Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (119,204) $ (105,538) $ (32,128)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,690 4,844 4,297
(Accretion of discount) amortization of premium on marketable securities (364) 2,781 (490)
Stock-based compensation 26,304 23,241 11,917
Noncash lease expenses 2,598 4,929  
Realized gain on sale of equity securities (4,074)    
Unrealized (gain) loss on equity securities (12,130) 4,454 (41,498)
Remeasurement of liability awards (2) (12) 19
Other 326 1,242 587
Changes in operating assets and liabilities:      
Accounts receivable 5,341 (6,895) 739
Prepaid expenses and other assets (3,544) (3,959) (80)
Accounts payable (1,225) 2,708 (1,141)
Accrued compensation 1,725 2,594 2,806
Accrued expenses and other liabilities 6,562 5,866 216
Deferred rent     931
Deferred revenue 93,648 (15,207) (14,957)
Change in operating lease liability 1,898 (2,727)  
Net cash provided by (used in) operating activities 3,549 (81,679) (67,802)
Investing activities      
Purchases of marketable securities (216,671) (248,727) (130,741)
Maturities of marketable securities 127,960 148,250 116,385
Sales of marketable securities 32,799 18,476 22,000
Proceeds from sale of equity securities, net 28,739    
Purchases of equipment and leasehold improvements (7,858) (15,323) (7,129)
Proceeds from exercise of options for Vaxcyte shares 9 9 89
Net cash (used in) provided by investing activities (35,022) (97,315) 604
Financing activities      
Proceeds from sales of common stock, net of issuance costs 56,270   251,415
Proceeds from debt refinancing     25,000
Payments of debt (9,375)   (10,000)
Proceed from exercise of common stock options 268 2,485 1,861
Taxes paid related to net share settlement of restricted stock units (463) (987) (314)
Return and retirement of common stock   (7)  
Proceeds from employee stock purchase plan 1,613 1,765 1,285
Net cash provided by financing activities 48,313 3,256 269,247
Net increase (decrease) in cash, cash equivalents and restricted cash 16,840 (175,738) 202,049
Cash, cash equivalents and restricted cash at beginning of year 31,286 207,024 4,975
Cash, cash equivalents and restricted cash at end of year 48,126 31,286 207,024
Supplemental disclosure of cash flow information      
Cash paid for interest 1,869 2,046 1,675
Income tax paid   103  
Supplemental Disclosures of Non-cash Investing and Financing Information      
Purchase of property and equipment included in accounts payable 280 370 546
Remeasurement of operating lease right-of-use assets for lease modification   4,227  
Offering costs included in accounts payable     361
Financing Component Associated with Program Fees 5,079 $ 610 1,852
Value of 167,780 shares of Vaxcyte common stock received under the Vaxcyte Agreement $ 7,500    
Warrants issued to lenders     $ 619