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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (348,101) $ (279,381) $ (172,871)
Adjustments to reconcile net loss to net cash used in operating activities:      
Noncash stock compensation expense 61,274 80,289 11,335
Shares issued in connection with in-licensing agreement 0 0 100
Depreciation and amortization 282 158 100
Amortization of premium on investment securities 517    
Amortization of premium on investment securities   (30) (257)
Amortization of debt issuance costs 1,080 925 772
Amortization of leasehold interest 212 216 182
Noncash change in lease liability and right of use asset 1,896 2,325 2,519
Change in fair value of notes payable (578) 748 124
Changes in assets and liabilities:      
(Increase) decrease in other current assets (8,508) 2,257 1,384
Increase in accounts receivable (1,389) 0 0
Increase (decrease) in accounts payable and accrued expenses 15,991 11,631 (4,795)
(Decrease) increase in lease liabilities (2,012) (1,988) (1,548)
Decrease (increase) in other liabilities (16,146) (31,505) 30,301
Decrease in deferred revenue (152) (152) (152)
Net cash used in operating activities (295,634) (214,507) (132,806)
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturity of short-term securities 55,600 43,250 29,250
Investment in held-to-maturity securities (55,531) (67,403) (29,837)
Purchases of equipment (401) (357) (131)
Net cash (used in) provided by investing activities (332) (24,510) (718)
CASH FLOWS FROM FINANCING ACTIVITIES      
Payment of loan payable (30,000) 0 0
Proceeds from sale of common stock, net 2,219 679,680 175,021
Proceeds from exercise of options 216 147 0
Proceeds from debt financings 70,000 0 29,987
Financing costs paid (1,016) 0 (795)
Net cash (used in) provided by financing activities 41,419 679,827 204,213
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (254,547) 440,810 70,689
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 554,698 113,888 43,199
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 300,151 $ 554,698 $ 113,888