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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (90,461) $ (110,996)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 326 464
Net amortization of premiums and discounts on investments (71) 1,148
Amortization of debt issuance costs 400 386
Stock-based compensation expense 22,429 15,494
Change in fair value of embedded derivative liability 0 (610)
Other (4) 231
Changes in operating assets and liabilities:    
Accounts receivable, net (982) (5,006)
Inventory 636 (1,506)
Prepaid expenses and other assets (14,860) (5,773)
Operating lease right-of-use assets 808 698
Accounts payable 91 (2,141)
Accrued expenses and other liabilities (11,567) 196
Deferred revenue 0 (297)
Operating lease liabilities (1,086) (924)
Net cash used in operating activities (94,341) (108,636)
Investing activities    
Purchases of property and equipment (79) 0
Proceeds from sales and maturities of investments 48,468 124,376
Purchases of investments (99,020) (34,732)
Net cash (used in) provided by investing activities (50,631) 89,644
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 29,294 9,903
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan 2,802 2,833
Proceeds from Amended Revenue Interest Agreement 0 60,000
Net cash provided by financing activities 32,096 72,736
Effect of exchange rate on cash, cash equivalents and restricted cash (544) (155)
Net (decrease) increase in cash, cash equivalents and restricted cash (113,420) 53,589
Cash, cash equivalents and restricted cash at beginning of period 197,445 89,121
Cash, cash equivalents and restricted cash at end of period 84,025 142,710
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets    
Cash and cash equivalents 82,248 141,309
Short-term restricted cash 1,146 762
Long-term restricted cash 631 639
Total cash, cash equivalents and restricted cash 84,025 142,710
Supplemental disclosures:    
Cash paid for interest on convertible debt 2,588 2,588
Cash paid for amounts included in the measurement of operating lease liabilities 1,682 1,630
Cash paid for interest on deferred royalty obligation $ 20,746 $ 4,068