10-Q
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SS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to .

Commission file number: 001-37923

 

CRISPR THERAPEUTICS AG

(Exact name of Registrant as specified in its charter)

 

 

Switzerland

Not Applicable

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

Baarerstrasse 14

6300 Zug, Switzerland

Not Applicable

(Address of principal executive offices)

(zip code)

+41 (0)41 561 32 77

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Shares, nominal value CHF 0.03

CRSP

The Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO

As of May 5, 2022, there were 77,457,081 shares of registrant’s common shares outstanding.

 


Throughout this Quarterly Report on Form 10-Q, the “Company,” “CRISPR,” “CRISPR Therapeutics,” “we,” “us,” and “our,” except where the context requires otherwise, refer to CRISPR Therapeutics AG and its consolidated subsidiaries.

 

“CRISPR Therapeutics®” standard character mark and design logo, “CTX001TM,” “CTX110TM,” “CTX120TM,” “CTX130TM,” and “CRISPR TXTMare trademarks and registered trademarks of CRISPR Therapeutics AG. All other trademarks and registered trademarks contained in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q may appear without the ® or symbols and any such omission is not intended to indicate waiver of any such rights.

 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q are forward-looking statements. These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “potential,” “will,” “would” or the negative or plural of these words or similar expressions or variations, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

the safety, efficacy and clinical progress of our various clinical programs including those for CTX001TM, CTX110TM, CTX120TM, CTX130TM and VCTX210;
the status of clinical trials, development timelines and discussions with regulatory authorities related to product candidates under development by us and our collaborators;
the initiation, timing, progress and results of our preclinical studies and clinical trials, including our ongoing clinical trials and any planned clinical trials for CTX001, CTX110, CTX120, CTX130 and VCTX210, and our research and development programs, including delays or disruptions in clinical trials, non-clinical experiments and investigational new drug application-enabling studies;
the actual or potential benefits of U.S. Food and Drug Administration, or FDA, designations, such as orphan drug, fast track and regenerative medicine advanced therapy, or RMAT, or such European equivalents, including PRIority MEdicines, or PRIME, designation;
our ability to advance product candidates into, and successfully complete, clinical trials;
our plan to consolidate our various office and laboratory locations in the greater Boston area into a single location and to validate our cell therapy manufacturing facility to enable us to produce clinical cell therapy product supply in the future;
our intellectual property coverage and positions, including those of our licensors and third parties as well as the status and potential outcome of proceedings involving any such intellectual property;
our anticipated expenses, ability to obtain funding for our operations and the sufficiency of our cash resources;
the therapeutic value, development, and commercial potential of CRISPR/Cas9 gene-editing technologies and therapies; and
potential impacts due to the ongoing coronavirus pandemic such as delays, interruptions or other adverse effects to clinical trials, delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy, and the overall impact of the coronavirus pandemic on our business, financial condition and results of operations.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q, if any, our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 15, 2022, and in other SEC filings. You should not rely upon forward-looking statements as predictions of future events. Such forward-looking statements speak only as of the date of this report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or enter into.

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, performance or achievements may be materially different from what we expect. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Investors and others should note that we announce material information to our investors using our investor relations website (https://crisprtx.gcs-web.com/), SEC filings, press releases, public conference calls and webcasts. We use these channels as well as social media to communicate with the public about our company, our business, our product candidates and other matters. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels listed on our investor relations website.


Index

 

 

Page

Number

PART I: FINANCIAL INFORMATION

 

 

 

Item 1. Condensed Consolidated Financial Statements (unaudited)

2

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 and 2021

3

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021

4

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

5

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

24

 

 

Item 4. Controls and Procedures

25

 

 

PART II: OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

26

 

 

Item 1A. Risk Factors

26

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

26

 

 

Item 3. Defaults Upon Senior Securities

26

 

 

Item 4. Mine Safety Disclosures

26

 

 

Item 5. Other Information

26

 

 

Item 6. Exhibits

27

 

 

SIGNATURES

28

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

CRISPR Therapeutics AG

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except share and per share data)

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

683,906

 

 

$

923,031

 

Marketable securities

 

 

1,537,355

 

 

 

1,456,098

 

Accounts receivable

 

 

143

 

 

 

305

 

Prepaid expenses and other current assets

 

 

39,212

 

 

 

38,079

 

Total current assets

 

 

2,260,616

 

 

 

2,417,513

 

Property and equipment, net

 

 

157,453

 

 

 

137,575

 

Intangible assets, net

 

 

112

 

 

 

125

 

Restricted cash

 

 

12,123

 

 

 

16,913

 

Operating lease assets

 

 

171,541

 

 

 

174,460

 

Other non-current assets

 

 

4,330

 

 

 

5,291

 

Total assets

 

$

2,606,175

 

 

$

2,751,877

 

Liabilities and shareholders’ equity

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

27,111

 

 

$

14,816

 

Accrued expenses

 

 

72,632

 

 

 

91,003

 

Deferred revenue, current

 

 

 

 

 

1,011

 

Accrued tax liabilities

 

 

2,608

 

 

 

724

 

Operating lease liabilities

 

 

11,076

 

 

 

12,158

 

Other current liabilities

 

 

270

 

 

 

171

 

Total current liabilities

 

 

113,697

 

 

 

119,883

 

Deferred revenue, non-current

 

 

12,323

 

 

 

12,323

 

Operating lease liabilities, net of current portion

 

 

227,904

 

 

 

212,872

 

Other non-current liabilities

 

 

7,335

 

 

 

7,339

 

Total liabilities

 

 

361,259

 

 

 

352,417

 

Commitments and contingencies, see Note 6

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Common shares, CHF 0.03 par value, 145,364,335 shares authorized at
  March 31, 2022 and December 31, 2021,
77,566,721 and 77,170,382
  shares issued at March 31, 2022 and December 31, 2021, respectively,
77,386,405 and
  
76,990,066 shares outstanding at March 31, 2022 and December 31, 2021, respectively

 

 

2,407

 

 

 

2,391

 

Treasury shares, at cost, 180,316 shares at March 31, 2022 and at December 31, 2021

 

 

(63

)

 

 

(63

)

Additional paid-in capital

 

 

2,634,597

 

 

 

2,598,114

 

Accumulated deficit

 

 

(375,132

)

 

 

(195,915

)

Accumulated other comprehensive loss

 

 

(16,893

)

 

 

(5,067

)

Total shareholders' equity

 

 

2,244,916

 

 

 

2,399,460

 

Total liabilities and shareholders’ equity

 

$

2,606,175

 

 

$

2,751,877

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited, in thousands, except share and per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Collaboration revenue

 

$

178

 

 

$

202

 

Grant revenue

 

 

762

 

 

 

337

 

Total revenue

 

 

940

 

 

 

539

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

118,245

 

 

 

70,620

 

General and administrative

 

 

28,021

 

 

 

24,517

 

Collaboration expense, net

 

 

30,646

 

 

 

19,945

 

Total operating expenses

 

 

176,912

 

 

 

115,082

 

Loss from operations

 

 

(175,972

)

 

 

(114,543

)

Other income:

 

 

 

 

 

 

Other income, net

 

 

363

 

 

 

1,955

 

Total other income, net

 

 

363

 

 

 

1,955

 

Net loss before income taxes

 

 

(175,609

)

 

 

(112,588

)

Provision for income taxes

 

 

(3,608

)

 

 

(575

)

Net loss

 

 

(179,217

)

 

 

(113,163

)

Foreign currency translation adjustment

 

 

(27

)

 

 

5

 

Unrealized loss on marketable securities

 

 

(11,799

)

 

 

(383

)

Comprehensive loss

 

$

(191,043

)

 

$

(113,541

)

 

 

 

 

 

 

 

Net loss per common share — basic

 

$

(2.32

)

 

$

(1.51

)

Basic weighted-average common shares outstanding

 

 

77,098,319

 

 

 

75,005,187

 

Net loss per common share — diluted

 

$

(2.32

)

 

$

(1.51

)

Diluted weighted-average common shares outstanding

 

 

77,098,319

 

 

 

75,005,187

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited, in thousands, except share and per share data)

 

 

Common Shares

 

Treasury Shares

 

 

 

 

 

 

 

 

 

 

Shares

 

CHF 0.03
Par Value

 

Shares

 

Amount,
at cost

 

Additional
Paid-in
Capital

 

Accumulated Deficit

 

Accumulated
Other
Comprehensive
Loss

 

Total
Shareholders’
Equity

 

Balance at December 31, 2020

 

73,914,844

 

$

2,277

 

 

195,316

 

$

(63

)

$

2,235,679

 

$

(573,576

)

$

(83

)

$

1,664,234

 

Issuance of common shares, net of issuance costs of $5.4 million

 

1,353,121

 

 

45

 

 

 

 

 

 

222,130

 

 

 

 

 

 

222,175

 

Vesting of restricted shares

 

109,355

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Exercise of vested options, net of issuance costs of $1.5 million

 

342,051

 

 

15

 

 

 

 

 

 

9,769

 

 

 

 

 

 

9,784

 

Purchase of common stock under ESPP

 

11,257

 

 

 

 

 

 

 

 

751

 

 

 

 

 

 

751

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

22,092

 

 

 

 

 

 

22,092

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(378

)

 

(378

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(113,163

)

 

 

 

(113,163

)

Balance at March 31, 2021

 

75,730,628

 

$

2,340

 

 

195,316

 

$

(63

)

$

2,490,421

 

$

(686,739

)

$

(461

)

$

1,805,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

76,990,066

 

$

2,391

 

 

180,316

 

$

(63

)

$

2,598,114

 

$

(195,915

)

$

(5,067

)

$

2,399,460

 

Vesting of restricted shares

 

123,564

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Exercise of vested options, net of issuance costs of $0.2 million

 

261,280

 

 

12

 

 

 

 

 

 

9,998

 

 

 

 

 

 

10,010

 

Purchase of common stock under ESPP

 

11,495

 

 

 

 

 

 

 

 

740

 

 

 

 

 

 

740

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

25,745

 

 

 

 

 

 

25,745

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,826

)

 

(11,826

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(179,217

)

 

 

 

(179,217

)

Balance at March 31, 2022

 

77,386,405

 

$

2,407

 

 

180,316

 

$

(63

)

$

2,634,597

 

$

(375,132

)

$

(16,893

)

$

2,244,916

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

CRISPR Therapeutics AG

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(179,217

)

 

$

(113,163

)

Reconciliation of net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

6,039

 

 

 

2,715

 

Equity-based compensation

 

 

25,745

 

 

 

22,092

 

Other non-cash items, net

 

 

6,099

 

 

 

2,064

 

Changes in:

 

 

 

 

 

 

Accounts receivable

 

 

162

 

 

 

(6

)

Prepaid expenses and other assets

 

 

4,611

 

 

 

(5,068

)

Accounts payable and accrued expenses

 

 

(1,616

)

 

 

(5,770

)

Deferred revenue

 

 

(762

)

 

 

(539

)

Operating lease assets and liabilities

 

 

3,854

 

 

 

778

 

Other liabilities, net

 

 

(154

)

 

 

(3,766

)

Net cash used in operating activities

 

 

(135,239

)

 

 

(100,663

)

Investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(15,350

)

 

 

(7,024

)

Purchases of marketable securities

 

 

(323,140

)

 

 

(323,975

)

Maturities of marketable securities

 

 

223,975

 

 

 

163,101

 

Net cash used in investing activities

 

 

(114,515

)

 

 

(167,898

)

Financing activities:

 

 

 

 

 

 

Proceeds from issuance of common shares, net of issuance costs

 

 

 

 

 

214,592

 

Proceeds from exercise of options and ESPP contributions, net of issuance costs

 

 

10,649

 

 

 

11,399

 

Net cash provided by financing activities

 

 

10,649

 

 

 

225,991

 

Effect of exchange rate changes on cash

 

 

(27

)

 

 

5

 

Decrease in cash

 

 

(239,132

)

 

 

(42,565

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

939,944

 

 

 

1,185,468

 

Cash, cash equivalents and restricted cash, end of period

 

$

700,812

 

 

$

1,142,903

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

 

Property and equipment purchases in accounts payable and accrued expenses

 

$

5,888

 

 

$

8,847

 

Equity issuance costs in accounts payable and accrued expenses

 

$

217

 

 

$

2,868

 

Leasehold improvements paid directly by landlord

 

$

13,015

 

 

$

 

 

 

 

As of March 31,

 

Reconciliation to amounts within the condensed consolidated balance sheets

 

2022

 

 

2021

 

Cash and cash equivalents

 

 

683,906

 

 

 

1,126,059

 

Prepaid expenses and other current assets

 

 

4,783

 

 

 

 

Restricted cash

 

 

12,123

 

 

 

16,844

 

Cash, cash equivalents and restricted cash at end of period

 

$

700,812

 

 

$

1,142,903

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

CRISPR Therapeutics AG

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three-month interim periods ended March 31, 2022 and 2021.

The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021, which are contained in the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 15, 2022.

Beginning in the first quarter of 2022, collaboration costs under the Vertex Agreements accounted for under ASC 808, Collaborative Agreements, or ASC 808, are presented within “collaboration expense, net” in the condensed consolidated statements of operations and comprehensive loss. As a result, collaboration costs under the Vertex Agreements accounted for under ASC 808 for the period ending Mach 31, 2021 have been reclassified to conform to the current presentation. No subtotals in the prior interim period's consolidated condensed financial statements were impacted. Refer to Note 7 to these condensed consolidated financial statements for further discussion on the Vertex Agreements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known.

Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 15, 2022.

New Accounting Pronouncements – Recently Adopted

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

 

 

6


 

2. Marketable Securities

The following table summarizes cash equivalents and marketable securities held at March 31, 2022 and December 31, 2021 (in thousands), which are recorded at fair value. The table below excludes $138.8 million and $405.6 million of cash at March 31, 2022 and December 31, 2021, respectively.

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

416,688

 

 

$

 

 

$

 

 

$

416,688

 

Corporate debt securities

 

 

11,827

 

 

 

 

 

 

(3

)

 

 

11,824

 

Certificates of deposit

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

116,606

 

 

 

1

 

 

 

(4

)

 

 

116,603

 

Total cash equivalents

 

 

545,121

 

 

 

1

 

 

 

(7

)

 

 

545,115

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

12,126

 

 

 

 

 

 

(269

)

 

 

11,857

 

Corporate debt securities

 

 

1,166,163

 

 

 

3

 

 

 

(15,982

)

 

 

1,150,184

 

Certificates of deposit

 

 

57,631

 

 

 

 

 

 

 

 

 

57,631

 

Government-sponsored enterprise securities

 

 

13,299

 

 

 

 

 

 

(236

)

 

 

13,063

 

Commercial paper

 

 

305,033

 

 

 

5

 

 

 

(418

)

 

 

304,620

 

Total marketable securities

 

 

1,554,252

 

 

 

8

 

 

 

(16,905

)

 

 

1,537,355

 

Total cash equivalents and marketable securities

 

$

2,099,373

 

 

$

9

 

 

$

(16,912

)

 

$

2,082,470

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

507,386

 

 

$

 

 

$

 

 

$

507,386

 

Corporate debt securities

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

9,997

 

 

 

 

 

 

(1

)

 

 

9,996

 

Total cash equivalents

 

 

517,383

 

 

 

 

 

 

(1

)

 

 

517,382

 

Marketable securities: