XML 34 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (183,118) $ (250,219) $ (204,472)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 81,924 62,201 33,261
Depreciation and amortization expense 18,020 13,624 4,294
Impairment of other investments 5,000 36,447 0
Change in fair value of success payment liabilities (5,130) 3,713 5,337
Gain on other investments (2,923) 0 0
Lease expense, net of gain on lease remeasurement (1,553) 911 3,181
Change in fair value of equity warrant 1,067 256 (1,323)
Net amortization and accretion on marketable securities (930) 1,901 539
Loss (gain) on property and equipment disposals, net 103 1,210 (4,884)
Expense in connection with asset acquisition 0 0 3,529
Gain on net operating lease liability disposal 0 (308) 0
Changes in operating assets and liabilities:      
Prepaid expenses, other current assets and other assets (1,968) (6,987) (1,388)
Accounts payable 667 91 (278)
Accrued liabilities and other current liabilities (463) 4,542 6,120
Deferred revenue (84,653) (10,508) (7,756)
Operating lease liabilities, non-current 4,855 13,202 2,966
Other non-current liabilities (453) 3,675 0
Net cash used in operating activities (169,555) (126,249) (160,874)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (24,276) (65,504) (51,481)
Purchases of marketable securities (406,316) (673,465) (864,909)
Sales and maturities of marketable securities 419,052 617,396 686,322
Purchases of other investments 0 0 (43,448)
Net cash used in investing activities (11,540) (121,573) (273,516)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 9,577 9,442 373
Proceeds from employee stock purchase plan 1,519 0 0
Taxes paid related to net share settlement of equity awards (461) 0 0
Proceeds from initial public offering, net of issuance costs 0 391,802 0
Proceeds from issuance of convertible preferred stock, net of issuance costs 0 0 492,467
Payments for the repurchase of common stock 0 0 (11,806)
Payments for the repurchase of convertible preferred stock 0 0 (4,244)
Net cash provided by financing activities 10,635 401,244 476,790
Net (decrease) increase in cash, cash equivalents and restricted cash (170,460) 153,422 42,400
Cash, cash equivalents and restricted cash at beginning of period 294,294 140,872 98,472
Cash, cash equivalents and restricted cash at end of period 123,834 294,294 140,872
Represented by:      
Cash and cash equivalents 123,554 293,828 140,406
Restricted cash 280 466 466
Total 123,834 294,294 140,872
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash received for amounts related to tenant improvement allowances 4,761 13,295 2,966
Cash paid for amounts included in the measurement of lease liabilities 10,870 8,546 5,147
Non-cash investing and financing activities:      
Purchases of property and equipment included in accounts payable and accrued liabilities 1,325 4,605 12,740
Remeasurement of operating lease right-of-use asset for lease modification 31 3,873 (8,958)
Acquisition of PACT Series D convertible preferred shares 2,923 0 0
Conversion of convertible preferred stock to common stock upon closing of initial public offering 0 1,010,968 0
Operating lease right-of-use assets obtained in exchange for lease obligations 0 0 30,475
Other investments received for sale of assets $ 0 $ 0 $ 6,000