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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (519,021) $ (481,192) $ (474,186)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 10,285 8,976 7,572
(Gain) loss on disposal of property and equipment (76) 72 (162)
Stock-based compensation 154,273 134,050 91,400
(Accretion) amortization of investment discounts and premiums (17,817) (25,897) 4,003
(Recognition) deferral of equity method investment intra-entity profit on sales (20,967) 6,624 11,405
Change in fair value of investments, net 32,565 0 0
Loss from equity method investment 0 15,633 11,079
Change in fair value of contingent consideration 0 100 13,485
In-process research and development expense 0 0 55,990
Changes in operating assets and liabilities:      
Accounts receivable 27,939 (32,688) (1,737)
Prepaid expenses and other current assets 5,184 (27,168) (2,160)
Operating lease right-of-use assets 21,466 19,011 13,121
Other assets 917 (707) (1,091)
Accounts payable 6,800 2,522 (4,584)
Accrued expenses (10,383) 6,024 15,924
Deferred revenue (22,076) (2,778) (63,464)
Operating lease liabilities (17,969) (16,668) (9,882)
Net cash used in operating activities (348,880) (394,086) (333,287)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (5,778) (13,985) (13,558)
Purchases of marketable securities (935,573) (904,464) (429,032)
Sales and maturities of marketable securities 1,066,918 887,102 647,581
Proceeds from sale of property and equipment 0 0 150
Acquired in-process research and development, net of cash acquired of $287 0 0 (44,832)
Net cash provided by (used in) investing activities 125,567 (31,347) 160,309
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from options exercised 5,862 6,599 14,517
Issuance of shares through employee stock purchase plan 2,986 3,929 2,649
Net cash provided by financing activities 185,747 130,323 582,955
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (37,566) (295,110) 409,977
Cash, cash equivalents and restricted cash equivalents, beginning of period 240,353 535,463 125,486
Cash, cash equivalents and restricted cash equivalents, end of period 202,787 240,353 535,463
Reconciliation of cash, cash equivalents and restricted cash equivalents to consolidated balance sheet:      
Cash and cash equivalents 189,182 226,748 523,506
Restricted cash equivalents, included in investments and other assets 13,605 13,605 11,957
Total cash, cash equivalents and restricted cash equivalents 202,787 240,353 535,463
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Purchases of property and equipment unpaid at period end 577 1,525 1,623
Operating lease liabilities arising from obtaining right-of-use assets 112,821 1,311 67,053
Non-cash trade-in of property and equipment 99 0 200
Proceeds from at-the-market offerings unpaid at period end 0 2,075 0
Shares issued for Rewrite contingent consideration 0 24,126 0
Contingent consideration liability assumed in asset acquisition 0 0 10,541
At The Market Offerings [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from issuance of common stock 176,899 119,795 227,897
Follow-on public Offerings [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from issuance of common stock $ 0 $ 0 $ 337,892