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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net loss $ (438,875) $ (187,925) $ (149,079)
Adjustment to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 17,871 11,665 1,609
Stock-based compensation 108,202 60,331 23,757
Gain on extinguishment of debt (2,553) 0 0
Accretion of unamortized debt discount and amortization of debt issuance costs 3,743 149 558
Fair value adjustment of derivatives 0 0 21,463
Amortization of premium for marketable securities 3,095 0 0
Impairment charges 168,051 634 3,573
Deferred income taxes (698) (19,377) 0
Change in fair value of common stock warrant liabilities (6,004) (87,922) 23,049
Changes in operating assets and liabilities:      
Accounts receivable, net 5,592 931 0
Prepaid expenses and other assets 11,602 (6,284) (7,505)
Operating lease right-of-use assets 1,605 (14,511) 0
Accounts payable (17,222) 6,261 10,729
Loss contingency accrual (4,449) 11,557 0
Operating lease liabilities (1,602) 15,677 0
Other accruals and liabilities (27,955) 28,660 15,614
Net cash used in operating activities (179,597) (180,154) (56,232)
Investing Activities      
Purchases of property and equipment, including internal use software (1,892) (3,236) (3,246)
Investment in non-marketable equity securities 0 (54,769) 0
Purchases of marketable securities (454,091) (504,032) 0
Proceeds from sales of marketable securities 167,847 2,100 0
Proceeds from maturities of marketable securities 599,522 0 0
Cash paid for business acquisition, net of cash acquired 0 (83,987) 0
Net cash provided by (used in) investing activities 311,386 (643,924) (3,246)
Financing Activities      
Principal payments on finance lease liabilities (2,612) (1,582) 0
Borrowings under debt agreements, net of issuance costs 0 280,897 0
Payments for debt issuance costs (2,005) (3) (201)
Payments for extinguishment of debt (7,298) 0 0
Payments under debt agreements 0 0 (10,000)
Proceeds from issuance of common stock in follow-on offering, net of underwriting commissions, and offering costs 0 402,138 0
Net cash contributions from FEAC business combination and PIPE Financing 0 0 246,484
Payments made towards offering costs 0 (13,222) (1,993)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 0 76,617
Net proceeds from exercise of stock options and issuance of common stock 1,310 3,883 1,243
Proceeds from exercise of common stock warrants, net of redemptions 0 130,571 382
Taxes paid related to net share settlement of equity awards 0 0 (13,404)
Payments made to repurchase common stock 0 0 (1,339)
Payments for redemption of preferred stock 0 0 (1,211)
Net cash provided by (used in) financing activities (10,605) 802,682 296,578
Net change in cash, cash equivalents and restricted cash 121,184 (21,396) 237,100
Cash, cash equivalents and restricted cash – beginning of year 244,252 265,648 28,548
Cash, cash equivalents and restricted cash – end of year 365,436 244,252 265,648
Cash paid during the period for:      
Interest 30,334 180 815
Noncash investing and financing activities:      
Settlement of the Redeemable convertible Series E preferred stock forward contract liability 0 0 21,688
Deferred offering costs in accounts payable and accrued liabilities 0 2,004 14,065
Issuance of common stock for business combination 0 67,051 0
Warrant liability reclassified to additional paid-in capital 0 84,016 0
Payment of promissory notes through surrender of shares $ 0 $ 0 $ 18,673