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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (55,009) $ (78,344)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 407 787
Amortization of deferred financing costs 226 316
Amortization of deferred compensation for services 105 145
Amortization of premium on investment securities 16 274
Non-cash lease expense 1,698 1,318
Stock-based compensation 6,976 6,306
Change in derivative liabilities 18 (713)
Debt refinancing costs 102 0
Gain on sale of equipment (853) 0
Non-cash interest associated with debt discount accretion 151 141
Changes in operating assets and liabilities:    
Accounts receivable (5,121) 0
Inventory (4,529) 0
Prepaid commercial manufacturing (12,197) (8,481)
Prepaid expenses and other assets 1,848 1,102
Accounts payable 17 (3,039)
Accrued compensation and benefits 983 267
Operating lease liabilities (1,692) (1,361)
Accrued and other liabilities 259 2,607
Deferred revenue 7,694 182
Net cash used in operating activities (58,901) (78,493)
Investing activities    
Proceeds from maturities and redemptions of investments 42,300 60,550
Purchases of investments (25,762) (48,314)
Proceeds from sale of property and equipment 1,268 0
Purchases of property and equipment 0 (1,517)
Net cash provided by investing activities 17,806 10,719
Financing activities    
Proceeds from 2022 Loan, net of issuance costs 26,971 0
Repayment of 2018 Loan, net of settlement costs (33,038) 0
Proceeds from the sale of future royalties, net of issuance costs 9,581 0
Proceeds from issuance of common stock in at the market offering, net of issuance costs 18,478 62,446
Proceeds from issuance of common stock under equity incentive and stock purchase plans 83 1,041
Net cash provided by financing activities 22,075 63,487
Net decrease in cash and cash equivalents (19,020) (4,287)
Cash and cash equivalents at beginning of period 72,428 91,032
Cash and cash equivalents at end of period 53,408 86,745
Supplementary disclosure of cash flow information:    
Cash paid for interest 1,360 1,936
Cash paid for income taxes 6 3
Supplementary disclosure of non-cash activities:    
Right-of-use assets obtained in exchange for lease obligations 0 14,379
Issuance of derivative in connection with issuance of loan payable $ 375 $ 0