v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (132,527) $ (289,088) $ (370,638)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss from equity method investment   25,500  
Depreciation and amortization 20,012 14,147 7,451
Amortization of investment (discount) premiums (29,743) (9,410) (75)
In-process research and development charge     154,953
Stock-based compensation expense 98,647 84,321 43,570
Change in operating lease right-of-use assets 9,519 8,430 8,990
Change in fair value of derivative liabilities (7,500) (23,900) 1,000
Change in fair value of contingent consideration liabilities (9,740) (18,904) (5,146)
Change in fair value of non-controlling equity investments 18,592 (20,200) (17,690)
Other   3 63
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (6,473) (7,753) 746
Other long-term assets     (197)
Accounts payable (7,578) 2,373 818
Accrued expenses and other liabilities 67,663 (16,933) 43,914
Operating lease liabilities (10,168) 12,430 16,028
Collaboration receivable (146) 300,000 (300,000)
Deferred revenue (159,559) (35,920) 348,156
Other long-term liabilities (194) (2,569) 1,789
Net cash provided by (used in) operating activities (149,195) 22,527 (66,268)
Investing activities      
Purchases of property and equipment (33,732) (48,951) (46,811)
Purchases of marketable securities (984,338) (1,616,999) (777,223)
Maturities of marketable securities 1,089,910 1,204,614 529,270
Net cash acquired from Guide     620
Net cash provided by (used in) investing activities 71,840 (461,336) (294,144)
Financing activities      
Proceeds from issuance of common shares, net of commissions 236,568 108,258 757,449
Proceeds from issuances of stock under ESPP 3,032 3,075  
Payment of equity offering costs (631) (188) (8,816)
Equipment financings, net (2,252) (2,287) (2,118)
Proceeds from exercise of stock options 6,131 2,732 9,626
Proceeds from private stock issuance 33,600    
Net cash provided by (used in) financing activities 276,448 111,590 756,141
Net change in cash, cash equivalents and restricted cash 199,093 (327,219) 395,729
Cash, cash equivalents and restricted cash—beginning of period 245,521 572,740 177,011
Cash, cash equivalents and restricted cash—end of period 444,614 245,521 572,740
Supplemental disclosure of cash flow information:      
Cash paid for interest 160 376 567
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions in accounts payable and accrued expenses 1,403 5,783 9,264
Operating lease liabilities arising from obtaining right-of-use assets $ 3,852 41,050 25,925
Equity issuance costs in accounts payable and accrued expenses     5
Fair value of common stock issued to settle success payment liability     30,000
Contingent consideration liabilities assumed in asset acquisition     36,513
Fair value of equity instruments issued in connection with asset acquisition     $ 120,032
Non-cash contribution of intellectual property to Orbital Therapeutics Inc.   $ 25,500