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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (258,043) $ (180,324) $ (114,164)
Reconciliation of net loss to net cash used in operating activities:      
Depreciation and amortization expense 23,995 15,943 7,404
Non-cash interest expense and amortization of debt costs 0 2,893 0
Stock-based compensation expense 69,072 26,932 7,185
Other non-cash compensation expense 0 5,046 0
Gain from change in the fair value of warrants and earnout shares (98,002) (49,853) 0
Loss from transaction costs related to merger 0 9,087 0
Write-off of in-process research and development project 0 5,030 0
Income from equity method investment (19,463) (29,405) (12,703)
Net accretion and amortization of investments in marketable debt securities (5,237) 4,335 1,179
Deferred income taxes 0 (10,544) 0
Changes in operating assets and liabilities      
Other receivables and prepaid expenses and other current assets (1,823) (11,807) (3,101)
Other non-current assets 20,016 10,480 (82)
Accounts payable and accrued and other liabilities 10,884 6,438 8,382
Non-current liabilities 22,676 0 0
Net cash used in operating activities (235,925) (195,749) (105,900)
Cash flows from investing activities      
Purchase of marketable securities (1,358,953) (401,626) (620,781)
Proceeds from sales and maturities of marketable securities 788,761 422,084 251,335
Purchases of property and equipment (54,890) (32,340) (23,713)
Acquisitions, net of cash (5,707) (6,854) 0
Net cash used in investing activities (630,789) (18,736) (393,159)
Cash flows from financing activities      
Proceeds from merger 0 1,067,922 0
Payments for offering costs 0 (50,391) 0
Proceeds from issuance of convertible notes and convertible preferred stock, net 0 74,972 69,860
Proceeds from issuance of common stock and warrants 60,060 0 0
Proceeds from the exercise of stock options 1,437 1,456 369
Repayments of tenant improvement loan and obligations under finance and capital leases (1,041) (1,179) (1,009)
Net cash provided by financing activities 60,456 1,092,780 69,220
Net change in cash, cash equivalents and restricted cash (806,258) 878,295 (429,839)
Cash, cash equivalents and restricted cash, at the beginning of the year 956,325 78,030 507,869
Cash, cash equivalents and restricted cash, at the end of the year 150,067 956,325 78,030
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 146,101 955,563 77,337
Restricted cash 3,966 762 693
Cash, cash equivalents and restricted cash in consolidated balance sheets 150,067 956,325 78,030
Non-cash investing and financing activities      
Unpaid property and equipment purchases 3,553 654 1,806
Property and equipment purchased through finance and capital leases 694 926 0
Right-of-use assets acquired through operating leases 29,202    
Uber Elevate acquisition in exchange for Series C redeemable convertible preferred stock 0 77,154 0
Conversion of Uber note payable to Series C preferred stock 0 77,399 0
Conversion of preferred stock 0 846,622 0
Net non-cash assets acquired in merger 0 1,159 0
Deconsolidation of net liabilities of fully owned subsidiary due to loss of control $ 0 $ 0 $ 1,713