v3.25.0.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss $ (227,461) $ (106,793) $ (119,204)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 7,218 6,816 5,690
Accretion of discount on marketable securities (9,719) (9,075) (364)
Stock-based compensation 24,687 24,908 26,304
Non-cash lease expenses 5,138 3,628 2,598
Realized gain on sale of equity securities (32,139) 0 (4,074)
Unrealized gain on equity securities 0 (9,917) (12,130)
Non-cash interest expense on deferred royalty obligation 31,070 12,570 0
Other 766 622 324
Changes in operating assets and liabilities:      
Accounts receivable 27,462 (28,956) 5,341
Prepaid expenses and other assets (11,558) 109 (3,544)
Accounts payable 706 4,812 (1,225)
Accrued compensation (1,781) 1,544 1,725
Accrued expenses and other liabilities (7,354) 25,300 6,562
Deferred revenue 7,845 (32,599) 93,648
Change in operating lease liability (6,420) (4,585) 1,898
Net cash (used in) provided by operating activities (191,540) (111,616) 3,549
Investing activities      
Purchases of marketable securities (461,521) (460,301) (216,671)
Maturities of marketable securities 538,925 434,966 127,960
Sales of marketable securities 70,155 25,726 32,799
Proceeds from sale of equity securities, net 74,047 0 28,739
Purchases of equipment and leasehold improvements (3,098) (4,315) (7,858)
Proceeds from exercise of options for Vaxcyte shares 0 0 9
Net cash provided by (used in) investing activities 218,508 (3,924) (35,022)
Financing activities      
Proceeds from sales of common stock, net of issuance costs 71,527 11,971 56,270
Proceeds from sales of common stock to Ipsen Biopharmaceuticals, Inc. (USA) 25,000 0 0
Payments of debt (4,083) (12,500) (9,375)
Proceeds from the sale of future royalties, net of issuance costs 0 136,208 0
Proceed from exercise of common stock options 271 314 268
Taxes paid related to net share settlement of restricted stock units (509) (490) (463)
Proceeds from employee stock purchase plan 1,848 2,051 1,613
Net cash provided by financing activities 94,054 137,554 48,313
Net increase in cash, cash equivalents and restricted cash 121,022 22,014 16,840
Cash, cash equivalents and restricted cash at beginning of year 70,140 48,126 31,286
Cash, cash equivalents and restricted cash at end of year 191,162 70,140 48,126
Supplemental disclosure of cash flow information      
Cash paid for interest 310 1,126 1,869
Income tax paid 17,520 379 0
Supplemental Disclosures of Non-cash Investing and Financing Information      
Purchase of property and equipment included in accounts payable 673 214 280
Value of 167,780 shares of Vaxcyte common stock received under the Vaxcyte Agreement 0 0 7,500
Financing Component Associated with Program Fees 6,289 9,836 5,079
Premium on common stock issued to Ipsen Biopharma, Inc. (USA) $ 429 $ 0 $ 0

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