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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (53,585) $ (59,412)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 525 307
Amortization (accretion) on marketable securities (182) 0
Non-cash interest expense 87 58
Non-cash lease expense 401 463
Stock-based compensation expense 7,495 7,873
Impairment of advance for COVAXIN supply 4,074 0
Loss on disposal of fixed assets related to COVAXIN 363 0
Other 379 (673)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 132 1,888
Accounts payable and accrued expenses (10,059) 6,592
Lease obligations (382) (261)
Net cash used in operating activities (50,752) (43,165)
Cash flows from investing activities    
Purchases of marketable securities (3,947) 0
Proceeds from the maturities of marketable securities 17,500 0
Purchases of property and equipment (7,754) (2,433)
Repayment of note receivable 0 761
Net cash provided by (used in) investing activities 5,799 (1,672)
Cash flows from financing activities    
Proceeds from issuance of common stock, net 20,788 51,141
Payment of equity issuance costs (355) (298)
Proceeds from issuance of debt 500 500
Payment of debt issuance costs (68) (43)
Net cash provided by financing activities 20,865 51,300
Effect of changes in exchange rate on cash and cash equivalents 2 30
Net (decrease) increase in cash and cash equivalents (24,086) 6,493
Cash, cash equivalents, and restricted cash at beginning of period 77,563 95,109
Cash and cash equivalents at end of period 53,477 101,602
Supplemental disclosure of non-cash investing and financing transactions:    
Equity issuance costs 0 2
Purchases of property and equipment 1,969 1,231
Right-of-use asset related to operating leases 0 2,916
Debt issuance costs $ 0 $ 19