XML 34 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (282.5) $ (191.0) $ (119.3)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 6.3 4.8 3.2
Net accretion of bond discounts/premiums 5.7 9.4 1.7
Forgiveness of debt income 0.0 (1.0) 0.0
Loss (gain) on sale of marketable securities 0.4 0.2 (0.4)
Amortization of right-of-use assets 1.9 1.2 0.9
Amortization of collaboration contract asset 1.8 0.4 0.0
Stock-based compensation 75.5 57.1 30.2
Changes in operating assets and liabilities:      
Accounts receivable 14.0 (14.0) (1.0)
Other receivables 3.7 (3.3) (1.2)
Prepaid expenses and other current assets (1.8) (13.6) (2.4)
Collaboration contract asset 0.0 (12.9) 0.0
Accounts payable and accrued liabilities 20.2 27.9 12.8
Operating lease liabilities (1.9) (1.3) (0.9)
Deferred revenue (116.8) 695.5 (13.3)
Net cash (used in) provided by operating activities (273.5) 559.4 (89.7)
Cash flows from investing activities:      
Purchase of marketable securities (886.4) (1,744.6) (41.2)
Maturities of marketable securities 1,076.9 428.5 174.1
Sale of marketable securities 59.1 7.2 37.8
Purchase of property, equipment and leasehold improvements (6.8) (4.7) (6.4)
Net cash provided by (used in) investing activities 242.8 (1,313.6) 164.3
Cash flows from financing activities:      
Proceeds from issuance of common stock 0.0 264.6 460.0
Payment of common stock offering costs 0.0 (4.6) (27.7)
Proceeds from exercise of stock options 4.7 18.6 8.3
Net cash provided by financing activities 4.7 278.6 504.6
Net (decrease) increase in cash, cash equivalents and restricted cash (26.0) (475.6) 579.2
Cash, cash equivalents and restricted cash, beginning of the period 112.8 588.4 9.2
Cash, cash equivalents and restricted cash, end of the period 86.8 112.8 588.4
Supplemental disclosure of cash flow information:      
Purchases of property, equipment and leasehold improvements unpaid at period end 0.1 0.5 0.5
Cash paid for interest 0.0 0.1 0.1
Cash paid for taxes 11.1 0.0 0.0
At-the-Market Offering      
Cash flows from financing activities:      
Payment of common stock offering costs 0.0 0.0 (1.6)
Proceeds from sale of common stock in at-the-market offering $ 0.0 $ 0.0 $ 65.6