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, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net loss $ (105,538) $ (32,128) $ (55,744)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 4,844 4,297 4,777
Amortization of premium (accretion of discount) on marketable securities 2,781 490 (1,457)
Stock-based compensation 23,241 11,917 10,312
Noncash lease expenses 4,929    
Unrealized loss (gain) on equity securities 4,454 (41,498)  
Remeasurement of liability awards (12) 19 (115)
Other 1,242 587 468
Changes in operating assets and liabilities:      
Accounts receivable (6,895) 739 (3,809)
Prepaid expenses and other assets (3,959) (80) (1,441)
Accounts payable 6,433 (947) 2,253
Accrued compensation 2,594 2,806 (200)
Other liabilities 2,141 22 186
Deferred rent   931 (67)
Deferred revenue (15,207) (14,957) (20,186)
Change in operating lease liability (2,727)    
Net cash used in operating activities (81,679) (67,802) (65,023)
Investing activities      
Purchases of marketable securities (248,727) (130,741) (196,226)
Maturities of marketable securities 148,250 116,385 128,576
Sales of marketable securities 18,476 22,000 20,000
Purchases of equipment and leasehold improvements (15,323) (7,129) (3,481)
Proceeds from exercise of options for Vaxcyte shares 9 89  
Net cash (used in) provided by investing activities (97,315) 604 (51,131)
Financing activities      
Proceeds from sales of common stock, net of issuance costs   251,415 (327)
Proceeds from debt refinancing   25,000  
Payments of debt   (10,000) (5,000)
Proceed from exercise of common stock options 2,485 1,861 180
Taxes paid related to net share settlement of restricted stock units (987) (314) (297)
Return and retirement of common stock (7)    
Proceeds from employee stock purchase plan 1,765 1,285 1,260
Net cash provided by (used in) financing activities 3,256 269,247 (4,184)
Net (decrease) increase in cash, cash equivalents and restricted cash (175,738) 202,049 (120,338)
Cash, cash equivalents and restricted cash at beginning of year 207,024 4,975 125,313
Cash, cash equivalents and restricted cash at end of year 31,286 207,024 4,975
Supplemental disclosure of cash flow information      
Cash paid for interest 2,046 1,675 1,049
Income tax paid 103    
Supplemental Disclosures of Non-cash Investing and Financing Information      
Purchase of property and equipment included in accounts payable 370 546 270
Remeasurement of operating lease right-of-use assets for lease modification 4,227    
Offering costs included in accounts payable   361  
Embedded interest associated with program fees $ 610 1,852 $ 3,144
Warrants issued to lenders   $ 619