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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flow from operating activities    
Net loss $ (148,563) $ (72,827)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 26,128 7,932
Depreciation and amortization 1,620 1,629
Amortization of right-of-use assets 1,117 294
Amortization of premiums on investments 1,412 (323)
Changes in operating assets and liabilities:    
Receivable from collaboration partners (($381) and $0 from a related party) (526) (90)
Prepaid expenses and other current assets (9,086) (4,601)
Other long-term assets 471 (135)
Accounts payable (3,569) 6,668
Accrued research and development expenses 10,449 9,327
Other accrued liabilities 163 661
Deferred revenue (($15,422) and $0 to a related party) (18,922) (3,500)
Operating lease liabilities (1,003) (560)
Other long-term liabilities (2) 310
Net cash used in operating activities (140,311) (55,215)
Cash flow from investing activities    
Purchases of short-term and long-term investments (370,690) (139,689)
Proceeds from maturities of short-term and long-term investments 438,733 92,134
Sales of short-term and long-term investments 7,500 1,003
Purchases of property and equipment (9,714) (465)
Net cash provided by investing activities 65,829 (47,017)
Cash flow from financing activities    
Proceeds from issuance of common stock ($220,235 and $56,738 from a related party) 220,235 326,512
Proceeds from issuance of common stock pursuant to equity award plans 4,122 3,001
Repurchase of unvested shares of stock (6) (33)
Net cash provided by financing activities 224,351 329,480
Net increase in cash and cash equivalents 149,869 227,248
Cash, cash equivalents and restricted cash at beginning of period 173,618 58,140
Cash, cash equivalents and restricted cash at end of period 323,487 285,388
Supplemental disclosures:    
Cash paid for amounts included in measurement of lease liabilities 2,000 1,045
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities 24,473 5,804
Tenant improvement allowance receivable included in other current assets 10,598  
Unpaid portion of property and equipment purchases included in accounts payable and accrued liabilities 6,488 110
Vesting of early exercised stock options $ 358 436
Unpaid portion of financing costs included in accounts payable   266
Unpaid portion of deferred financing costs included in accounts payable   $ 316