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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (63,188) $ (86,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,575 10,129
Non-cash interest expense on liability related to sales of future royalties and milestones, net of issuance costs accretion 5,852  
Impairment of long-lived assets 4,274  
Inventory write-down 2,509  
Depreciation and amortization 192 177
Noncash lease expense 766 1,221
Accretion of available-for-sale marketable securities, net (543) (159)
Changes in operating assets and liabilities:    
Accounts receivable, net - related party 2,330 (91)
Inventory (313) (883)
Income tax receivable 697  
Other receivables (379) (1,186)
Prepaid expenses 5,772 3,609
Accounts payable and accrued expenses (19,149) 37
Operating lease liability (4,363) (1,278)
Reimbursement of lease incentive 2,094  
Other   (108)
Net cash used in operating activities (56,874) (74,708)
Investing activities    
Proceeds from maturities of available-for-sale marketable securities 77,000 118,590
Proceeds from redemptions of available-for-sale marketable securities, at par   4,000
Purchases of available-for-sale marketable securities (32,213) (48,601)
Purchases of property and equipment (1,046) (323)
Net cash provided by investing activities 43,741 73,666
Financing activities    
Payments to royalty purchase and sale agreement (1,989)  
Net proceeds from sales of common stock under open market sales agreement   1,117
Proceeds from the exercise of stock options   559
Net cash (used in) provided by financing activities (1,989) 1,676
Net (decrease) increase in cash, cash equivalents and restricted cash (15,122) 634
Cash, cash equivalents and restricted cash at beginning of period 53,683 64,149
Cash, cash equivalents and restricted cash at end of period 38,561 64,783
Noncash investing and financing activities    
Incremental right-of-use asset in exchange for non-cash lease liability from modification of lease 3,417  
Initial direct costs included as right-of-use asset from modification of lease $ 577  
Accrual for leasehold improvements   $ 807