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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities        
Net loss   $ (98,722) $ (99,636)  
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization   405 426  
Amortization of debt issuance costs   2,278 1,659  
Accretion of revenue interest financing debt, net of cash paid   2,784 4,421  
Amortization of discount on short-term investments   (149) (995)  
Stock-based compensation expense   14,940 11,638  
Amortization of net contract asset/liability   (1,018) (1,259)  
Noncash lease expense   112 146  
Noncash lease liability   567 300  
Write off of fixed assets     61  
Write off of right-of-use assets $ 0 757   $ 0
Changes in operating assets and liabilities:        
Net contract asset/liability   1,581 2,079  
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable   (1,174) (6,290)  
Accounts payable and accrued expenses   (10,116) (3,559)  
Net cash used in operating activities   (87,755) (91,009)  
Cash flows from investing activities        
Proceeds from sale of property and equipment     9  
Maturities of short-term investments   29,885 17,000  
Purchases of short-term investments     (51,995)  
Purchases of property and equipment   (1,152) (85)  
Net cash provided by (used in) investing activities   28,733 (35,071)  
Cash flows from financing activities        
Proceeds from exercise of stock options   257 783  
Prepayments of long-term debt, including financing costs   (19,623)    
Other cash flows from financing activities     (737)  
Proceeds from equity offerings, net of offering costs     25,920  
Net cash (used in) provided by financing activities   (19,366) 25,966  
Net decrease in cash and cash equivalents   (78,388) (100,114)  
Cash and cash equivalents-beginning of period   120,572 240,551 240,551
Cash and cash equivalents-end of period $ 42,184 42,184 140,437 $ 120,572
Supplemental disclosure of cash flow information        
Unrealized gain (loss) on short-term investments   20 (71)  
Financing costs     97  
Property and equipment in accounts payable   221    
Cash paid for interest during the period   $ 7,944 6,540  
Cash paid for income taxes during the period     $ 903