Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (608,034) $ (513,050) $ (258,043)
Reconciliation of net loss to net cash used in operating activities:      
Depreciation and amortization expense 35,572 30,493 23,995
Stock-based compensation expense 104,446 93,636 69,072
(Gain)/loss from change in the fair value of warrants and earnout shares 53,973 86,378 (98,002)
Income from equity method investment 0 0 (19,463)
Net accretion and amortization of investments in marketable debt securities (15,821) (20,202) (5,237)
Changes in operating assets and liabilities      
Other receivables and prepaid expenses and other current assets (11,803) (573) (1,823)
Other non-current assets (545) 309 20,016
Accounts payable and accrued and other liabilities 6,116 6,442 10,884
Non-current liabilities (171) 2,736 22,676
Net cash used in operating activities (436,267) (313,831) (235,925)
Cash flows from investing activities      
Purchase of marketable securities (603,777) (809,978) (1,358,953)
Proceeds from sales and maturities of marketable securities 715,157 920,879 788,761
Purchases of property and equipment (40,617) (30,597) (54,890)
Acquisitions, net of cash 0 0 (5,707)
Net cash provided by (used in) investing activities 70,763 80,304 (630,789)
Cash flows from financing activities      
Proceeds from issuance of common stock in private placement, net 0 280,110 60,060
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 11,200 6,918 0
Proceeds from the exercise of stock options and warrants issuance 1,659 2,055 1,437
Repayments of tenant improvement loan and obligations under finance lease (2,435) (844) (1,041)
Net cash provided by financing activities 361,114 288,239 60,456
Net change in cash, cash equivalents and restricted cash (4,390) 54,712 (806,258)
Cash, cash equivalents and restricted cash, at the beginning of the year 204,779 150,067 956,325
Cash, cash equivalents and restricted cash, at the end of the year 200,389 204,779 150,067
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 199,627 204,017 146,101
Restricted cash 762 762 3,966
Cash, cash equivalents and restricted cash in consolidated balance sheets 200,389 204,779 150,067
Non-cash investing and financing activities      
Unpaid property and equipment purchases 6,536 1,769 3,553
Property and equipment purchased through financing leases 2,537 5,221 694
Right-of-use assets acquired through operating leases 5,115 5,652 29,202
Net non-cash assets acquired 9,472 0 0
Underwritten Public Offering      
Cash flows from financing activities      
Proceeds from issuance of common stock 232,300 0 0
Underwritten and At-the-market public offering commission and offering expenses (10,446) 0 0
At-The-Market Public Offering      
Cash flows from financing activities      
Proceeds from issuance of common stock 133,019 0 0
Underwritten and At-the-market public offering commission and offering expenses $ (4,183) $ 0 $ 0