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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (43,894) $ (55,009)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 639 738
Non-cash lease expense 1,821 1,698
Stock-based compensation 6,111 6,976
Gain on sale of equipment 0 (853)
Non-cash interest expense 2,090 151
Other, net (521) 136
Changes in operating assets and liabilities:    
Accounts receivable (1,376) (5,121)
Inventory (19,566) (4,529)
Prepaid commercial manufacturing 401 (12,197)
Prepaid expenses and other assets 817 1,848
Accounts payable (5,565) 17
Accrued compensation and benefits (668) 983
Operating lease liabilities (1,892) (1,692)
Accrued and other liabilities 110 259
Deferred revenue 1,961 7,694
Net cash used in operating activities (59,532) (58,901)
Investing activities    
Proceeds from maturities and redemptions of investments 19,250 42,300
Purchases of investments (88,127) (25,762)
Proceeds from sale of property and equipment 0 1,268
Purchases of property and equipment (107) 0
Net cash (used in) provided by investing activities (68,984) 17,806
Financing activities    
Proceeds from 2022 Loan, net of issuance costs 0 26,971
Payments for 2018 Loan, net of costs 0 (33,038)
Proceeds from the sale of future royalties, net of issuance costs 0 9,581
Proceeds from issuance of common stock in at the market offering, net of issuance costs 62,085 18,478
Proceeds from issuance of common stock under equity incentive and stock purchase plans 349 83
Net cash provided by financing activities 62,434 22,075
Net decrease in cash and cash equivalents (66,082) (19,020)
Cash and cash equivalents at beginning of period 96,140 72,428
Cash and cash equivalents at end of period 30,058 53,408
Supplementary disclosure of cash flow information:    
Cash paid for interest 1,757 1,360
Cash paid for income taxes 19 6
Supplementary disclosure of non-cash activities:    
Issuance of common stock for services 337 0
Issuance of derivative in connection with issuance of loan payable $ 0 $ 375