Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (796,000) $ (1,723,000) $ (755,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 21,000 22,000 16,000
Reduction in the carrying amount of right-of-use assets 27,000 28,000 25,000
Stock-based compensation 160,000 156,000 220,000
Goodwill impairment 0 1,114,000 0
Change in fair value of derivative liabilities 20,000 (114,000) 20,000
Non-cash severance 0 0 8,000
Change in deferred tax asset valuation allowance 0 0 (5,000)
Accretion of discount on investments (28,000) 0 0
Other operating activities 0 (3,000) 12,000
Changes in operating assets and liabilities:      
Other current and non-current assets 1,000 47,000 (48,000)
Operating lease liabilities (25,000) (25,000) (21,000)
Other current and non-current liabilities 22,000 (10,000) (36,000)
Net cash used in operating activities (598,000) (508,000) (564,000)
Cash flows from investing activities      
Purchases of property and equipment (15,000) (15,000) (48,000)
Net cash acquired in acquisitions 0 0 294,000
Purchases of short-term investments (1,297,000) (1,610,000) 0
Maturities of short-term investments 1,320,000 773,000 0
Other investing activities 0 0 4,000
Net cash provided by (used in) investing activities 8,000 (852,000) 250,000
Cash flows from financing activities      
Proceeds from issuance of common stock 840,000 13,000 8,000
Proceeds from issuance of Series U-2 preferred stock, net 0 0 398,000
Proceeds from the Merger, net of transaction costs 0 0 1,134,000
Other financing activities (9,000) (2,000) 0
Net cash provided by financing activities 831,000 11,000 1,540,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 241,000 (1,349,000) 1,226,000
Cash, cash equivalents, and restricted cash at beginning of the period 277,000 1,626,000 400,000
Cash, cash equivalents, and restricted cash at end of the period $ 518,000 $ 277,000 $ 1,626,000