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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net (loss) income $ (99,636) $ 14,496
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain from sale of PRV, net of transaction costs   (107,375)
Depreciation and amortization 426 336
Amortization of debt issuance costs 1,659 1,133
Accretion of revenue interest financing debt 4,421  
Amortization of discount on short-term investments (995)  
Stock-based compensation expense 11,638 11,091
Amortization of net contract asset/liability (1,259) (1,000)
Noncash lease expense 146 194
Noncash lease liability 300 252
Write off of fixed assets 61 169
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 2,079 11,057
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (6,290) (2,313)
Accounts payable and accrued expenses (3,559) 1,052
Net cash used in operating activities (91,009) (90,972)
Cash flows from investing activities    
Proceeds from sale of PRV, net of transaction costs   107,375
Proceeds from sale of property and equipment 9  
Maturities of short-term investments 17,000  
Purchases of short-term investments (51,995)  
Purchases of property and equipment (85) (1,682)
Net cash (used in) provided by investing activities (35,071) 105,693
Cash flows from financing activities    
Proceeds from exercise of stock options 783 1,763
Proceeds from notes payable, net of fees   28,838
Payments of revenue interesting financing debt (737)  
Proceeds from equity offerings, net of offering costs 25,920  
Net cash provided by financing activities 25,966 30,601
Net (decrease) increase in cash and cash equivalents (100,114) 45,322
Cash and cash equivalents-beginning of period 240,551 122,927
Cash and cash equivalents-end of period 140,437 168,249
Supplemental disclosure of cash flow information    
Unrealized loss on short-term investments (71)  
Financing costs 97  
Cash paid for interest during the period 6,540  
Cash paid for income taxes during the period $ 903  
Property and equipment in deposits placed in service   $ 1,665