Annual report [Section 13 and 15(d), not S-K Item 405]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (70,814,000) $ (113,871,000) $ (165,456,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 10,814,000 9,453,000 5,266,000
Amortization 411,000 387,000 809,000
Impairment of long-lived assets 10,401,000    
Gain on bargain purchase   (22,049,000)  
Share-based compensation expense 12,051,000 11,773,000 18,240,000
Unrealized foreign exchange losses 1,995,000 198,000 (2,438,000)
Amortization (accretion) of available-for-sale debt securities (1,267,000) (1,986,000) 2,525,000
Other 182,000 167,000 816,000
Changes in operating assets and liabilities:      
Decrease/(increase) in receivables and other operating assets 29,765,000 (1,291,000) (9,813,000)
Increase in inventories (7,355,000)    
Increase in non-current assets (642,000)    
Increase/(decrease) in payables and other current liabilities 9,619,000 (9,087,000) 4,408,000
Increase in borrowings and other non-current liabilities 1,429,000    
(Decrease)/increase in deferred revenue (69,795,000) (14,574,000) 3,874,000
Net cash used in operating activities (73,206,000) (140,880,000) (141,769,000)
Cash flows from investing activities      
Acquisition of property, plant and equipment (886,000) (4,681,000) (29,496,000)
Acquisition of intangible assets (1,834,000) (199,000) (244,000)
Cash from acquisition of TCR2 Therapeutics Inc.   45,264,000  
Maturity or redemption of marketable securities 44,057,000 210,983,000 166,994,000
Investment in marketable securities (100,418,000) (75,953,000) (48,117,000)
Other 129,000 1,124,000  
Net cash (used in)/provided by investing activities (58,952,000) 176,538,000 89,137,000
Cash flows from financing activities      
Proceeds from issuance of borrowings, net of discount 49,500,000    
Proceeds from issuance of common stock from offerings, net of commissions and issuance costs 29,172,000 624,000 12,817,000
Proceeds from exercise of stock options 77,000 256,000 50,000
Net cash provided by financing activities 78,749,000 880,000 12,867,000
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash (402,000) 877,000 (2,299,000)
Net decrease in cash, cash equivalents and restricted cash (53,811,000) 37,415,000 (42,064,000)
Cash, cash equivalents and restricted cash at start of period 147,017,000 109,602,000 151,666,000
Cash, cash equivalents and restricted cash at end of period 93,206,000 147,017,000 109,602,000
Supplemental cash flow information      
Interest received 5,309,000 4,748,000 5,149,000
Interest Paid (2,092,000)    
Accretion/(amortization) on available-for-sale debt securities 1,267,000 1,986,000 (2,525,000)
Income taxes paid $ (1,525,000) $ (4,000,000) $ (630,000)