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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net loss $ (244,166) $ (266,759) $ (283,255)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 12,750 15,500 17,543
Stock-based compensation expense 25,464 37,678 35,533
Change in the estimated fair value of contingent consideration 14,750 (638) (40,773)
Change in the estimated fair value of success payment liabilities 14,682 (8,243) (8,208)
Non-cash expense for operating lease right-of-use assets 9,171 9,681 13,265
Impairment of long-lived assets 44,611 1,891 7,014
Other non-cash items, net (10,976) (11,078) (13,312)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 1,165 (3,513) 8,143
Operating lease right-of-use assets and liabilities (2,997) 9,341 10,959
Accounts payable (3,545) 1,377 1,027
Accrued expenses and other liabilities (4,737) (8,390) (1,518)
Net cash used in operating activities (143,828) (223,153) (253,582)
INVESTING ACTIVITIES:      
Purchases of marketable securities (87,293) (226,064) (157,744)
Proceeds from maturities of marketable securities 46,561 276,947 349,788
Purchases of property and equipment (938) (33,430) (20,032)
Proceeds from disposal of assets 1,432 0 0
Net cash provided by (used in) investing activities (40,238) 17,453 172,012
FINANCING ACTIVITIES:      
Proceeds from employee stock purchase plan and exercise of stock options 2,676 11,005 4,626
Proceeds related to common stock financings, net 126,404 181,000 27,020
Proceeds (principal payments), net for tenant improvement loan (347) 7,744 0
Net cash provided by financing activities 128,733 199,749 31,646
Net decrease in cash, cash equivalents, and restricted cash (55,333) (5,951) (49,924)
Cash, cash equivalents, and restricted cash at beginning of period 131,398 137,349 187,273
Cash, cash equivalents, and restricted cash at end of period 76,065 131,398 137,349
RECONCILITION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents 71,870 127,566 133,517
Restricted cash 4,195 3,832 3,832
Total cash, cash equivalents, and restricted cash 76,065 131,398 137,349
SUPPLEMENTAL CASH FLOW INFORMATION:      
Operating lease right-of-use assets obtained in exchange for lease obligations 0 0 8,984
Purchases of property and equipment included in accounts payable and accrued liabilities 0 0 9,471
Cash received for tenant improvement allowances 891 7,509 12,547
Derecognition of operating lease right-of-use assets for lease termination and modification $ (2,724) $ (7,261) $ (14,204)