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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
OPERATING ACTIVITIES:          
Net loss     $ (161,934) $ (120,683)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation $ 2,600 $ 1,400 4,853 2,646  
Stock-based compensation expense     9,099 1,871  
Change in the estimated fair value of contingent consideration     18,556 14,339  
Change in the estimated fair value of success payment liabilities     32,469 38,481  
Non-cash expense for operating lease right-of-use assets     2,838 1,790  
Other non-cash items, net     (2,022) 493  
Changes in operating assets and liabilities:          
Prepaid expenses and other assets     (1,719) 423  
Operating lease right-of-use assets and liabilities     3,386 91  
Accounts payable     (373) 1,864  
Accrued expenses and other liabilities     4,378 (4,228)  
Net cash used in operating activities     (90,469) (62,913)  
INVESTING ACTIVITIES:          
Purchases of marketable securities     (165,551) (43,121)  
Proceeds from sales and maturities of marketable securities     195,914 54,120  
Purchases of property and equipment     (16,596) (8,290)  
Net cash provided by investing activities     13,767 2,709  
FINANCING ACTIVITIES:          
Proceeds from initial public offering of common stock, net of offering costs     626,405    
Proceeds from issuance of convertible preferred stock, net of issuance costs       435,543  
Proceeds from exercise of stock options     631 37  
Net cash provided by financing activities     627,036 435,580  
Net increase in cash, cash equivalents, and restricted cash     550,334 375,376  
Cash, cash equivalents, and restricted cash at beginning of period     126,949 81,807 $ 81,807
Cash, cash equivalents, and restricted cash at end of period $ 677,283 $ 457,183 677,283 457,183 $ 126,949
SUPPLEMENTAL CASH FLOW DISCLOSURES:          
Tenant improvement allowance included in operating lease liabilities     4,935 3,745  
Purchases of property and equipment included in accounts payable and accrued liabilities     3,414 2,289  
Cash received from lessor for tenant improvement allowance     $ 3,386 91  
Right-of-use assets obtained in exchange for operating lease liabilities       $ 19,971