XML 20 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss $ (39,136) $ (66,067) $ (67,207)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization expense 2,063 1,292 1,144
Non-cash lease expense 4,008 3,624 3,457
Stock-based compensation 37,381 13,530 10,750
Non-cash interest expense 7,400 4,220 1,962
Non-cash royalty revenue related to the sale of future royalties (2,692) 0 0
Gain on sale of equipment 0 0 (1,260)
Other, net (4,664) (2,930) 685
Changes in operating assets and liabilities      
Accounts receivable (35,674) (14,298) (7,231)
Inventory (41,697) (21,141) (28,346)
Prepaid commercial manufacturing 6,782 (9,593) (4,161)
Prepaid expenses and other assets (4,543) (6,035) 2,299
Accounts payable 4,862 279 6,582
Accrued compensation and benefits 2,343 5,049 2,126
Operating lease liabilities (4,588) (3,928) (3,491)
Accrued and other liabilities 21,254 3,691 4,138
Deferred revenue 2,092 2,590 8,509
Net cash used in operating activities (44,809) (89,717) (70,044)
Investing activities      
Proceeds from maturities and redemptions of investments 177,854 84,321 67,000
Purchases of investments (195,161) (215,225) (50,328)
Proceeds from sale of property and equipment 0 0 1,798
Purchases of property and equipment (1,011) (344) (55)
Net cash (used in) provided by investing activities (18,318) (131,248) 18,415
Financing activities      
Proceeds from issuance of common stock in at the market offering, net of issuance costs 0 119,236 71,625
Proceeds from 2022 Loan Agreement, net of issuance costs 99,451 22,386 26,971
Proceeds from the sale of future royalties, net of issuance costs 0 5,000 9,581
Proceeds from issuance of common stock under equity incentive and stock purchase plans 8,138 1,173 202
Payment of the exit fees (1,000) (1,500) 0
Payments for the 2018 Loan, net of costs 0 0 (33,038)
Net cash provided by financing activities 106,589 146,295 75,341
Net increase (decrease) in cash and cash equivalents 43,462 (74,670) 23,712
Cash and cash equivalents at beginning of period 21,470 96,140 72,428
Cash and cash equivalents at end of period 64,932 21,470 96,140
Supplementary disclosure of cash flow information      
Cash paid for interest 11,408 4,240 2,901
Cash paid for income taxes 266 51 6
Supplementary disclosure of non-cash activities      
Right-of-use assets obtained in exchange for lease obligations 1,010 339 0
Issuance of common stock for services 257 337 390
Issuance of derivative in connection with issuance of loan payable $ 0 $ 0 $ 375