81 development of,f and seek regulatory r approvals for, our product candidates, and begin to commercialize any approved products. One or more of these events may ultimately have a material adverse effe f ct on our liquidity and operating plans. Adequate additional funding may not be availabl a e to us on acceptabl a e terms or at all. Our failure to raise capital as and when needed could have a negative impact on our financial condition and our ability to pursue our business strategies. See the section titled “Risk Factors” for additional risks associated with our subs u tantial capital requirements. Summary Stat t em t ent of Cash Flow l s The following tabl a e sets forth the primary sources and uses of cash for each of the periods presented below (in thousands): Year Ended December 31, 2023 2022 Net cash provided by (used in): Operating activities $ (154,183) $ (206,459) Investing activities 249,226 (336,513) Financing activities 31 1,895 Net increase (decrease) in cash, cash equivalents and restricted cash $ 95,074 $ (541,077) Cash Flows w from Operating Activities Net cash used in operating activities decreased to $154.2 million for the year ended December 31, 2023, primarily attributable to a decrease in net loss during the year driven by the maturation of the tarcocimab a clinical program and timing of manufac f turing activities. Cash used in operating activities was also driven by changes in operating assets and liabi a lities. Cash Flows w from Investing Activities Net cash provided by investing activities was $249.2 million for the year ended December 31, 2023, primarily related to net maturities of marketable securities of $290.7 million, partially offs f et by capital expenditures of $41.4 million during the year. Material Cash Requirements and Material Known Contractual Obligations and Commitments Operating Leases Operating lease payments represent our commitment for future minimum rent made under non-cancelabl a e leases for our corporate offi f ces in Palo Alto, California, offi f ce and labor a atory r space in Visp, Switzerland, and related to our Ursus facility. Total future undiscounted payments for our operating lease obligations as of December 31, 2023 were $105.0 million, of which $14.8 million is due in the next twelve months. Manufac f turing Agre g ements The Company has entered into service and equipment purchase agreements in the normal course of business with various providers, which can contain minimum commitments or other noncancelable obligations. As of December 31, 2023, future contractua t l obligations related to these manufact f ur t ing agreements that may be subj u ect to cancellation fees was $15.4 million, of which $11.0 million is expected to be due in the next twelve months. In addition, future manufac f turing contractua t l obligations totaling approximately 123.0 million Swiss Francs may be incurred for the potential clinical and commercial suppl u y of tarcocimab a and other antibody biopolymer conjugates medicines based on the agreements with Lonza for production at the Ursus Facility. For further information on our leases and manufact f ur t ing agreements, refer to Note 8 to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. Clinical Agre g ements The Company may incur potential contingent payments upon our achievement of clinical, regulatory r and commercial milestones, as applicable. Due to the uncertainty of the achievement and timing of the events requiring payment under these agreements, the amounts to be paid by us are not fixed or determinable at this time.