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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net (loss) income $ (49,851,000) $ 75,208,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 447,000 375,000
Stock-based compensation 12,771,000 9,953,000
Non-cash: Net accretion of available-for-sale debt securities (5,386,000) 0
Change in operating lease right-of-use assets 0 4,000
Changes in operating assets and liabilities:    
Grants receivable 584,000 (333,000)
Research and development tax credits receivable (729,000) (41,000)
Refundable income taxes (1,839,000) 7,544,000
Prepaid expenses and other current assets 702,000 4,360,000
Accounts payable (2,512,000) 6,447,000
Accrued expenses and other liabilities 989,000 (2,286,000)
Income tax payable 0 12,965,000
Deferred income 1,318,000 189,000
Deferred revenue (12,595,000) (194,238,000)
Unrecognized tax benefits 0 25,529,000
Net cash used in operating activities (56,101,000) (54,324,000)
Cash flows from investing activities    
Purchases of investments (139,037,000) 0
Proceeds from maturities of investments 128,265,000 0
Purchase of property and equipment (819,000) (738,000)
Purchase of other assets 0 (99,000)
Net cash used in investing activities (11,591,000) (837,000)
Cash flows from financing activities    
Proceeds from issuance of common stock upon exercise of options 796,000 611,000
Net cash provided by financing activities 796,000 611,000
Effects of exchange rate changes on cash, cash equivalents and restricted cash (1,659,000) (2,134,000)
Net decrease in cash, cash equivalents and restricted cash (68,555,000) (56,684,000)
Cash, cash equivalents and restricted cash at beginning of period 285,038,000 848,835,000
Cash, cash equivalents and restricted cash at end of period 216,483,000 792,151,000
Non-cash investing and financing activities    
Capital expenditure included in accounts payable 20,000 (57,000)
Operating lease liabilities arising from obtaining right-of-use assets 1,059,000 177,000
Unrealized gain on available-for-sale securities (1,620,000) 0
Supplemental disclosure of cash flows    
Cash paid for taxes $ 4,321,000 $ 6,740,000