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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net loss $ (29,204) $ (24,623)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,892 2,151
Stock-based compensation expense 13,525 8,419
Change in fair value of contingent consideration 0 2,562
Deferred income taxes 13 123
Accretion of discounts on marketable investment securities (1,229) 0
Other 211 12
Change in operating assets and liabilities:    
Accounts receivable (4,383) (2,725)
Prepaid expenses and other current assets (654) (357)
Inventory (540) (329)
Operating lease assets 331 222
Other assets 319 42
Accounts payable 3,896 187
Operating lease liabilities (68) (226)
Accrued compensation (11,562) (6,917)
Other accrued and current liabilities 1,014 29
Net cash used in operating activities (25,439) (21,430)
INVESTING ACTIVITIES    
Purchases of property and equipment (3,338) (402)
Proceeds from sale of property and equipment 5 0
Purchases of marketable investment securities (30,083) 0
Proceeds from maturities of marketable investment securities 50,000 0
Net cash provided by (used in) investing activities 16,584 (402)
FINANCING ACTIVITIES    
Proceeds from exercise of common stock options 95 399
Payment of employees’ taxes on vested restricted stock units (314) (56)
Proceeds from contributions to the employee stock purchase plan 982 897
Repayment of principal portion of finance lease liabilities (35) (24)
Net cash provided by financing activities 728 1,216
NET CHANGE IN CASH AND CASH EQUIVALENTS (8,127) (20,616)
Beginning of period 122,948 329,633
End of period 114,821 309,017
DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued purchases of property and equipment 2,730 32
Deferred acquisition costs 0 1,026
Property and equipment acquired with tenant improvement allowance $ 89 $ 0