10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

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

For the quarterly period ended June 30, 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: 001-39401

 

 

iTeos Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

84-3365066

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

321 Arsenal St

Watertown, MA

 

02472

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (339) 217 0161

 

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.001 par value per share

 

ITOS

 

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. Yes No

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). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions 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 the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 4, 2022, the registrant had 35,575,323 shares of common stock, $0.001 par value per share, outstanding.

 


 

Summary of the material risks associated with our business

 

Our business is subject to numerous risks and uncertainties that you should be aware of before making an investment decision, including those highlighted in the section entitled “Risk Factors”. These risks include, but are not limited to, the following:

 

We must complete successful preclinical studies and clinical trials that demonstrate the safety and efficacy of the product candidates before we can begin the commercialization process.
Challenges enrolling patients in our clinical trials may delay or prevent clinical trials of our product candidates.
We anticipate that our future product candidates will be used in combination with third-party drugs or biologics, some of which are still in development, and we have limited or no control over the supply, regulatory status, or regulatory approval of such drugs or biologics.
Interim “top-line” and preliminary results from our clinical trials that we announce or publish from time to time may change as more patient data become available, and audit and verification procedures could result in material changes in the final data.
We may not be able to file investigational new drug (IND) applications or IND amendments to commence additional clinical trials on the timelines indicated, and, even if we are able to file, the Federal Drug Administration, or FDA, or a comparable foreign regulatory may not permit us to proceed.
We face significant competition from other biopharmaceutical and biotechnology companies, academic institutions, government agencies, and other research organizations, which may result in others discovering, developing, or commercializing products more quickly or marketing them more successfully than us. If their product candidates are shown to be safer or more effective than ours, our commercial opportunity may be reduced or eliminated.
Negative developments in the field of immuno-oncology or in the field of TIGIT (as defined herein) or adenosine pathway therapeutics could damage public perception of our product candidates or negatively affect our business.
If we are unable to successfully commercialize any product candidate for which we receive regulatory approval, or experience significant delays in doing so, our business will be materially harmed.
The regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If we experience delays in obtaining, required regulatory approvals, our ability to generate revenue may be materially impaired.
We rely on third parties to conduct our clinical trials and perform some of our research and preclinical studies. Failure by these third parties to satisfactorily carry out their contractual duties or to meet expected deadlines may adversely impact our development programs, business and prospects.
We may not realize the benefits of our collaborations, alliances or licensing arrangements, including our collaboration with GSK (as defined herein) for the global development of EOS-448.
We rely on third parties to manufacture our product candidates, and we expect to continue to rely on third parties for the clinical as well as any future commercial supply of our product candidates and other future product candidates. The development of our current and future product candidates, and the commercialization of any approved products, could be stopped, delayed or made less profitable if any such third party fails to provide us with sufficient clinical or commercial quantities of such product candidates or products, fails to do so at acceptable quality levels or prices or fails to achieve or maintain satisfactory regulatory compliance.
Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
We will require additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our product development or commercialization efforts.
If we are unable to obtain and maintain sufficient intellectual property protection for our current product candidates or any future product candidates, or if the scope of the intellectual property protection is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to commercialize successfully our products may be adversely affected.

i


 

The current public health pandemic related to COVID-19 may adversely impact our operations, business and financial results.
We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to implement successfully our business strategy.
The trading price of our common stock has been and may continue to be volatile.
 

The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” and the other information set forth in this Quarterly Report on 10-Q, including our condensed consolidated financial statements and the related notes, as well as in other documents that we file with the Securities and Exchange Commission (SEC). The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations and future growth prospects.

 

 

Special note regarding forward-looking statements

 

This Quarterly Report on Form 10-Q, including the section entitled “Management’s discussion and analysis of financial condition and results of operations” contains express or implied forward-looking statements. These statements relate to future events or future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

the timing, progress and success of our clinical trials of EOS-448 and inupadenant and any other product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs;
whether the results of our trials will be sufficient to support domestic or foreign regulatory filings or approvals for EOS-448 and inupadenant or any other product candidates we may develop;
regulatory actions with respect to our product candidates or our competitors’ products and product candidates;
our ability to obtain, including on an expedited basis, and maintain regulatory approval of EOS-448 and inupadenant or any other product candidates we may develop;
the outcomes of our preclinical studies;
our ability to enroll patients in our clinical trials at the pace that we project;
our ability to advance our programs on indicated timelines, including our plans to advance inupadenant into randomized controlled trials in combination;
the costs of development of our product candidates or clinical development programs;
the period of time over which our existing capital resources will be sufficient to fund our operating expenses and capital expenditures, and the degree to which such resources will enable us to fund our planned development of EOS-448 and inupadenant and any other product candidates we may identify and pursue;
the potential attributes and clinical benefits of the use of EOS-448 and inupadenant or any other product candidate, if approved;
our ability to successfully establish or maintain collaborations or strategic relationships for our product candidates;
the expected benefits of collaborations, including potential milestones and royalty payments from GSK pursuant to the GSK Collaboration Agreement (as defined herein);
the rate and degree of market acceptance of EOS-448 and inupadenant or any other product candidates we may identify and pursue;
our ability to obtain orphan drug or Breakthrough Therapy designation or other accelerated approval for any of our product candidates or any other product candidates that we may identify and pursue;

ii


 

our ability to manufacture EOS-448 and inupadenant or any other product candidate in conformity with the Food and Drug Administration’s requirements and to scale up manufacturing of our product candidates to commercial scale, if approved;
our ability to compete with companies currently producing or engaged in the clinical development of treatments for the disease indications that we pursue or treatment modalities that we develop;
our reliance on third parties to conduct our clinical trials;
our reliance on third-party contract manufacture organizations (CMOs) to manufacture and supply our product candidates for us;
our ability to retain and recruit key personnel;
our ability to obtain and maintain intellectual property protection for EOS-448 and inupadenant or any other product candidates we may identify and pursue;
our estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for or ability to obtain additional financing;
our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act, or JOBS Act;
our future financial performance;
the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations, including but not limited to our preclinical studies and future preclinical and clinical trials;
the impact of laws and regulations applicable to our industry; and
developments and projections relating to our competitors or our industry.

 

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain such identifying terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect our results and financial condition. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section titled “Risk factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2021, and in any subsequent filings with the Securities and Exchange Commission (“SEC”). If one or more of these risks or uncertainties occur, or if underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed with the SEC and exhibits to this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements. Statements regarding our cash runway do not indicate when we may access the capital markets.

 

While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q.

 

iii


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

2

 

Condensed Consolidated Statements of Stockholders’ Equity

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

PART II.

OTHER INFORMATION

32

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3.

Defaults Upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

67

Signatures

68

 

 

 

iv


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

iTeos Therapeutics, Inc. and subsidiaries

Condensed consolidated balance sheets

(unaudited)

 

(in thousands, except share amounts)

 

June 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

791,861

 

 

$

848,537

 

Grants receivable

 

 

4,004

 

 

 

4,022

 

Research and development tax credits receivable

 

 

 

 

 

524

 

Refundable income taxes

 

 

 

 

 

7,544

 

Prepaid expenses and other current assets

 

 

8,878

 

 

 

14,086

 

Total current assets

 

 

804,743

 

 

 

874,713

 

Property and equipment, net

 

 

2,271

 

 

 

2,072

 

Research and development tax credits receivable, net of current portion

 

 

2,358

 

 

 

2,004

 

Restricted cash

 

 

290

 

 

 

298

 

Right of use assets

 

 

4,792

 

 

 

5,329

 

Other assets

 

 

320

 

 

 

296

 

Total assets

 

$

814,774

 

 

$

884,712

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,921

 

 

$

5,145

 

Accrued expenses and other current liabilities

 

 

13,806

 

 

 

17,157

 

Income tax payable

 

 

12,965

 

 

 

 

Deferred income

 

 

938

 

 

 

827

 

Deferred revenue

 

 

85,987

 

 

 

280,225

 

Lease liabilities

 

 

778

 

 

 

770

 

Total current liabilities

 

 

125,395

 

 

 

304,124

 

Grants repayable, net of current portion

 

 

5,492

 

 

 

6,164

 

Lease liabilities, net of current portion

 

 

4,029

 

 

 

4,571

 

Unrecognized tax benefits

 

 

42,529

 

 

 

17,000

 

Other noncurrent liabilities

 

 

28

 

 

 

33

 

Total liabilities

 

 

177,473

 

 

 

331,892

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value; 10,000,000 and zero shares
   authorized at June 30, 2022 and December 31, 2021,
   and
zero shares issued or outstanding

 

 

 

 

 

 

Common stock, $0.001 par value: 150,000,000 shares authorized at
   June 30, 2022 and December 31, 2021 respectively;
35,575,323
   and
35,466,001 shares issued and outstanding; respectively

 

 

36

 

 

 

35

 

Additional paid-in capital

 

 

423,743

 

 

 

413,180

 

Accumulated other comprehensive loss

 

 

(2,309

)

 

 

(1,018

)

Retained earnings

 

 

215,831

 

 

 

140,623

 

Total stockholders’ equity

 

 

637,301

 

 

 

552,820

 

Total liabilities and stockholders’ equity

 

$

814,774

 

 

$

884,712

 

 

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

1


 

iTeos Therapeutics, Inc. and subsidiaries

Condensed consolidated statements of operations and comprehensive income (loss)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except share and per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

License and collaboration revenue

 

$

41,716

 

 

$

 

 

$

194,238

 

 

$

 

Total revenue

 

 

41,716

 

 

 

 

 

 

194,238

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

26,910

 

 

 

14,238

 

 

 

48,006

 

 

 

25,881

 

General and administrative expenses

 

 

11,471

 

 

 

15,101

 

 

 

22,086

 

 

 

22,147

 

Total operating expenses

 

 

38,381

 

 

 

29,339

 

 

 

70,092

 

 

 

48,028

 

Income (loss) from operations

 

 

3,335

 

 

 

(29,339

)

 

 

124,146

 

 

 

(48,028

)

Other income and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Grant income

 

 

147

 

 

 

2,701

 

 

 

638

 

 

 

7,616

 

Research and development tax credits

 

 

292

 

 

 

119

 

 

 

546

 

 

 

119

 

Other (expense) income, net

 

 

4,669

 

 

 

60

 

 

 

2,646

 

 

 

300

 

Income (loss) before income taxes

 

 

8,443

 

 

 

(26,459

)

 

 

127,976

 

 

 

(39,993

)

Income tax expense

 

 

(2,817

)

 

 

 

 

 

(52,768

)

 

 

 

Net income (loss)

 

$

5,626

 

 

$

(26,459

)

 

$

75,208

 

 

$

(39,993

)

Basic net income (loss) per common share

 

$

0.16

 

 

$

(0.75

)

 

$

2.12

 

 

$

(1.14

)

Diluted net income (loss) per common share

 

$

0.15

 

 

$

(0.75

)

 

$

1.98

 

 

$

(1.14

)

Weighted-average common shares outstanding - basic

 

 

35,546,605

 

 

 

35,119,952

 

 

 

35,520,086

 

 

 

35,103,294

 

Weighted-average common shares outstanding - diluted

 

 

37,635,828

 

 

 

35,119,952

 

 

 

37,931,692

 

 

 

35,103,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,626

 

 

$

(26,459

)

 

$

75,208

 

 

$

(39,993

)

Foreign currency translation adjustments

 

 

(741

)

 

 

(74

)

 

 

(1,291

)

 

 

(379

)

Comprehensive income (loss)

 

$

4,885

 

 

$

(26,533

)

 

$

73,917

 

 

$

(40,372

)

 

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

 

2


 

iTeos Therapeutics, Inc. and subsidiaries

Condensed consolidated statements of stockholders’ equity

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

Total

 

In thousands except share amounts

 

Common stock

 

 

paid-in

 

 

comprehensive

 

 

Accumulated

 

 

stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

income

 

 

deficit

 

 

equity

 

Balance at December 31, 2020

 

 

35,044,758

 

 

$

35

 

 

$

396,443

 

 

$

617

 

 

$

(73,898

)

 

$

323,197

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,584

 

 

 

 

 

 

 

 

 

2,584

 

Common stock issued upon exercises of options

 

 

56,241

 

 

 

 

 

 

667

 

 

 

 

 

 

 

 

 

667

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(305

)

 

 

 

 

 

(305

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,534

)

 

 

(13,534

)

Balance at March 31, 2021

 

 

35,100,999

 

 

$

35

 

 

$

399,694

 

 

$

312

 

 

$

(87,432

)

 

$

312,609

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,227

 

 

 

 

 

 

 

 

 

3,227

 

Common stock issued upon exercises of options

 

 

47,111

 

 

 

 

 

 

195

 

 

 

 

 

 

 

 

 

195

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(74

)

 

 

 

 

 

(74

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,459

)

 

 

(26,459

)

Balance at June 30, 2021

 

 

35,148,110

 

 

$

35

 

 

$

403,116

 

 

$

238

 

 

$

(113,891

)

 

$

289,498

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

Total

 

In thousands except share amounts

 

Common stock

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

earnings

 

 

equity

 

Balance at December 31, 2021

 

 

35,466,001

 

 

$

35

 

 

$

413,180

 

 

$

(1,018

)

 

$

140,623

 

 

$

552,820

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,193

 

 

 

 

 

 

 

 

 

4,193

 

Common stock issued upon exercises of options

 

 

50,911

 

 

 

1

 

 

 

332

 

 

 

 

 

 

 

 

 

333

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(550

)

 

 

 

 

 

(550

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69,582

 

 

 

69,582

 

Balance at March 31, 2022

 

 

35,516,912

 

 

$

36

 

 

$

417,705

 

 

$

(1,568

)

 

$

210,205

 

 

$

626,378

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,760

 

 

 

 

 

 

 

 

 

5,760

 

Common stock issued upon exercises of options

 

 

58,411

 

 

 

 

 

 

278

 

 

 

 

 

 

 

 

 

278

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(741

)

 

 

 

 

 

(741

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,626

 

 

 

5,626

 

Balance at June 30, 2022

 

 

35,575,323

 

 

$

36

 

 

$

423,743

 

 

$

(2,309

)

 

$

215,831

 

 

$

637,301

 

 

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

3


 

iTeos Therapeutics, Inc. and subsidiaries

Condensed consolidated statements of cash flows

(unaudited)

 

 

 

Six Months Ended June 30,

 

(in thousands)

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net income (loss)

 

$

75,208

 

 

$

(39,993

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

375

 

 

 

276

 

Stock-based compensation

 

 

9,953

 

 

 

5,811

 

Change in operating lease right-of-use assets

 

 

4

 

 

 

8

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Grants receivable

 

 

(333

)

 

 

(4,185

)

Research and development tax credits receivable

 

 

(41

)

 

 

73

 

Refundable income taxes

 

 

7,544

 

 

 

 

Prepaid expenses and other current assets

 

 

4,360

 

 

 

81

 

Accounts payable

 

 

6,447

 

 

 

8,265

 

Accrued expenses and other liabilities

 

 

(2,286

)

 

 

50

 

Income tax payable

 

 

12,965

 

 

 

 

Deferred income

 

 

189

 

 

 

(3,431

)

Deferred revenue

 

 

(194,238

)

 

 

 

Unrecognized tax benefits

 

 

25,529

 

 

 

 

Net cash used in operating activities

 

 

(54,324

)

 

 

(33,045

)

Cash flows from investing activities

 

 

 

 

 

 

Purchase of property and equipment

 

 

(738

)

 

 

(489

)

Purchase of other assets

 

 

(99

)

 

 

(60

)

Net cash used in investing activities

 

 

(837

)

 

 

(549

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of common stock upon exercise of options

 

 

611

 

 

 

862

 

Net cash provided by financing activities

 

 

611

 

 

 

862

 

Effects of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(2,134

)

 

 

(650

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(56,684

)

 

 

(33,382

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

848,835

 

 

 

336,454

 

Cash, cash equivalents and restricted cash at end of period

 

$

792,151

 

 

$

303,072

 

Non-cash investing and financing activities

 

 

 

 

 

 

Capital expenditure included in accounts payable

 

$

(57

)

 

$

459

 

Operating lease liabilities arising from obtaining right-of-use assets

 

$

177

 

 

$

3,316

 

Supplemental disclosure of cash flows