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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss $ (223,858) $ (146,962) $ (154,808)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 55,012 43,118 35,480
Lease impairment charge 4,925 0 0
Depreciation and amortization 7,373 3,565 2,977
Premiums and discounts on available for sale marketable securities (13,983) (5,229) 889
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (8,903) (1,961) (992)
Accounts receivable 15,000 (15,000) 0
Contract asset 2,815 (1,226) (2,401)
Accounts payable (307) 2,038 253
Accrued expenses and other current liabilities 4,180 3,180 4,519
Deferred revenue (41,075) (8,609) (37,774)
Operating lease right-of-use assets 2,541 4,797 517
Operating lease liabilities 1,921 18,582 (1,004)
Other non-current assets 168 909 (998)
Other non-current liabilities (310) (28) 257
Net cash used in operating activities (194,501) (102,826) (153,085)
Investing activities      
Purchase of property and equipment, net (12,838) (34,480) (2,836)
Purchase of marketable securities (901,226) (189,151) (445,972)
Maturities of marketable securities 509,987 363,517 469,327
Net cash provided by (used in) investing activities (404,077) 139,886 20,519
Financing activities      
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs of $14.9 million 301,373 0 0
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million 48,740 0 0
Issuance of common stock and accompanying pre-funded warrants from August 2024 public offering, net of issuance costs of $12.2 million 246,506 0 0
Proceeds from 2022 issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs of $0.2 million 0 0 149,825
Proceeds from stock option exercises 11,790 2,860 3,154
Proceeds from employee stock purchase plan 2,018 1,408 1,150
Payments on financing leases (1,576) (76) (1,130)
Net cash provided by financing activities 608,851 4,192 152,999
Net increase (decrease) in cash, cash equivalents and restricted cash 10,273 41,252 20,433
Cash, cash equivalents and restricted cash at beginning of period 115,777 74,525 54,092
Cash, cash equivalents and restricted cash at end of period 126,050 115,777 74,525
Supplemental disclosure of cash flow activities      
Right-of-use assets obtained in exchange for operating lease liabilities 0 48,833 0
Cash paid for interest 206 162 179
Supplemental disclosure of noncash investing and financing activities      
Purchases of property and equipment through finance and lease liabilities 2,742 0 1,506
Property and equipment purchases included in accounts payable and accrued expenses 60 4,016 87
Cash and cash equivalents 120,256 109,966 68,395
Restricted cash 5,794 5,811 6,130
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Total $ 126,050 $ 115,777 $ 74,525