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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (131,668) $ (126,612) $ (136,639)
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss on lease termination 62,685    
Stock-based compensation expense 14,609 24,341 24,452
Depreciation and amortization expense 4,931 5,263 5,130
Amortization (accretion) of premium (discount) on marketable securities, net (7,853) (9,340) (2,289)
Other (97) 27 41
Loss on impairment of property and equipment 259 39 5,811
Changes in operating assets and liabilities:      
Collaboration receivable (1,224)    
Tenant receivable   (3,565) (395)
Prepaid expenses and other current assets (1,565) 3,156 (3,489)
Operating lease right-of-use assets 3,710 (10,644) 5,935
Other noncurrent assets (273) 1,433 (1,295)
Accounts payable (386) 1,087 (1,386)
Accrued expenses and other current liabilities (7,958) 4,287 795
Deferred revenue (15,118) 41,596  
Operating lease liability (8,615) 16,187 881
Net cash used in operating activities (88,563) (52,745) (102,448)
Cash flows from investing activities:      
Purchases of property and equipment (2,401) (7,397) (8,801)
Proceeds from sale of property and equipment 196    
Purchases of marketable securities (135,266) (405,301) (323,714)
Maturities of marketable securities 232,000 403,000 140,000
Net cash provided by (used in) investing activities 94,529 (9,698) (192,515)
Cash flows from financing activities:      
Payment of share issuance costs   (164) (50)
Proceeds from exercise of stock options and ESPP, net 436 546 1,260
Tax withholding payments related to net share settlements of restricted stock units (186) (565) (581)
Net cash provided by financing activities 250 35,817 12,989
Net increase (decrease) in cash, cash equivalents and restricted cash 6,216 (26,626) (281,974)
Cash, cash equivalents and restricted cash at beginning of period 72,237 98,863 380,837
Cash, cash equivalents and restricted cash at end of period 78,453 72,237 98,863
Supplemental disclosure of noncash investing and financing information:      
Purchases of property and equipment included in accounts payable and accrued expenses 178 1,461 24
Unrealized gains (losses) on marketable securities $ (115) 356 $ (83)
ModernaTX, Inc      
Cash flows from financing activities:      
Proceeds from issuance/sale of common stock   $ 36,000