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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (114,248) $ (173,034)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 21,962 18,348
Depreciation and amortization 564 95
Change in fair value of financial instruments 4,200 (5,520)
Change in deferred taxes (26,380) (83)
Changes in operating assets and liabilities:    
Tax incentive receivable (4,157) (7,847)
Prepaid expenses and other assets (3,211) 4,209
Operating leases, net (1,968) 0
Accounts payable (3,308) 3,755
Accrued expenses and other liabilities (2,841) 11,095
Other, net 95 0
Net cash used in operating activities (129,292) (148,982)
Cash flows from investing activities:    
Purchases of investments in marketable securities (194,836) 0
Proceeds from redemption of investments in marketable securities 86,248 0
Purchases of property and equipment (141) (485)
Net cash used in investing activities (108,729) (485)
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs 14,564 0
Proceeds from option exercises 192 629
Other, net 0 (261)
Net cash provided by financing activities 14,756 368
Effect of exchange rate on cash and cash equivalents 1,119 (1,140)
Net decrease in cash and cash equivalents (222,146) (150,239)
Cash and cash equivalents at beginning of period 393,644 595,082
Cash and cash equivalents at end of period 171,498 444,843
Supplemental disclosure:    
Interest paid 7,336 5,074
Income taxes paid 2,947 862
Operating lease payments reducing operating lease liabilities 785 0
ROU assets obtained in exchange for operating lease liabilities 9,711 0
Non-cash investing and financing activities:    
Issuance of ordinary shares to settle outstanding contingent value rights $ 0 $ 39,680