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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (66,664) $ (58,794)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 284 178
Amortization of debt issuance costs 1,102 703
Accretion of revenue interest financing debt 2,916  
Amortization of discount on short-term investments (669)  
Stock-based compensation expense 7,632 7,196
Amortization of net contract asset/liability (837) (566)
Noncash lease expense 102 165
Noncash lease liability 196 133
Write off of fixed assets 62 61
Issuance of common stock for cost of license agreement   1,169
Unrealized loss on foreign currency transactions   930
Changes in operating assets and liabilities:    
Refund liability   (22,163)
Net contract asset/liability 1,569 10,566
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (7,441) (2,481)
Accounts payable and accrued expenses (4,088) 1,576
Net cash used in operating activities (65,836) (61,327)
Cash flows from investing activities    
Proceeds from sale of property and equipment 4  
Maturities of short-term investments 5,000  
Purchases of short-term investments (51,995)  
Purchases of property and equipment   (421)
Net cash used in investing activities (46,991) (421)
Cash flows from financing activities    
Proceeds from exercise of stock options 484 1,747
Proceeds from notes payable, net of fees   29,400
Payments of revenue interesting financing debt (421)  
Net cash provided by financing activities 63 31,147
Net decrease in cash and cash equivalents (112,764) (30,601)
Cash and cash equivalents-beginning of period 240,551 122,927
Cash and cash equivalents-end of period 127,787 92,326
Supplemental disclosure of cash flow information    
Unrealized loss on short-term investments (114)  
Debt issuance costs included in accrued expenses   563
Property and equipment in accrued expenses   1,198
Cash paid for interest during the period 4,336 3,484
Cash paid for income taxes during the period $ 163  
Property and equipment in deposits placed in service   $ 1,665