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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (903) $ (111,654)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Non-cash loss on extinguishment of debt 53,235 0
Non-cash royalty revenue (7,531) 0
Depreciation expense 10 132
Amortization of premiums and discounts on investments 0 (412)
Amortization of debt issuance costs 879 839
Non-cash interest expense related to the revenue interest liability 21,569 22,785
Stock-based compensation expense 6,166 6,063
Changes in assets and liabilities:    
Accounts receivable (11,866) (7,070)
Prepaids and other assets (6,275) 3,712
Deferred revenue (4,730) 12,127
Inventories (18,846) (10,475)
Accounts payable 15,898 1,518
Other accrued liabilities (983) 3,329
Net cash provided by (used in) operating activities 46,623 (79,106)
Investing activities    
Proceeds from sales/maturities of investments 0 42,500
Purchase of property and equipment (150) 0
Net cash (used in) provided by investing activities (150) 42,500
Financing activities    
Payments on revenue interest liability (5,832) (6,616)
Repurchase of revenue interest liability (343,750) 0
Proceeds from royalty sale liability 304,656 0
Proceeds from issuance of common stock, warrants, and pre-funded warrants, net of issuance costs 0 52,428
Proceeds from issuance of common stock, net of issuance costs 90,672 0
Proceeds from issuance of common stock from ATM program, net of issuance costs 0 4,479
Proceeds from exercise of common stock options 29 0
Proceeds from exercise of warrants, net of issuance costs 14,808 0
Proceeds from exercise of pre-funded warrants 0 10
Net cash provided by financing activities 60,583 50,301
Net increase in cash and cash equivalents 107,056 13,695
Cash and cash equivalents at beginning of period 82,248 124,775
Cash and cash equivalents at end of period 189,304 138,470
Supplemental disclosure of cash flow information:    
Common stock issuance costs not yet paid 0 31
Royalty sale issuance costs not yet paid 9,626 0
Purchase of property and equipment not yet paid 167 0
Non-cash right of use asset $ 84 $ 36