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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:    
Net loss $ (70,795) $ (102,254)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Amortization of intangible assets 0 2,050
Impairment of intangible assets 0 20,699
Depreciation of property and equipment 464 396
Amortization of debt discount and premium and discount on available-for-sale marketable securities (856) (558)
Loss on extinguishment of debt 1,347 1,559
Provision for excess and obsolete inventory 693 1,949
Stock-based compensation 12,057 14,177
Deferred income tax 83  
Changes in operating assets and liabilities:    
Accounts receivable and other current assets 14,432 (2,662)
Inventory (1,553) (760)
Accounts payable and accrued expenses 1,519 1,198
Right-of-use assets and operating lease liabilities (39) 69
Deferred revenue 44,523 (868)
Net cash provided by (used in) operating activities 1,875 (65,005)
Cash flows from investing activities:    
Purchases of marketable securities (55,116) (139,115)
Sales and maturities of marketable securities 55,284 124,000
Purchases of property and equipment (3,483) (2,150)
Net cash used in investing activities (3,315) (17,265)
Cash flows from financing activities:    
Proceeds from issuance of stock 226,174 0
Proceeds from issuance of long-term debt 0 30,000
Payment of equity and debt issue costs (451) (599)
Payment of long-term debt (30,000) (38,235)
Payment of extinguishment of debt costs (1,350) (2,294)
Borrowings under revolving facility 5,300 43,875
Repayment under revolving facility (15,775) (33,400)
Net settlement of stock units to satisfy statutory tax withholding (169) (295)
Proceeds from exercise of stock options and employee stock purchase plan 3,377 395
Principal payments on finance lease obligations (36) (137)
Net cash provided by (used in) financing activities 187,070 (690)
Net increase (decrease) in cash, cash equivalents and restricted cash 185,630 (82,960)
Cash, cash equivalents and restricted cash at beginning of year 95,783 178,743
Cash, cash equivalents and restricted cash at end of year 281,413 95,783
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 281,263 95,633
Restricted cash 150 150
Total cash, cash equivalents and restricted cash 281,413 95,783
Supplemental cash flow information:    
Cash interest paid 1,405 2,600
Supplemental disclosure of non-cash investing and financing activities:    
Accrued term loan exit fee 0 600
Stock issuance costs $ 325 $ 0