Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (217,879) $ (399,472)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 17,192 14,525
Stock-based compensation expense 55,387 42,480
(Gain)/Loss from change in the fair value of warrants and earnout shares (48,841) 202,780
Net accretion of investments in marketable debt securities (9,472) (9,690)
Changes in operating assets and liabilities    
Other receivables and prepaid expenses and other current assets (7,579) (5,929)
Other non-current assets 795 4,480
Accounts payable and accrued and other current liabilities 5,878 2,137
Non-current liabilities (952) (1,623)
Net cash used in operating activities (205,471) (150,312)
Cash flows from investing activities    
Purchases of marketable securities (169,931) (281,019)
Proceeds from sales and maturities of marketable securities 356,541 393,956
Purchases of property and equipment (15,339) (14,140)
Net cash provided by investing activities 171,271 98,797
Cash flows from financing activities    
Proceeds from issuance of common stock in private placement, net 0 280,196
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 4,942 3,801
Proceeds from the exercise of stock options and warrants issuance 1,291 1,346
Repayments of tenant improvement loan and obligations under finance lease (950) (460)
Net cash provided by financing activities 5,283 284,883
Net change in cash, cash equivalents and restricted cash (28,917) 233,368
Cash, cash equivalents and restricted cash, at the beginning of the period 204,779 150,067
Cash, cash equivalents and restricted cash, at the end of the period 175,862 383,435
Reconciliation of cash, cash equivalents and restricted cash to balance sheets    
Cash and cash equivalents 175,100 382,673
Restricted cash 762 762
Cash, cash equivalents and restricted cash in consolidated balance sheets 175,862 383,435
Non-cash investing and financing activities    
Net assets acquired in exchange for stock issuance 9,472 0
Unpaid property and equipment purchases 2,179 1,171
Property and equipment purchased through finance leases 1,365 0
Right of use assets acquired through operating leases $ 1,550 $ 0