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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Segment and consolidated net loss $ (69,192) $ (171,670) $ (204,212)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 1,628 1,517 927
Net amortization of premiums and discounts on marketable securities (3,917) (4,569) (1,462)
Stock-based compensation 16,458 21,136 21,522
Non-cash operating lease expense 3,116 2,780 2,777
Other non-cash items 305 687 763
Changes in operating assets and liabilities:      
Accounts receivable 0 30,000 (30,000)
Prepaid expenses and other current assets 2,689 3,534 3,863
Other assets (500) 0 0
Accounts payable (2,857) (6,080) 947
Accrued expenses (2,934) (20,935) 13,594
Operating lease liabilities (3,254) (3,143) (2,539)
Deferred revenue (23,882) (22,139) 143,709
Other liabilities 0 0 748
Net cash used in operating activities (82,340) (168,882) (49,363)
Cash flows from investing activities      
Maturities of marketable securities 145,000 277,970 97,000
Purchase of marketable securities (133,431) (155,919) (247,519)
Purchase of property and equipment (132) (2,168) (2,197)
Net cash provided by (used in) investing activities 11,437 119,883 (152,716)
Cash flows from financing activities      
Proceeds from exercise of stock options 56 427 1,331
Proceeds from purchases of common stock under ESPP 486 1,121 1,065
Proceeds from issuance of debt, net of issuance costs 0 (150) 0
Repayment of debt (2,083) 0 0
Payments under finance lease obligations (147) (262) (272)
Net cash provided by financing activities 4,092 94,675 153,017
(Decrease) increase in cash, cash equivalents and restricted cash (66,811) 45,676 (49,062)
Cash, cash equivalents and restricted cash, beginning of period 175,039 129,363 178,425
Cash, cash equivalents and restricted cash, end of period 108,228 175,039 129,363
Supplemental cash flow information:      
Cash paid for income taxes 418 0 0
Fair value of common stock retired in exchange for issuance of pre-funded warrants 13,984 0 0
Purchases of property and equipment in accounts payable and accrued expenses 0 132 753
Debt financing costs in accrued expenses 0 0 150
Common stock issuance costs in accounts payable and accrued expenses 0 0 131
Cash paid for interest 3,467 3,380 2,463
Right-of-use assets obtained in exchange for operating lease liabilities 0 0 298
At Market Equity Offering Program      
Cash flows from financing activities      
Net proceeds from at-the-market facilities $ 5,780 $ 93,539 $ 150,893