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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 $ (43,009) $ (213,361) $ (339,567)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 1,331 2,509 1,187
Amortization of notes and securities discounts and debt issuance costs 0 0 30
Stock-based compensation 114,331 140,931 164,305
Change in fair value of warrants and amortization of warrants 50 86 (900)
Accretion, net of amortization (2,524) (4,014) (1,503)
Accrued interest earned (571) 0 0
Net realized (losses) gains on investment securities (480) (20) 267
Gain on debt extinguishment on note payable 0 0 (23,326)
Loss (gain) on investment 467 4,726 (9,217)
Impairment of goodwill and other intangible assets 0 15,945 0
Premium deficiency reserve 0 (7,239) (93,517)
Changes in operating assets and liabilities:      
Accrued retrospective premiums (19,177) (1,689) 14,536
Prepaid expenses 1,244 3,728 (3,415)
Other assets 2,852 8,859 (8,208)
Healthcare receivables 12,625 6,443 (22,565)
Unpaid claims 19,296 (294) 1,077
Accounts payable and accrued expenses (2,620) 4,739 7,635
Accrued salaries and benefits (1,971) (2,901) 8,784
Other liabilities 606 6,404 (203)
Net cash provided by (used in) operating activities from continuing operations 82,450 (35,148) (304,600)
Net cash (used in) provided by operating activities from discontinued operations (47,605) (109,514) 100,674
Net cash provided by (used in) operating activities 34,845 (144,662) (203,926)
Cash flows from investing activities:      
Purchases of short-term investments, available-for-sale, and held-to-maturity securities (201,241) (175,567) (369,396)
Proceeds from sales of short-term investments and available-for-sale securities 83,673 60,436 13,348
Proceeds from maturities of short-term investments and available-for-sale securities 119,689 255,728 472,098
Acquisition of business, net of cash acquired 0 0 (16,200)
Purchases of property and equipment (1,556) (584) (4,467)
Acquisition of Clover Therapeutics Series A preferred shares 0 0 (250)
Net cash provided by investing activities 565 140,013 95,133
Cash flows from financing activities:      
Issuance of common stock, net of early exercise liability 709 34 1,400
Issuance of common stock under employee stock purchase plan, net of stock issuance costs 193 1,116 0
Treasury stock acquired (16,491) (6,220) (6,362)
Repurchases of common stock (1,772) 0 0
Net cash used in financing activities (17,361) (5,070) (4,962)
Net increase (decrease) in cash and cash equivalents 18,049 (9,719) (113,755)
Cash and cash equivalents, beginning of period 176,494 [1] 186,213 [1] 299,968
Cash and cash equivalents, end of period [1] 194,543 176,494 186,213
Reconciliation of cash and cash equivalents and restricted cash      
Cash and cash equivalents [1] 194,543 122,863 103,791
Restricted cash [1] 0 53,631 82,422
Total cash, cash equivalents and restricted cash [1] 194,543 176,494 186,213
Supplemental disclosure of non-cash investing and financing activities      
Activities from Seek Dissolution 0 0 735
Right-of-use assets obtained in exchange for lease liabilities 0 0 642
Recognition of equity method investments and preferred stock 0 0 8,644
Derecognition of non-controlling interest 0 0 3,903
Conversion of Clover Therapeutics convertible note to preferred stock $ 0 $ 0 $ 250
[1]
(1) Includes all applicable amounts for both continuing and discontinued operations.