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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 income (loss) $ 528,584 $ (298,665) $ (174,683)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,278 4,400 3,294
Amortization of intangible assets 533 1,042 1,223
Impairment of intangible assets 832
(Accretion of discounts) amortization of premiums on investments, net (244) 1,548 (179)
Noncash lease expense 6,172 3,371
Change in fair value of equity investments (138,049)
Change in estimated fair value of contingent consideration 91,848 38,394 8,330
Payment of contingent consideration in excess of acquisition date fair value (8,140) (15,752)
Initial fair value of derivative liability 13,599
Change in estimated fair value of derivative liability 16,796 (1,150)
Change in estimated fair value of convertible preferred stock warrant liability 2,049
Stock-based compensation 83,784 27,600 8,719
Change in deferred income taxes 15,186 (52)
Gain from a sublease termination (4,844)
Common stock issued in connection with license agreement 617
Other 697 23 345
Changes in operating assets and liabilities:      
Receivable from collaboration (773,079)
Prepaid expenses and other current assets (3,665) (4,475) (4,619)
Other assets (1,483) (1,100) (1,881)
Accounts payable (171) (790) 964
Accrued liabilities and other long-term liabilities 58,498 46,614 10,211
Operating lease liabilities (535) (3,684)
Deferred revenue 92,041 (7,043) 3,529
Net cash used in operating activities (47,589) (190,941) (129,632)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (21,817) (6,549) (8,940)
Purchases of investments (420,240) (403,841) (643,898)
Maturities of investments 301,243 400,348 396,680
Proceeds from disposal of an asset held for sale 180
Net cash used in investing activities (140,814) (9,862) (256,158)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 323,214 126,411
Proceeds from issuance of common stock in connection with a collaboration agreement 85,213 206,699
Proceeds from issuance of convertible preferred stock, net of issuance cost 317,335
Proceeds received from financing lease obligation 1,202
Payment of contingent consideration (4,248)
Payment of principal on financing lease obligations (259) (250) (95)
Proceeds from repayment of promissory notes 3,265
Proceeds from exercise of stock options 13,077 4,059 1,129
Proceeds from issuance of common stock under the employee stock purchase plan 2,300  
Cash paid in lieu of fractional shares related to reverse stock split (3)
Net cash provided by financing activities 100,331 529,474 449,244
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents (88,072) 328,671 63,454
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 451,487 122,816 59,362
Cash, cash equivalents and restricted cash and cash equivalents at end of period 363,415 451,487 122,816
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Property and equipment purchases included in accounts payable and accrued liabilities 8,731 382 892
Common stock issued for payment of contingent consideration 1,860
Conversion of preferred stock into common stock upon completion of initial public offering 636,612
Operating lease liabilities obtained in exchange of right-of-use asset 77,187 48,495
Advanced proceeds applied to convertible preferred stock issuance 10,140
Reclassification of derivative liability to additional paid-in capital 29,245
Reclassification of preferred stock warrant liability to additional paid-in capital 3,073
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 347,815 436,575 109,335
Restricted cash and cash equivalents, current 8,594 7,993 6,181
Restricted cash and cash equivalents, noncurrent 7,006 6,919 7,300
Total cash, cash equivalents and restricted cash $ 363,415 $ 451,487 $ 122,816