424B3

Filed Pursuant to Rule 424(b)(3)

 

Registration Statement No. 333-257768

 

Prospectus Supplement No. 17

 

(to Prospectus dated July 15, 2021)

 

 

 

 

 

 

https://cdn.kscope.io/b43c6a4efc89fad83222c8573334e78f-img93747561_0.jpg 

23andMe Holding Co.

 

280,940,853 Shares of Class A Common Stock

 

467,670 Shares of Class A Common Stock

 

Up to 25,065,665 Shares of Class A Common Stock Issuable Upon Exercise of Warrants

 

Up to 8,113,999 Warrants

 

__________________________

 

This prospectus supplement is being filed to update and supplement the information contained in the prospectus dated July 15, 2021 (the “Prospectus”), related to: (1) to the offer and sale from time to time by the selling securityholders named in the Prospectus (the “Selling Holders”) of up to: (i) 280,940,853 shares of our Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) and (ii) 8,113,999 warrants to purchase shares of Class A Common Stock originally issued in a private placement and (2) the issuance by us of up to (i) 25,065,665 shares of Class A Common Stock that may be issued upon exercise of warrants to purchase Class A Common Stock at an exercise price of $11.50 per share and (ii) 467,670 shares of Class A Common Stock reserved for issuance upon the exercise of outstanding options, with the information contained in our Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”) on November 7, 2022 (the “Form 10-Q”). Accordingly, we have attached the Form 10-Q to this prospectus supplement.

 

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

 

Our Class A Common Stock is listed on The Nasdaq Global Select Market (“Nasdaq”), under the symbol “ME.” On November 4, 2022, the closing price of a share of Class A Common Stock was $2.96.

 

 

__________________________
 

Investing in our Class A Common Stock involves a high degree of risk. See the section entitled “Risk Factors” beginning on page 12 of the Prospectus and in any applicable prospectus supplement, as well as in our periodic reports under the Securities Exchange Act of 1934, as amended, including our Annual Report on Form 10-K for the year ended March 31, 2022, to read about factors you should consider before buying our securities.

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

The date of this prospectus is November 7, 2022.

 


Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 September 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 001-39587

23ANDME HOLDING CO.

(Exact name of registrant as specified in its charter)

 

Delaware

87-1240344

(State or other jurisdiction of incorporation or organization)

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

 

 

349 Oyster Point Boulevard

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

 

(650) 938-6300

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.0001 par value per share

ME

The Nasdaq Global Select 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, a 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 October 31, 2022, there were 286,738,037 shares of Class A common stock, $0.0001 par value per share, and 168,746,745 shares of Class B common stock, $0.0001 par value per share, issued and outstanding.

 


Table of Contents

 

23ANDME HOLDING CO.

TABLE OF CONTENTS

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

4

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations and Comprehensive Loss

5

Condensed Consolidated Statements of Stockholders’ Equity

6

Condensed Consolidated Statements of Cash Flows

8

Notes to the Condensed Consolidated Financial Statements

9

 

 

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

28

Item 3. Quantitative and Qualitative Disclosures About Market Risk

44

Item 4. Controls and Procedures

45

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

47

Item 1A. Risk Factors

47

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

47

Item 3. Defaults Upon Senior Securities

47

Item 4. Mine Safety Disclosures

47

Item 5. Other Information

47

Item 6. Exhibits

48

Signature

49

 

 


Table of Contents

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Form 10-Q”), including, without limitation, statements under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Generally, statements that are not historical facts, including statements concerning 23andMe Holding Co.’s (the “Company,” “we,” “us,” or “our”) possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. In some instances, these forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, words like “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations.

The forward-looking statements contained in this Form 10-Q are based on our current expectations and beliefs, which we believe to be reasonable, concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, without limitation, those factors described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on May 27, 2022, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on August 9, 2022 (the “Fiscal 2022 Form 10-K”) and our subsequent reports filed with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition, and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. In addition, even if our results or operations, financial condition, and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this Form 10-Q, those results or developments may not be indicative of results or developments in subsequent periods.

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

23ANDME HOLDING CO.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

September 30,

 

 

March 31,

 

 

 

2022

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

410,891

 

 

$

553,182

 

Restricted cash

 

 

1,599

 

 

 

1,599

 

Accounts receivable, net (related party amounts of $50,001 and nil as of September 30, 2022 and March 31, 2022, respectively)

 

 

52,883

 

 

 

3,380

 

Inventories

 

 

13,806

 

 

 

10,789

 

Deferred cost of revenue

 

 

6,786

 

 

 

7,700

 

Prepaid expenses and other current assets

 

 

20,240

 

 

 

25,139

 

Total current assets

 

 

506,205

 

 

 

601,789

 

Property and equipment, net

 

 

44,057

 

 

 

49,851

 

Operating lease right-of-use assets

 

 

51,888

 

 

 

55,577

 

Restricted cash, noncurrent

 

 

6,974

 

 

 

6,974

 

Internal-use software, net

 

 

11,507

 

 

 

9,635

 

Intangible assets, net

 

 

64,928

 

 

 

73,905

 

Goodwill

 

 

351,744

 

 

 

351,744

 

Other assets

 

 

3,429

 

 

 

2,593

 

Total assets

 

$

1,040,732

 

 

$

1,152,068

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable (related party amounts of $3,652 and $12,567 as of September 30, 2022 and March 31, 2022, respectively)

 

$

10,549

 

 

$

37,930

 

Accrued expenses and other current liabilities (related party amounts of $2,763 and $5,772 as of September 30, 2022 and March 31, 2022, respectively)

 

 

44,420

 

 

 

44,588

 

Deferred revenue (related party amounts of $35,993 and $9,181 as of September 30, 2022 and March 31, 2022, respectively)

 

 

81,923

 

 

 

62,939

 

Operating lease liabilities

 

 

8,014

 

 

 

7,784

 

Total current liabilities

 

 

144,906

 

 

 

153,241

 

Operating lease liabilities, noncurrent

 

 

73,867

 

 

 

78,524

 

Other liabilities

 

 

2,639

 

 

 

4,647

 

Total liabilities

 

$

221,412

 

 

$

236,412

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common Stock - Class A shares, par value $0.0001, 1,140,000,000 shares authorized as of September 30, 2022 and March 31, 2022, 266,937,775 and 228,174,718 shares issued and outstanding as of September 30, 2022 and March 31, 2022, respectively; Class B shares, par value $0.0001, 350,000,000 shares authorized as of September 30, 2022 and March 31, 2022, 188,515,261 and 220,637,603 shares issued and outstanding as of September 30, 2022 and March 31, 2022, respectively

 

 

45

 

 

 

45

 

Additional paid-in capital

 

 

2,167,968

 

 

 

2,110,160

 

Accumulated other comprehensive income

 

 

1,632

 

 

 

179

 

Accumulated deficit

 

 

(1,350,325

)

 

 

(1,194,728

)

Total stockholders’ equity

 

 

819,320

 

 

 

915,656

 

Total liabilities and stockholders’ equity

 

$

1,040,732

 

 

$

1,152,068

 

 

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

4


Table of Contents

 

23ANDME HOLDING CO.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue (related party amounts of $14,925 and $10,002 for the three months ended September 30, 2022 and 2021, respectively, and $23,190 and $21,212 for the six months ended September 30, 2022 and 2021, respectively)

 

$

75,659

 

 

$

55,204

 

 

$

140,172

 

 

$

114,443

 

Cost of revenue (related party amounts of $(271) and $(184) for the three months ended September 30, 2022 and 2021, respectively, and $(510) and $264 for the six months ended September 30, 2022 and 2021, respectively)

 

 

37,386

 

 

 

27,276

 

 

 

76,409

 

 

 

55,818

 

Gross profit

 

 

38,273

 

 

 

27,928

 

 

 

63,763

 

 

 

58,625

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (related party amounts of $2,717 and $5,864 for the three months ended September 30, 2022 and 2021, respectively, and $6,266 and $11,886 for the six months ended September 30, 2022 and 2021, respectively)

 

 

52,598

 

 

 

44,523

 

 

 

104,607

 

 

 

88,755

 

Sales and marketing

 

 

24,835

 

 

 

13,588

 

 

 

58,269

 

 

 

29,007

 

General and administrative

 

 

28,881

 

 

 

16,264

 

 

 

58,524

 

 

 

28,860

 

Total operating expenses

 

 

106,314

 

 

 

74,375

 

 

 

221,400

 

 

 

146,622

 

Loss from operations

 

 

(68,041

)

 

 

(46,447

)

 

 

(157,637

)

 

 

(87,997

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

1,392

 

 

 

92

 

 

 

1,637

 

 

 

136

 

Change in fair value of warrant liabilities

 

 

 

 

 

29,828

 

 

 

 

 

 

29,294

 

Other income (expense), net

 

 

(687

)

 

 

3

 

 

 

(1,122

)

 

 

17

 

Loss before income taxes

 

 

(67,336

)

 

 

(16,524

)

 

 

(157,122

)

 

 

(58,550

)

Benefit from income taxes

 

 

1,271

 

 

 

 

 

 

1,525

 

 

 

 

Net loss

 

$

(66,065

)

 

$

(16,524

)

 

$

(155,597

)

 

$

(58,550

)

Other comprehensive income

 

 

829

 

 

 

 

 

 

1,453

 

 

 

 

Total comprehensive loss

 

$

(65,236

)

 

$

(16,524

)

 

$

(154,144

)

 

$

(58,550

)

Net loss per share of Class A and Class B common stock attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.15

)

 

$

(0.04

)

 

$

(0.35

)

 

$

(0.20

)

Weighted-average shares used to compute net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

449,899,537

 

 

 

406,886,060

 

 

 

448,211,708

 

 

 

288,190,872

 

 

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

5


Table of Contents

 

23ANDME HOLDING CO.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share and per share data)

(Unaudited)

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of March 31, 2022

 

 

 

 

$

 

 

 

448,812,321

 

 

$

45

 

 

$

2,110,160

 

 

$

179

 

 

$

(1,194,728

)

 

$

915,656

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

1,065,784

 

 

 

 

 

 

1,533

 

 

 

 

 

 

 

 

 

1,533

 

Issuance of common stock upon release of RSUs

 

 

 

 

 

 

 

 

1,461,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net share settlements for stock-based minimum tax withholdings

 

 

 

 

 

 

 

 

(14,036

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,915

 

 

 

 

 

 

 

 

 

25,915

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

624

 

 

 

 

 

 

624

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(89,532

)

 

 

(89,532

)

Balance as of June 30, 2022

 

 

 

 

$

 

 

 

451,325,517

 

 

$

45

 

 

$

2,137,608

 

 

$

803

 

 

$

(1,284,260

)

 

$

854,196

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

1,430,629

 

 

 

 

 

 

2,498

 

 

 

 

 

 

 

 

 

2,498

 

Issuance of common stock upon release of RSUs

 

 

 

 

 

 

 

 

1,580,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net share settlements for stock-based minimum tax withholdings

 

 

 

 

 

 

 

 

(14,038

)

 

 

 

 

 

(86

)

 

 

 

 

 

 

 

 

(86

)

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

 

1,130,337

 

 

 

 

 

 

3,238

 

 

 

 

 

 

 

 

 

3,238

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,710

 

 

 

 

 

 

 

 

 

24,710

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

829

 

 

 

 

 

 

829

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(66,065

)

 

 

(66,065

)

Balance as of September 30, 2022

 

 

 

 

$

 

 

 

455,453,036

 

 

$

45

 

 

$

2,167,968

 

 

$

1,632

 

 

$

(1,350,325

)

 

$

819,320

 

 

6


Table of Contents

 

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’
Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income Loss

 

 

Deficit

 

 

(Deficit)

 

Balance as of March 31, 2021

 

 

209,181,855

 

 

$

837,351

 

 

 

124,529,784

 

 

$

12

 

 

$

381,607

 

 

$

 

 

$

(977,238

)

 

$

(595,619

)

Preferred stock conversion

 

 

(209,181,855

)

 

 

(837,351

)

 

 

209,181,855

 

 

 

21

 

 

 

837,330

 

 

 

 

 

 

 

 

 

837,351

 

Issuance of common stock upon Merger (net of transaction costs of $33,726)

 

 

 

 

 

 

 

 

46,901,747

 

 

 

5

 

 

 

200,574

 

 

 

 

 

 

 

 

 

200,579

 

Issuance of Private Investment in Public Equity (“PIPE”) shares (related party amount of $25,000)

 

 

 

 

 

 

 

 

25,000,000

 

 

 

3

 

 

 

249,997

 

 

 

 

 

 

 

 

 

250,000

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

818,479

 

 

 

 

 

 

2,553

 

 

 

 

 

 

 

 

 

2,553

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,704

 

 

 

 

 

 

 

 

 

9,704

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,026

)

 

 

(42,026

)

Balance as of June 30, 2021

 

 

 

 

$

 

 

 

406,431,865

 

 

$

41

 

 

$

1,681,765

 

 

$

 

 

$

(1,019,264

)

 

$

662,542

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

736,717

 

 

 

 

 

 

2,905

 

 

 

 

 

 

 

 

 

2,905

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,588

 

 

 

 

 

 

 

 

 

10,588

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,524

)

 

 

(16,524

)

Balance as of September 30, 2021

 

 

 

 

$

 

 

 

407,168,582

 

 

$

41

 

 

$

1,695,258

 

 

$

 

 

$

(1,035,788

)

 

$

659,511

 

 

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

7


Table of Contents

 

23ANDME HOLDING CO.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

Six Months Ended September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(155,597

)

 

$

(58,550

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

16,747

 

 

 

8,402

 

Amortization and impairment of internal-use software

 

 

2,078

 

 

 

1,106

 

Stock-based compensation expense

 

 

59,430

 

 

 

20,064

 

Changes in fair value of warrant liabilities

 

 

 

 

 

(29,294

)

Gain on sale of fixed assets

 

 

4

 

 

 

42

 

Gain on lease termination

 

 

 

 

 

(15

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable (related party amounts of $(50,001) and $(25,000) for the six months ended September 30, 2022 and 2021, respectively)

 

 

(49,502

)

 

 

(24,226

)

Inventories

 

 

(3,017

)

 

 

(11,494

)

Deferred cost of revenue

 

 

914

 

 

 

(44

)

Prepaid expenses and other current assets

 

 

4,899

 

 

 

(5,360

)

Operating right-of-use assets

 

 

3,689

 

 

 

3,496

 

Other assets

 

 

(834

)

 

 

(654

)

Accounts payable (related party amounts of $(8,915) and $(4,422) for the six months ended September 30, 2022 and 2021, respectively)

 

 

(26,968

)

 

 

(997

)

Accrued and other current liabilities (related party amounts of $(3,009) and $5,545 for the six months ended September 30, 2022 and 2021, respectively)

 

 

(10,367

)

 

 

(2,276

)

Deferred revenue (related party amounts of $26,812 and $3,788 for the six months ended September 30, 2022 and 2021, respectively)

 

 

18,984

 

 

 

(3,574

)

Operating lease liabilities

 

 

(4,426

)

 

 

(3,696

)

Other liabilities

 

 

(2,008

)

 

 

45

 

Net cash used in operating activities

 

 

(145,974

)

 

 

(107,025

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,945

)

 

 

(1,810

)

Prepayment for intangible assets

 

 

 

 

 

(5,500

)

Proceeds from sale of property and equipment

 

 

2

 

 

 

1

 

Capitalized internal-use software costs

 

 

(3,008

)

 

 

(1,807

)

Net cash used in investing activities

 

 

(4,951

)

 

 

(9,116

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

3,944

 

 

 

5,624