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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (234,632) $ (183,118) $ (250,219)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 47,084 81,924 62,201
Depreciation and amortization expense 20,250 18,020 13,624
Impairment of other investments 12,923 5,000 36,447
Net amortization and accretion on marketable securities (9,596) (930) 1,901
Change in fair value of success payment liabilities (2,780) (5,130) 3,713
Non-cash lease (income) expense (1,873) (1,553) 911
Loss on property and equipment disposals, net 1,509 103 1,210
Change in fair value of equity warrant 0 1,067 256
Gain on other investments 0 (2,923) 0
Gain on net operating lease liability disposal 0 0 (308)
Changes in operating assets and liabilities:      
Prepaid expenses, other current assets and other assets 3,125 (1,968) (6,987)
Accounts payable 1,464 667 91
Accrued liabilities and other current liabilities (719) (463) 4,542
Deferred revenue 0 (84,653) (10,508)
Operating lease liabilities, non-current 0 4,855 13,202
Other non-current liabilities (449) (453) 3,675
Net cash used in operating activities (163,694) (169,555) (126,249)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (2,686) (24,276) (65,504)
Purchases of marketable securities (476,880) (406,316) (673,465)
Sales and maturities of marketable securities 663,614 419,052 617,396
Net cash provided by (used in) investing activities 184,048 (11,540) (121,573)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 306 9,577 9,442
Proceeds from employee stock purchase plan 1,894 1,519 0
Taxes paid related to net share settlement of equity awards (457) (461) 0
Proceeds from initial public offering, net of issuance costs 0 0 391,802
Net cash provided by financing activities 1,743 10,635 401,244
Net increase (decrease) in cash, cash equivalents and restricted cash 22,097 (170,460) 153,422
Cash, cash equivalents and restricted cash at beginning of period 123,834 294,294 140,872
Cash, cash equivalents and restricted cash at end of period 145,931 123,834 294,294
Represented by:      
Cash and cash equivalents 145,647 123,554 293,828
Restricted cash 284 280 466
Total 145,931 123,834 294,294
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for amounts included in the measurement of lease liabilities 10,845 10,870 8,546
Cash received for amounts related to tenant improvement allowances 0 4,761 13,295
Non-cash investing and financing activities:      
Purchases of property and equipment included in accounts payable and accrued liabilities 29 1,325 4,605
Remeasurement of operating lease right-of-use asset for lease modification 0 31 3,873
Acquisition of PACT Series D convertible preferred shares 0 2,923 0
Conversion of convertible preferred stock to common stock upon closing of initial public offering $ 0 $ 0 $ 1,010,968