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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (274,448) $ (342,994) $ (234,632)
Adjustments to reconcile net loss to net cash used in operating activities:      
Acquired IPR&D expense 66,332 87,184 0
Stock-based compensation expense 41,829 33,144 47,084
Loss on securities purchase agreement put/call 19,185 0 0
Depreciation and amortization expense 11,539 19,631 20,250
Net amortization and accretion on marketable securities (4,959) (14,681) (9,596)
Non-cash lease income (3,550) (2,198) (1,873)
Loss on property and equipment disposals, net 3,344 1,341 1,509
Change in fair value of contingent consideration payable (1,706) (3,804) 0
Impairment of long-lived assets 1,443 51,297 0
Change in fair value of success payment liabilities 831 (1,165) (2,780)
Impairment of other investments 0 13,001 12,923
Loss (gain) on marketable equity security 30 (30) 0
Changes in operating assets and liabilities:      
Prepaid expenses, other current assets and other assets 2,823 1,775 3,125
Accounts payable (2,339) (3,234) 1,464
Accrued liabilities and other current liabilities (7,642) (1,250) (719)
Other non-current liabilities (2,736) (411) (449)
Net cash used in operating activities (150,024) (162,394) (163,694)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (780) (464) (2,686)
Sales of property and equipment 287 0 0
Purchases of marketable securities (278,899) (394,707) (476,880)
Maturities of marketable securities 374,684 548,941 663,614
Acquisition of assets, net of cash acquired (41,195) (31,346) 0
Net cash provided by investing activities 54,097 122,424 184,048
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from securities purchase agreement equity issuance 50,000 0 0
Proceeds from exercise of stock options 42 154 306
Proceeds from employee stock purchase plan 365 1,248 1,894
Taxes paid related to net share settlement of equity awards (1) (76) (457)
Net cash provided by financing activities 50,406 1,326 1,743
Net (decrease) increase in cash, cash equivalents and restricted cash (45,521) (38,644) 22,097
Cash, cash equivalents and restricted cash at beginning of period 107,287 145,931 123,834
Cash, cash equivalents and restricted cash at end of period 61,766 107,287 145,931
Represented by:      
Cash and cash equivalents 60,181 105,597 145,647
Restricted cash 1,585 1,690 284
Total 61,766 107,287 145,931
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for amounts included in the measurement of lease liabilities 12,587 11,467 10,845
Non-cash investing and financing activities:      
Equity issued for Acquisition (Note 3) 33,972 36,011 0
Securities purchase agreement put/call issuance 7,774 0 0
Equity issued for contingent consideration - ImmPACT Bio USA Inc. acquisition 5,894 0 0
Contingent consideration payable related to the purchase of the IPR&D asset on Closing Date (Note 3 & 8) 0 11,404 0
Purchases of property and equipment included in accounts payable and accrued liabilities $ 0 $ 144 $ 29