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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (212,220) $ (173,995) $ (118,009)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 2,101 1,387 639
Stock-based compensation expense 38,222 27,139 17,056
Amortization of premiums and discounts on marketable securities, net (11,274) (615) 179
Noncash operating lease costs 2,978 2,749 695
Other non-cash adjustments 0 0 (16)
Changes in operating assets and liabilities:      
Prepaid and other assets (3,444) (6,616) (2,510)
Accounts payable and accrued liabilities 1,769 18,315 6,043
Accrued compensation 3,145 2,250 5,788
Operating lease liabilities (3,328) (1,762) (234)
Deferred revenue 62,987 (5,120) (4,444)
Net cash used in operating activities (119,064) (136,268) (94,813)
Cash flows from investing activities      
Purchases of marketable securities (461,002) (355,837) (85,357)
Maturities of marketable securities 335,160 168,705 6,580
Purchases of property and equipment (4,228) (2,823) (3,740)
Net cash used in investing activities (130,070) (189,955) (82,517)
Cash flows from financing activities      
Proceeds from issuance of common stock in public offerings, net of issuance costs 60,547 344,779 174,677
Proceeds from issuance of common stock in a private placement, net of issuance costs and allocation to deferred revenues (Note 5) 31,190 0 0
Proceeds from the issuance of common stock under employee incentive equity plans 2,127 1,392 1,639
Net cash provided by financing activities 93,864 346,171 176,316
Net (decrease) increase in cash, cash equivalents and restricted cash (155,270) 19,948 (1,014)
Cash, cash equivalents and restricted cash at beginning of period 340,647 320,699 321,713
Cash, cash equivalents and restricted cash at end of period 185,377 340,647 320,699
Supplemental schedule of noncash investing and financing activities:      
Right-of-use assets obtained in exchange for operating lease liabilities $ 1,741 $ 0 $ 12,074