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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (60,110) $ (44,084)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation of property and equipment 665 237
Amortization of debt discount and premium and discount on available-for-sale marketable securities (2,267) (295)
Provision for excess and obsolete inventory 0 693
Loss on extinguishment of debt 0 1,347
Stock-based compensation 21,394 4,838
Changes in operating assets and liabilities:    
Accounts receivable and other current assets (1,168) 3,953
Inventory 233 (1,909)
Accounts payable and accrued expenses 3,636 3,680
Right-of-use assets and operating lease liabilities 539 385
Deferred revenue (14,271) 71,343
Net cash (used in) provided by operating activities (51,349) 40,188
Cash flows from investing activities:    
Purchases of marketable securities (184,995) (5,851)
Sales and maturities of marketable securities 47,500 52,284
Purchases of property and equipment (2,094) (880)
Net cash (used in) provided by investing activities (139,589) 45,553
Cash flows from financing activities:    
Payment of equity issue costs (307) 0
Payment of long-term debt 0 (30,000)
Payment of extinguishment of debt costs 0 (1,350)
Borrowings under revolving facility 0 5,300
Repayment under revolving facility 0 (15,775)
Net settlement of stock units to satisfy statutory tax withholding (4,434) (169)
Proceeds from exercise of stock options 5,185 253
Principal payments on finance lease obligations 0 (36)
Net cash provided by (used in) financing activities 444 (41,777)
Net (decrease) increase in cash, cash equivalents and restricted cash (190,494) 43,964
Cash, cash equivalents and restricted cash at beginning of period 281,413 95,783
Cash, cash equivalents and restricted cash at end of period 90,919 139,747
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 90,769 139,597
Restricted cash 150 150
Total cash, cash equivalents and restricted cash at end of period 90,919 139,747
Supplemental cash flow information:    
Cash interest paid 0 1,405
Supplemental disclosure of non-cash investing and financing activities:    
Lease liability arising from obtaining right-of-use assets 17,656 0
Property and equipment additions in accounts payable and accrued expenses $ 220 $ 0