v3.24.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (106,793) $ (119,204) $ (105,538)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 6,816 5,690 4,844
(Accretion of discount) amortization of premium on marketable securities (9,075) (364) 2,781
Stock-based compensation 24,908 26,304 23,241
Non-cash lease expenses 3,628 2,598 4,929
Realized gain on sale of equity securities   (4,074)  
Unrealized (gain) loss on equity securities (9,917) (12,130) 4,454
Non-cash interest expense on deferred royalty obligation 12,570    
Other 622 324 1,230
Changes in operating assets and liabilities:      
Accounts receivable (28,956) 5,341 (6,895)
Prepaid expenses and other assets 109 (3,544) (3,959)
Accounts payable 4,812 (1,225) 2,708
Accrued compensation 1,544 1,725 2,594
Accrued expenses and other liabilities 25,300 6,562 5,866
Deferred revenue (32,599) 93,648 (15,207)
Change in operating lease liability (4,585) 1,898 (2,727)
Net cash provided by (used in) operating activities (111,616) 3,549 (81,679)
Investing activities      
Purchases of marketable securities (460,301) (216,671) (248,727)
Maturities of marketable securities 434,966 127,960 148,250
Sales of marketable securities 25,726 32,799 18,476
Proceeds from sale of equity securities, net   28,739  
Purchases of equipment and leasehold improvements (4,315) (7,858) (15,323)
Proceeds from exercise of options for Vaxcyte shares   9 9
Net cash (used in) provided by investing activities (3,924) (35,022) (97,315)
Financing activities      
Proceeds from sales of common stock, net of issuance costs 11,971 56,270  
Payments of debt (12,500) (9,375)  
Proceeds from the sale of future royalties, net of issuance costs 136,208    
Proceed from exercise of common stock options 314 268 2,485
Taxes paid related to net share settlement of restricted stock units (490) (463) (987)
Return and retirement of common stock     (7)
Proceeds from employee stock purchase plan 2,051 1,613 1,765
Net cash provided by financing activities 137,554 48,313 3,256
Net increase (decrease) in cash, cash equivalents and restricted cash 22,014 16,840 (175,738)
Cash, cash equivalents and restricted cash at beginning of year 48,126 31,286 207,024
Cash, cash equivalents and restricted cash at end of year 70,140 48,126 31,286
Supplemental disclosure of cash flow information      
Cash paid for interest 1,126 1,869 2,046
Income tax paid 379   103
Supplemental Disclosures of Non-cash Investing and Financing Information      
Purchase of property and equipment included in accounts payable 214 280 370
Remeasurement of operating lease right-of-use assets for lease modification     4,227
Financing Component Associated with Program Fees $ 9,836 5,079 $ 610
Value of 167,780 shares of Vaxcyte common stock received under the Vaxcyte Agreement   $ 7,500  

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