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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
OPERATING ACTIVITIES:          
Net loss     $ (245,197) $ (172,135)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation $ 2,800 $ 1,600 7,735 4,166  
Stock-based compensation expense     15,049 3,037  
Change in the estimated fair value of contingent consideration     10,080 16,672  
Change in the estimated fair value of success payment liabilities     57,698 40,637  
Non-cash expense for operating lease right-of-use assets     4,597 2,889  
Other non-cash items, net     (2,255) 819  
Changes in operating assets and liabilities:          
Prepaid expenses and other assets     (2,985) 682  
Operating lease right-of-use assets and liabilities     5,028 91  
Accounts payable     1,397 2,414  
Accrued expenses and other liabilities     7,898 305  
Net cash used in operating activities     (140,955) (100,423)  
INVESTING ACTIVITIES:          
Purchases of marketable securities     (414,437) (307,398)  
Proceeds from sales and maturities of marketable securities     266,960 56,400  
Purchases of property and equipment     (24,660) (14,606)  
Net cash used in investing activities     (172,137) (265,604)  
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       435,538  
Proceeds from exercise of stock options     2,227 46  
Net cash provided by financing activities     628,632 435,584  
Net increase in cash, cash equivalents, and restricted cash     315,540 69,557  
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 $ 442,489 $ 151,364 442,489 151,364 $ 126,949
SUPPLEMENTAL CASH FLOW DISCLOSURES:          
Right-of-use assets obtained in exchange for operating lease liabilities     26,257 23,049  
Cash received from lessor for tenant improvement allowance     5,160 91  
Tenant improvement allowance included in operating lease liabilities     4,438 8,515  
Purchases of property and equipment included in accounts payable and accrued liabilities     $ 3,231 $ 4,238