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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (34,730) $ (19,361)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 157 85
Amortization of debt issuance costs 480 282
Accretion of revenue interest financing debt 1,440  
Stock-based compensation expense 3,741 3,378
Amortization of net contract asset/liability (413) (375)
Noncash lease expense 53 80
Noncash lease liability 96 69
Write off of fixed assets 62 61
Issuance of common stock for cost of license agreement   1,169
Unrealized loss (gain) on foreign currency transactions   930
Amortization of discount on short-term investments (228)  
Changes in operating assets and liabilities:    
Refund liability   (22,163)
Net contract asset/liability 544 10,045
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (8,963) (1,072)
Accounts payable and accrued expenses (3,717) (783)
Net cash used in operating activities (41,478) (27,655)
Cash flows from investing activities    
Purchases of short-term investments (51,995)  
Purchases of property and equipment   (86)
Net cash provided by (used in) investing activities (51,995) (86)
Cash flows from financing activities    
Proceeds from exercise of stock options   1,733
Proceeds from notes payable, net of fees   29,400
Payments of revenue interesting financing debt (174)  
Net cash provided by financing activities (174) 31,133
Net (decrease) increase in cash and cash equivalents (93,647) 3,392
Cash and cash equivalents-beginning of period 240,551 122,927
Cash and cash equivalents-end of period 146,904 126,319
Supplemental disclosure of cash flow information    
Unrealized gain on short-term investments 74  
Debt issuance costs included in accrued expenses   563
Property and equipment in accrued expenses   205
Cash paid for interest during the year $ 2,156  
Property and equipment in deposits placed in service   $ 337