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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (82,095) $ 172,167 $ (173,236)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation of property and equipment 91 98 167
Amortization of debt issuance costs 183 233 0
Amortization of discount/premium on investments (7,049) (1,566) 846
Share-based compensation 17,457 15,285 12,260
Fair value of common stock issued related to asset acquisition 0 0 43,445
Note payable related to asset acquisition 0 0 14,000
Gain on sale of TEMBEXA 0 (229,670) 0
Gain on sale of equipment (8) 0 0
Gain on sale of investments 0 (1) (2)
Lease-related amortization (90) 9 301
Changes in operating assets and liabilities:      
Accounts receivable 1,036 (1,040) 340
Inventories 0 (2,467) (2,760)
Prepaid expenses and other assets 3,440 (5,419) (2,352)
Accounts payable and accrued liabilities (2,053) 5,504 7,061
Net cash used in operating activities (69,088) (46,867) (99,930)
Cash flows from investing activities:      
Purchases of property and equipment (89) (71) (207)
Purchases of short-term investments (89,982) (183,245) (105,355)
Purchases of long-term investments (38,518) (57,810) (9,594)
Proceeds from sales of short-term investments 0 7,699 4,207
Proceeds from maturities of short-term investments 199,180 69,480 66,858
Proceeds from sale of TEMBEXA 0 233,984 0
Proceeds from sale of property and equipment 8 0 0
Net cash provided by (used in) investing activities 70,599 70,037 (44,091)
Cash flows from financing activities:      
Proceeds from exercise of stock options 0 608 3,831
Proceeds from employee stock purchase plan 465 860 755
Proceeds from issuance of common stock, net of commissions 0 0 107,843
Payments of debt issuance costs (157) (193) 0
Payment of note payable 0 (14,000) 0
Net cash provided by (used in) financing activities 308 (12,725) 112,429
Net increase (decrease) in cash and cash equivalents 1,819 10,445 (31,592)
Beginning of period 25,842 15,397 46,989
End of period $ 27,661 $ 25,842 $ 15,397