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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (39,232) $ (69,013)
Adjustments to reconcile net loss to net cash used in operating activities:    
Noncash stock compensation expense 6,823 2,121
Depreciation and amortization 68 76
Amortization of premium (discount) on investment securities (301) 23
Amortization of debt issuance costs 461 461
Amortization of leasehold interest 53 53
Noncash change in lease liability and right of use asset 491 683
Change in fair value of notes payable 59 (178)
Changes in assets and liabilities:    
Increase in inventory (26,924)  
Decrease (increase) in other current assets (2,623) 6,759
Decrease (increase) in accounts receivable (8,623) 487
Increase (decrease) in accounts payable and accrued expenses 9,858 (10,170)
Decrease in lease liabilities (593) (492)
Increase in other current liabilities 619 539
Decrease in deferred revenue (38) (38)
Net cash used in operating activities (59,902) (68,689)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturity of short-term securities 16,000 13,225
Investment in held-to-maturity securities (22,168) (56,889)
Purchases of PPE   (7)
Net cash used in investing activities (6,168) (43,671)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of loan payable   (975)
Proceeds from exercise of options 363 125
Proceeds from debt financings 25,000  
Financing costs paid (125)  
Net cash (used in) provided by financing activities 25,238 (850)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (40,832) (113,210)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 103,577 300,151
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 62,745 $ 186,941