XML 26 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities                
Net loss $ (17,326) $ (19,015) $ (40,391) $ (40,497) $ (52,108) $ (64,410) $ (63,078) $ (86,804)
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization expense 174 76 348 166 525 307 704 480
Amortization (accretion) on marketable securities (143) 0 (182) 0 (182) 0 (182) (99)
Non-cash interest expense 24 19 54 38 87 58 116 83
Non-cash lease expense 131 179 265 334 401 463 538 593
Non-cash (income) expense from collaborative arrangements, net 1,008 996 1,392 3,007 (1,134) 4,856 (696) 6,603
Stock-based compensation expense 2,689 3,299 5,321 5,378 7,495 7,873 9,217 10,541
Impairment of advance for COVAXIN supply     4,074 0 4,074 0 4,074 0
Loss on disposal of fixed assets related to COVAXIN     363 0 363 0 363 0
Other 352 0 439 0 379 (673) 46 (671)
Changes in assets and liabilities:                
Prepaid expenses and other current assets (60) (575) 572 132 132 1,888 (296) 91
Accounts payable and accrued expenses (4,964) 131 (9,049) 2,844 (10,402) 6,734 (12,343) 9,487
Lease obligations (125) (176) (252) (265) (382) (261) (517) (383)
Net cash used in operating activities (18,240) (15,066) (37,046) (28,863) (50,752) (43,165) (62,054) (60,079)
Cash flows from investing activities                
Purchases of marketable securities (3,947) 0 (3,947) 0 (3,947) 0 (3,947) (13,271)
Proceeds from maturities of marketable securities 9,000 0 17,500 0 17,500 0 17,500 0
Purchases of property and equipment (1,612) (223) (4,389) (1,589) (7,754) (2,433) (10,476) (4,457)
Repayment of note receivable         0 761 0 761
Net cash provided by (used in) investing activities 3,441 (223) 9,164 (1,589) 5,799 (1,672) 3,077 (16,967)
Cash flows from financing activities                
Proceeds from issuance of common stock 5,731 50,177 20,690 50,538 20,788 51,141 20,804 59,567
Payment of equity issuance costs (173) (75) (222) (200) (355) (298) (355) (549)
Proceeds from issuance of debt     500 0 500 500 500 500
Payments of debt issuance costs (62) 0 (68) 0 (68) (43) (68) (43)
Net cash provided by financing activities 5,496 50,102 20,900 50,338 20,865 51,300 20,881 59,475
Effect of changes in exchange rate on cash and cash equivalents (1) 0 (3) 10 2 30 (5) 25
Net (decrease) in cash and cash equivalents (9,304) 34,813 (6,985) 19,896 (24,086) 6,493 (38,101) (17,546)
Cash, cash equivalents, and restricted cash at beginning of period 77,563 95,109 77,563 95,109 77,563 95,109 77,563 95,109
Cash and cash equivalents at end of period 68,259 129,922 70,578 115,005 53,477 101,602 39,462 77,563
Supplemental disclosure of non-cash investing and financing transactions:                
Purchase of property and equipment $ 1,119 $ 611 2,637 491 1,969 1,231 2,189 911
Right-of-use assets related to operating leases     $ 0 $ 2,918 0 2,916 572 2,916
Debt issuance costs         $ 0 $ 19 $ 0 $ 37