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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (74,497) $ (66,664)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 271 284  
Amortization of debt issuance costs 1,246 1,102  
Accretion of revenue interest financing debt, net of cash paid 2,106 2,916  
Amortization of discount on short-term investments (149) (669)  
Stock-based compensation expense 10,110 7,632  
Amortization of net contract asset/liability (741) (837)  
Noncash lease expense 443 102  
Noncash lease liability 87 196  
Write off of fixed assets   62  
Write off of right-of-use assets 757   $ 0
Financing costs included in interest expense 300    
Changes in operating assets and liabilities:      
Net contract asset/liability 1,040 1,569  
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (3,160) (7,441)  
Accounts payable and accrued expenses (6,115) (4,088)  
Net cash used in operating activities (68,302) (65,836)  
Cash flows from investing activities      
Maturities of short-term investments 29,885 5,000  
Purchases of short-term investments   (51,995)  
Purchases of property and equipment (38)    
Net cash provided by (used in) investing activities 29,847 (46,991)  
Cash flows from financing activities      
Proceeds from exercise of stock options 257 484  
Prepayments of long-term debt, including financing costs (17,698)    
Other cash flows from financing activities   (421)  
Net cash (used in) provided by financing activities (17,441) 63  
Net decrease in cash and cash equivalents (55,896) (112,764)  
Cash and cash equivalents-beginning of period 120,572 240,551 240,551
Cash and cash equivalents-end of period 64,676 127,787 $ 120,572
Supplemental disclosure of cash flow information      
Unrealized gain (loss) on short-term investments 20 (114)  
Property and equipment in accounts payable 60    
Cash paid for interest during the period $ 5,611 4,336  
Cash paid for income taxes during the period   $ 163