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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (90,619) $ (79,727)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 26,309 20,565
Lease impairment charge 4,925 0
Depreciation and amortization 3,399 1,779
Premiums and discounts on available-for-sale marketable securities (7,093) (2,743)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,076) (3,994)
Accounts receivable 15,000 0
Contract asset 2,059 (1,585)
Other long term assets 227 0
Accounts payable 106 (513)
Accrued expenses and other current liabilities (7,591) (6,252)
Deferred revenue (32,203) (18,537)
Operating lease right-of-use assets 1,244 2,055
Operating lease liabilities 4,149 9,554
Other assets and liabilities (363) 174
Net cash used in operating activities (82,527) (79,224)
Investing activities    
Purchase of property and equipment, net (12,091) (14,777)
Purchases of investments (526,860) (114,477)
Maturities of investments 223,986 189,677
Net cash (used in) provided by investing activities (314,965) 60,423
Financing activities    
Proceeds from issuance of common stock and accompanying pre-funded warrants from public offering, net of underwriting discounts and issuance costs 301,373 0
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs 48,740 0
Proceeds from stock option exercises 4,562 2,163
Proceeds from employee stock purchase plan 1,135 962
Payments on finance leases (642) (661)
Net cash provided by financing activities 355,168 2,464
Net decrease in cash, cash equivalents and restricted cash (42,324) (16,337)
Cash, cash equivalents and restricted cash at beginning of period 115,777 74,524
Cash, cash equivalents and restricted cash at end of period 73,453 58,187
Supplemental disclosure of cash flow activities    
Right-of-use assets obtained in exchange for new operating lease liabilities 0 48,833
Cash paid for interest 90 78
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 853 1,061
Cash and cash equivalents 67,612 52,386
Restricted cash 5,841 5,801
Total cash, cash equivalents, and restricted cash $ 73,453 $ 58,187