Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (513,050) $ (258,043) $ (180,324)
Reconciliation of net loss to net cash used in operating activities:      
Depreciation and amortization expense 30,493 23,995 15,943
Non-cash interest expense and amortization of debt costs 0 0 2,893
Stock-based compensation expense 93,636 69,072 26,932
Other non-cash compensation expense 0 0 5,046
(Gain)/loss from change in the fair value of warrants and earnout shares 86,378 (98,002) (49,853)
Loss from transaction costs related to merger 0 0 9,087
Write-off of in-process research and development project 0 0 5,030
Income from equity method investment 0 (19,463) (29,405)
Net accretion and amortization of investments in marketable debt securities (20,202) (5,237) 4,335
Deferred income taxes 0 0 (10,544)
Changes in operating assets and liabilities      
Other receivables and prepaid expenses and other current assets (573) (1,823) (11,807)
Other non-current assets 309 20,016 10,480
Accounts payable and accrued and other liabilities 6,442 10,884 6,438
Non-current liabilities 2,736 22,676 0
Net cash used in operating activities (313,831) (235,925) (195,749)
Cash flows from investing activities      
Purchase of marketable securities (809,978) (1,358,953) (401,626)
Proceeds from sales and maturities of marketable securities 920,879 788,761 422,084
Purchases of property and equipment (30,597) (54,890) (32,340)
Acquisitions, net of cash 0 (5,707) (6,854)
Net cash provided by (used in) investing activities 80,304 (630,789) (18,736)
Cash flows from financing activities      
Proceeds from merger 0 0 1,067,922
Payments for offering costs 0 0 (50,391)
Proceeds from issuance of convertible notes and convertible preferred stock, net 0 0 74,972
Proceeds from issuance of common stock in private placement, net 280,110 60,060 0
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 6,918 0 0
Proceeds from Stock Options and Warrants Exercised 2,055 1,437 1,456
Repayments of tenant improvement loan and obligations under finance lease (844) (1,041) (1,179)
Net cash provided by financing activities 288,239 60,456 1,092,780
Net change in cash, cash equivalents and restricted cash 54,712 (806,258) 878,295
Cash, cash equivalents and restricted cash, at the beginning of the year 150,067 956,325 78,030
Cash, cash equivalents and restricted cash, at the end of the year 204,779 150,067 956,325
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 204,017 146,101 955,563
Restricted cash 762 3,966 762
Cash, cash equivalents and restricted cash in consolidated balance sheets 204,779 150,067 956,325
Non-cash investing and financing activities      
Unpaid property and equipment purchases 1,769 3,553 654
Property and equipment purchased through finacing leases 5,221 694 926
Right-of-use assets acquired through operating leases 5,652 29,202 0
Uber Elevate acquisition in exchange for Series C redeemable convertible preferred stock 0 0 77,154
Conversion of Uber note payable to Series C preferred stock 0 0 77,399
Conversion of preferred stock 0 0 846,622
Net non-cash assets acquired in merger $ 0 $ 0 $ 1,159