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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (41,399) $ (57,414)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 177 235
Net amortization of premiums and discounts on investments 45 664
Amortization of debt discount and issuance costs 198 191
Stock-based compensation expense 7,336 7,359
Realized and unrealized gain on marketable equity securities (2) (14)
Inventory obsolescence charge 0 82
Changes in operating assets and liabilities:    
Accounts receivable (2,495) (4,962)
Inventory 232 (552)
Prepaid expenses and other current assets (27,303) (89)
Operating lease right-of-use assets 397 343
Other noncurrent assets 11,703 0
Accounts payable 1,837 (1,410)
Accrued expenses and other liabilities (9,387) 3,432
Deferred revenue 0 (297)
Operating lease liabilities (536) (456)
Net cash used in operating activities (59,197) (52,888)
Investing activities    
Purchases of property and equipment (79) 0
Proceeds from sales and maturities of investments 21,584 68,950
Purchases of investments (35,540) (25,764)
Net cash (used in) provided by investing activities (14,035) 43,186
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 29,316 9,903
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan 1,467 773
Net cash provided by financing activities 30,783 10,676
Effect of exchange rate on cash, cash equivalents and restricted cash (90) (91)
Net (decrease) increase in cash, cash equivalents and restricted cash (42,539) 883
Cash, cash equivalents and restricted cash at beginning of period 197,445 89,121
Cash, cash equivalents and restricted cash at end of period 154,906 90,004
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets    
Cash and cash equivalents 153,256 88,471
Short-term restricted cash 1,014 815
Long-term restricted cash 636 718
Total cash, cash equivalents and restricted cash 154,906 90,004
Supplemental disclosures:    
Deferred financing costs in accrued expenses 22 0
Cash paid for amounts included in the measurement of operating lease liabilities 841 815
Cash paid for interest on deferred royalty obligation $ 15,784 $ 2,457