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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net loss $ (157,766) $ (196,122)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,641 8,794
Stock-based compensation expense 20,472 18,599
Change in the estimated fair value of contingent consideration 2,015 11,355
Change in the estimated fair value of success payment liabilities 8,048 15,444
Non-cash expense for operating lease right-of-use assets 5,387 6,755
Other non-cash items, net (4,858) (6,088)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (7,459) 5,428
Operating lease right-of-use assets and liabilities 7,426 1,444
Accounts payable (397) 87
Accrued expenses and other liabilities (4,682) (3,769)
Net cash used in operating activities (124,173) (138,073)
INVESTING ACTIVITIES:    
Purchases of marketable securities (177,018) (71,267)
Proceeds from maturities of marketable securities 134,509 180,374
Purchases of property and equipment (28,901) (3,753)
Net cash provided by (used in) investing activities (71,410) 105,354
FINANCING ACTIVITIES:    
Proceeds from employee stock purchase plan and exercise of stock options 8,367 2,727
Proceeds from issuance of common stock from equity financings, net 181,029 27,014
Proceeds from tenant improvement loan, net 7,628  
Net cash provided by financing activities 197,024 29,741
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,441 (2,978)
Cash, cash equivalents, and restricted cash at beginning of period 137,349 187,273
Cash, cash equivalents, and restricted cash at end of period 138,790 184,295
SUPPLEMENTAL CASH FLOW INFORMATION:    
Operating lease right-of-use assets obtained in exchange for lease obligations   8,984
Purchases of property and equipment included in accounts payable and accrued liabilities 3,376 1,953
Cash received for tenant improvement allowances 7,344 $ 1,198
Derecognition of operating lease right-of-use asset for lease modification $ (6,362)