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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (176,693) $ (154,637)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 35,364 45,206
Depreciation and amortization 7,150 7,367
Net amortization/accretion on investment securities (566) 2,240
Non-cash rent expense 357 1,640
Share of loss from equity method investment 2,907 2,309
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,365 (8,515)
Other long-term assets (55) (2,803)
Accounts payable (3,233) 917
Accrued and other current liabilities 5,610 (3,334)
Deferred revenue (656) 413
Other long-term liabilities (46) (1,571)
Net cash used in operating activities (128,496) (110,768)
Cash flows from investing activities:    
Purchases of property and equipment (1,323) (3,276)
Proceeds from sales of investments 5,623 0
Proceeds from maturities of investments 296,309 185,797
Purchase of investments (170,514) (150,864)
Net cash provided by investing activities 130,095 31,657
Cash flows from financing activities:    
Proceeds from issuance of common stock from ATM offering, net of commissions and issuance costs 87,918 0
Proceeds from issuance of common stock upon exercise of stock options 1,606 308
Proceeds from issuance of common stock under the employee stock purchase plan 1,731 1,530
Net cash provided by financing activities 91,255 1,838
Net change in cash and cash equivalents and restricted cash 92,854 (77,273)
Cash and cash equivalents and restricted cash — beginning of period 72,196 183,606
Cash and cash equivalents and restricted cash — end of period 165,050 106,333
Non-cash investing activities:    
Right-of-use asset obtained in exchange for lease liability 0 31,361
Supplemental disclosure:    
Cash paid for amounts included in the measurement of lease liabilities (5,989) (3,983)
Cash received for amounts related to tenant improvement allowances $ 0 $ 325