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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (50,712) $ (58,144)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,086 6,795
Non-cash interest expense on liability related to sales of future royalties and milestones, net of issuance costs accretion 3,892  
Loss on inventory write-down 1,489  
Depreciation and amortization 119 118
Noncash lease expense 525 759
Accretion of available-for-sale marketable securities, net (543) (56)
Changes in operating assets and liabilities:    
Accounts receivable, net - related party 2,406 (6,864)
Inventory (312) (1,037)
Other receivables (209) 76
Prepaid expenses 4,377 1,291
Accounts payable and accrued expenses (11,102) 2,935
Operating lease liability   (936)
Reimbursement of lease incentive 2,094  
Net cash used in operating activities (42,890) (55,063)
Investing activities    
Proceeds from maturities of available-for-sale marketable securities 74,500 72,265
Proceeds from redemptions of available-for-sale marketable securities, at par   4,000
Purchases of available-for-sale marketable securities (32,213) (25,754)
Purchases of property and equipment (1,046)  
Net cash provided by investing activities 41,241 50,511
Financing activities    
Payments to royalty purchase and sale agreement (1,295)  
Proceeds from the exercise of stock options   560
Net cash (used in) provided by financing activities (1,295) 560
Net decrease in cash, cash equivalents and restricted cash (2,944) (3,992)
Cash, cash equivalents and restricted cash at beginning of period 53,683 64,149
Cash, cash equivalents and restricted cash at end of period 50,739 $ 60,157
Noncash investing and financing activities    
Accrual for leasehold improvements $ 19