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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (254,763) $ (191,163)
Adjustments to reconcile net loss to net cash used in operating activities:    
Noncash stock compensation expense 46,918 46,768
Depreciation and amortization 202 105
Amortization of premium on investment securities 421  
Amortization of premium on investment securities   (75)
Amortization of debt issuance costs 694 694
Amortization of leasehold interest 159 163
Noncash change in lease liability and right of use asset 1,422 1,364
Change in fair value of notes payable (315) 286
Changes in assets and liabilities:    
(Increase) decrease in other current assets (7,255) 2,503
Increase in accounts receivable (1,384)  
Increase (decrease) in accounts payable and accrued expenses 12,090 5,893
Decrease in lease liabilities (1,507) (1,360)
Decrease in other liabilities (5,293) (27,545)
Decrease in deferred revenue (114) (114)
Net cash used in operating activities (208,725) (162,481)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturity of short-term securities 40,000 35,250
Investment in held-to-maturity securities (43,299) (7,482)
Purchases of equipment (321) (202)
Net cash (used in) provided by investing activities (3,620) 27,566
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of loan payable (14,590)  
Proceeds from sale of common stock, net   276,303
Proceeds from exercise of options 216 135
Offering costs paid (204)  
Net cash (used in) provided by financing activities (14,578) 276,438
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (226,923) 141,523
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 554,698 113,888
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 327,775 $ 255,411