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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 $ (342,994) $ (234,632) $ (183,118)
Adjustments to reconcile net loss to net cash used in operating activities:      
Acquired IPR&D expense 87,184 0 0
Impairment of long-lived assets 51,297 0 0
Stock-based compensation expense 33,144 47,084 81,924
Depreciation and amortization expense 19,631 20,250 18,020
Net amortization and accretion on marketable securities (14,681) (9,596) (930)
Impairment of other investments 13,001 12,923 5,000
Change in fair value of contingent consideration payable (3,804) 0 0
Non-cash lease income (2,198) (1,873) (1,553)
Loss on property and equipment disposals, net 1,341 1,509 103
Change in fair value of success payment liabilities (1,165) (2,780) (5,130)
Gain on marketable equity security (30) 0 0
Change in fair value of equity warrant 0 0 1,067
Gain on other investments 0 0 (2,923)
Changes in operating assets and liabilities:      
Prepaid expenses, other current assets and other assets 1,775 3,125 (1,968)
Accounts payable (3,234) 1,464 667
Accrued liabilities and other current liabilities (1,250) (719) (463)
Deferred revenue 0 0 (84,653)
Operating lease liabilities, non-current 0 0 4,855
Other non-current liabilities (411) (449) (453)
Net cash used in operating activities (162,394) (163,694) (169,555)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (464) (2,686) (24,276)
Purchases of marketable securities (394,707) (476,880) (406,316)
Maturities of marketable securities 548,941 663,614 419,052
Acquisition of assets, net of cash acquired (31,346) 0 0
Net cash provided by (used in) investing activities 122,424 184,048 (11,540)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 154 306 9,577
Proceeds from employee stock purchase plan 1,248 1,894 1,519
Taxes paid related to net share settlement of equity awards (76) (457) (461)
Net cash provided by financing activities 1,326 1,743 10,635
Net (decrease) increase in cash, cash equivalents and restricted cash (38,644) 22,097 (170,460)
Cash, cash equivalents and restricted cash at beginning of period 145,931 123,834 294,294
Cash, cash equivalents and restricted cash at end of period 107,287 145,931 123,834
Represented by:      
Cash and cash equivalents 105,597 145,647 123,554
Restricted cash 1,690 284 280
Total 107,287 145,931 123,834
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for amounts included in the measurement of lease liabilities 11,467 10,845 10,870
Cash received for amounts related to tenant improvement allowances 0 0 4,761
Non-cash investing and financing activities:      
Issuance of common stock related to the purchase of the IPR&D asset on Closing Date (Note 3) 36,011 0 0
Contingent consideration payable 11,404 0 0
Purchases of property and equipment included in accounts payable and accrued liabilities 144 29 1,325
Acquisition of PACT Series D convertible preferred shares 0 0 2,923
Remeasurement of operating lease right-of-use asset for lease modification $ 0 $ 0 $ 31