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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 23,383 $ 12,672 $ (223,812)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Loss on extinguishment of debt 4,607 0 0
Noncash stock compensation expense 42,541 37,933 44,662
Depreciation and amortization 68 211 303
Amortization of discount on investment securities (6,984) (2,236) (331)
Amortization of debt issuance costs 1,995 2,378 1,844
Amortization of leasehold interest 212 212 212
Noncash change in lease liability and right of use asset 1,900 1,963 2,715
Change in fair value of equity investments 754 0 0
Change in fair value of notes payable 304 113 (116)
Changes in assets and liabilities:      
Increase in inventory (66,851) (36,938) 0
(Increase) decrease in other current assets (6,316) (2,831) 8,181
(Increase) decrease in accounts receivable (78,092) (51,093) 1,389
Increase (decrease) in accounts payable and accrued expenses 22,838 192 (11,010)
Decrease in lease liabilities (2,388) (2,375) (2,332)
Increase in other current liabilities 4,029 2,675 2,277
Increase (decrease) in deferred revenue 17,483 5,711 (152)
Net cash used in operating activities (40,517) (31,413) (176,170)
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturity of short-term securities 310,900 96,229 87,275
Investment in held-to-maturity securities (310,516) (146,880) (107,274)
Investment in long-term securities (1,375) 0 0
Purchases of PPE (45) 0 (14)
Net cash used in investing activities (1,036) (50,651) (20,013)
CASH FLOWS FROM FINANCING ACTIVITIES      
Payment of loan payable (107,553) 0 (975)
Proceeds from sale of common stock, net 46,296 0
Proceeds from exercise of options 914 1,534 584
Proceeds from debt financings 244,815 25,000 0
Financing costs paid (889) (125) 0
Purchase of treasury stock (8,760) 0 0
Net cash provided by (used in) financing activities 128,527 72,705 (391)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 86,974 (9,359) (196,574)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 94,218 103,577 300,151
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 181,192 94,218 103,577
Reconciliation to amounts on consolidated balance sheets:      
Cash and cash equivalents 179,894 92,933 102,304
Restricted cash 1,298 1,285 1,273
Total cash, cash equivalents and restricted cash 181,192 94,218 103,577
Cash paid for:      
Interest 18,470 8,771 5,445
Income taxes 500 0 0
NONCASH TRANSACTIONS      
Deferred Financing Costs 0 1,238 0
Warrants issued with debt financing $ 0 $ 595 $ 0