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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (30,696) $ (26,665)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,345 3,353
Non-cash interest expense on liability related to sales of future royalties and milestones, net of issuance costs accretion 1,982  
Depreciation and amortization 42 58
Noncash lease expense 269 375
Accretion of available-for-sale marketable securities, net (510) (94)
Changes in operating assets and liabilities:    
Accounts receivable, net - related party 1,047 (2,806)
Inventory, net 80 (1,132)
Other receivables 49 1
Prepaid expenses 2,364 (928)
Accounts payable and accrued expenses (10,151) (6,318)
Operating lease liability   (462)
Reimbursement of lease incentive 1,726  
Net cash used in operating activities (30,453) (34,618)
Investing activities    
Proceeds from maturities of available-for-sale marketable securities 59,000 29,500
Proceeds from redemptions of available-for-sale marketable securities, at par   4,000
Purchases of available-for-sale marketable securities (32,213) (15,792)
Purchases of property and equipment (836)  
Net cash provided by investing activities 25,951 17,708
Financing activities    
Payments to royalty purchase and sale agreement (685)  
Proceeds from the exercise of stock options   560
Net cash (used in) provided by financing activities (685) 560
Net decrease in cash, cash equivalents and restricted cash (5,187) (16,350)
Cash, cash equivalents and restricted cash at beginning of period 53,683 64,149
Cash, cash equivalents and restricted cash at end of period 48,496 $ 47,799
Noncash investing and financing activities    
Accrual for leasehold improvements $ 211