amortization of premiums on investments 2,012 2,804
Acquired in-process research and development 1,250  
Effective interest on liability for sale of future royalties 1,437  
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($718,014 and $326 from a related party) 715,809 178
Prepaid expenses and other current assets (2,152) (5,290)
Other long-term assets (($1,856) and $0 to a related party) (1,636) 750
Accounts payable (54) (5,424)
Accrued research and development 13,240 19,163
Other accrued liabilities (4,130) 5,082
Deferred revenue (($73,323) and ($23,133) to a related party) (78,345) (28,383)
Operating lease liabilities (2,911) (1,405)
Other long-term liabilities 3,714 (2)
Net cash provided by (used in) operating activities 507,739 (194,068)
Cash flow from investing activities    
Purchases of short-term and long-term investments (1,085,392) (584,850)
Proceeds from maturities of short-term and long-term investments 490,860 572,140
Sales of short-term and long-term investments 143,091 7,500
Purchases of property and equipment (5,620) (17,572)
Purchases of in-process research and development (5,500)  
Collaboration reimbursements of in-process research and development from a related party 2,750  
Net cash used in investing activities (459,811) (22,782)
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 16,805 5,440
Repurchase of unvested shares of stock   (6)
Net cash provided by financing activities 21,805 225,669
Net increase in cash, cash equivalents and restricted cash 69,733 8,819
Cash, cash equivalents and restricted cash at beginning of period 150,919 173,618
Cash, cash equivalents and restricted cash at end of period 220,652 182,437
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 1,335 4,605
Unpaid portion of other assets included in accrued research and development   3,000
Vesting of early exercised stock options and restricted stock $ 52 $ 529