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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (66,067) $ (67,207) $ (158,165)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 1,292 1,144 2,807
Non-cash lease expense 3,624 3,457 3,085
Stock-based compensation 13,530 10,750 12,039
Non-cash interest expense 4,220 1,962 283
Gain on sale of equipment 0 (1,260) 0
Other, net (2,930) 685 (678)
Changes in operating assets and liabilities:      
Accounts receivable (14,298) (7,231) (502)
Inventory (21,141) (28,346) 0
Prepaid commercial manufacturing (9,593) (4,161) (9,406)
Prepaid expenses and other assets (6,035) 2,299 502
Accounts payable 279 6,582 (1,349)
Accrued compensation and benefits 5,049 2,126 (250)
Operating lease liabilities (3,928) (3,491) (2,853)
Accrued and other liabilities 3,691 4,138 1,386
Deferred revenue 2,590 8,509 550
Net cash used in operating activities (89,717) (70,044) (152,551)
Investing activities      
Proceeds from maturities and redemptions of investments 84,321 67,000 125,550
Purchases of investments (215,225) (50,328) (72,735)
Proceeds from sale of property and equipment 0 1,798 0
Purchases of property and equipment (344) (55) (1,867)
Net cash (used in) provided by investing activities (131,248) 18,415 50,948
Financing activities      
Proceeds from issuance of common stock in at the market offering, net of issuance costs 119,236 71,625 101,146
Proceeds from 2022 Loan, net of issuance costs 22,386 26,971 0
Proceeds from the sale of future royalties, net of issuance costs 5,000 9,581 0
Proceeds from issuance of common stock under equity incentive and stock purchase plans 1,173 202 1,403
Payment of the 2018 Exit Fee (1,500) 0 0
Payments for the 2018 Loan, net of costs 0 (33,038) (19,444)
Payments for taxes related to net share settlement of equity awards 0 0 (106)
Net cash provided by financing activities 146,295 75,341 82,999
Net (decrease) increase in cash and cash equivalents (74,670) 23,712 (18,604)
Cash and cash equivalents at beginning of period 96,140 72,428 91,032
Cash and cash equivalents at end of period 21,470 96,140 72,428
Supplementary disclosure of cash flow information:      
Cash paid for interest 4,240 2,901 3,469
Cash paid for income taxes 51 6 4
Supplementary disclosure of non-cash activities:      
Right-of-use assets obtained in exchange for lease obligations 339 0 1,604
Issuance of common stock for services 337 390 190
Issuance of derivative in connection with issuance of loan payable $ 0 $ 375 $ 0