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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
$ in Thousands
9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Operating activities    
Net loss $ (153,106) $ (132,594)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 41,213 32,220
Lease impairment charge 4,925 0
Depreciation and amortization 5,386 2,674
Premiums and discounts on available-for-sale marketable securities (10,716) (3,960)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (5,754) (4,378)
Accounts receivable 15,000 0
Contract asset 2,445 (1,241)
Other long term assets 2,118 0
Accounts payable 198 507
Accrued expenses and other current liabilities (4,842) (3,613)
Deferred revenue (34,627) (19,487)
Operating lease right-of-use assets 1,883 2,787
Operating lease liabilities 3,048 15,675
Other assets and liabilities 112 539
Net cash used in operating activities (132,717) (110,871)
Investing activities    
Purchase of property and equipment, net (11,902) (22,855)
Purchases of investments (822,804) (143,647)
Maturities of investments 362,061 287,436
Net cash (used in) provided by investing activities (472,645) 120,934
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs 301,373 0
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs 48,740 0
Issuance of common stock and accompanying pre-funded warrants from August 2024 public offering, net of issuance costs 246,506 0
Proceeds from stock option exercises 9,616 2,297
Proceeds from employee stock purchase plan 1,134 962
Payments on finance leases (1,283) (1,001)
Net cash provided by financing activities 606,086 2,258
Net increase in cash, cash equivalents and restricted cash 724 12,321
Cash, cash equivalents and restricted cash at beginning of period 115,777 74,524
Cash, cash equivalents and restricted cash at end of period 116,501 86,845
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 144 115
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 744 2,762
Purchase of property and equipment through finance lease 1,793 0
Cash and cash equivalents 110,718 81,051
Restricted cash 5,783 5,794
Total cash, cash equivalents, and restricted cash $ 116,501 $ 86,845