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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income (loss) $ 61,022 $ (61,719)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 0 81
Amortization of premiums and discounts on investments 0 (339)
Amortization of debt issuance costs 437 417
Non-cash interest expense related to the revenue interest liability 10,937 11,320
Stock-based compensation expense 3,235 2,903
Changes in assets and liabilities:    
Accounts receivable (6,118) (2,686)
Prepaids and other assets (6,590) (1,608)
Deferred revenue 3,948 8,650
Inventories (7,472) (4,151)
Accounts payable (3,450) (5,975)
Other accrued liabilities (2,121) (1,249)
Net cash provided by (used in) operating activities 53,828 (54,356)
Investing activities    
Proceeds from sales/maturities of investments 0 25,000
Purchase of property and equipment (73) 0
Net cash (used in) provided by investing activities (73) 25,000
Financing activities    
Payments on revenue interest liability (5,832) (3,106)
Proceeds from issuance of common stock, warrants, and pre-funded warrants, net of issuance costs 0 52,598
Proceeds from issuance of common stock, net of issuance costs 90,672 0
Proceeds from exercise of warrants, net of issuance costs 5,766 0
Net cash provided by financing activities 90,606 49,492
Net increase in cash and cash equivalents 144,361 20,136
Cash and cash equivalents at beginning of period 82,248 124,775
Cash and cash equivalents at end of period 226,609 144,911
Supplemental disclosure of cash flow information:    
Common stock issuance costs not yet paid 0 170
Purchase of property and equipment not yet paid 195 0
Non cash right of use asset $ 72 $ 1