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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (173,614) $ (177,720)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,372 1,292
Stock-based compensation expense 31,104 24,349
In process research and development expenses 50 60
Amortization of operating lease right-of-use assets 1,934 2,593
Amortization of long-term debt discount and issuance costs 893 4,983
Amortization of premium (discount) on marketable securities, net of accretion of discounts (261) 186
Loss on disposal of property and equipment 0 84
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,151) 1,221
Other assets 451 (87)
Operating lease liabilities (2,030) (2,706)
Accounts payable (2,098) (6,808)
Accrued expenses (1,561) 4,715
Accrued research and development expenses 4,541 3,375
Accrued compensation and benefits (1,415) (3,918)
Accrued interest expense 2,483 0
Net cash used in operating activities (139,302) (148,381)
Cash flows from investing activities    
Research and development asset acquisitions, net of cash acquired (50) (60)
Purchase of marketable securities (160,641) (143,897)
Maturities of marketable securities 151,500 17,550
Purchase of property and equipment (308) (1,463)
Net cash used in investing activities (9,499) (127,870)
Cash flows from financing activities    
Proceeds from issuance of common stock in a private offering, net of offering costs 119,928 0
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan 1,215 1,315
Proceeds from the exercise of stock options 1,723 1,643
Principal repayments of long-term debt (2,903) 0
Net cash provided by financing activities 119,963 2,958
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,152) 211
Net decrease in cash, cash equivalents and restricted cash (29,990) (273,082)
Cash, cash equivalents and restricted cash, at the beginning of the period 183,467 486,620
Cash, cash equivalents and restricted cash, at the end of the period 153,477 213,538
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,042 7,055
Supplemental disclosure of noncash investing and financing activities:    
Operating lease right-of-use asset obtained in exchange for lease liability 3,029 0
Derecognition ROU lease assets obtained in exchange for operating lease liabilities 0 1,650
Change in unrealized gain (loss) on marketable securities, net (311) 188
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities $ 49 $ 0