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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (126,785) $ (162,808)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 0 7,355
Depreciation 508 650
Net amortization of premiums and discounts on investments (361) 1,422
Amortization of debt issuance costs 602 581
Stock-based compensation expense 29,226 22,914
Change in fair value of embedded derivative liability 0 (610)
Other (3) 71
Changes in operating assets and liabilities:    
Accounts receivable, net (4,949) (5,871)
Inventory (143) (1,385)
Prepaid expenses and other assets (7,977) (2,987)
Operating lease right-of-use assets 1,234 1,066
Accounts payable (790) (3,569)
Accrued expenses and other liabilities (11,621) 12,283
Deferred revenue 0 (297)
Operating lease liabilities (1,652) (1,406)
Net cash used in operating activities (122,711) (132,591)
Investing activities    
Purchases of property and equipment (118) (5)
Proceeds from sales and maturities of investments 90,078 162,303
Purchases of investments (128,918) (45,228)
Acquired in-process research and development 0 (6,000)
Net cash (used in) provided by investing activities (38,958) 111,070
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 35,082 9,903
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan 2,813 2,849
Proceeds from Amended Revenue Interest Agreement 0 60,000
Net cash provided by financing activities 37,895 72,752
Effect of exchange rate on cash, cash equivalents and restricted cash (614) 87
Net (decrease) increase in cash, cash equivalents and restricted cash (124,388) 51,318
Cash, cash equivalents and restricted cash at beginning of period 197,445 89,121
Cash, cash equivalents and restricted cash at end of period 73,057 140,439
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets    
Cash and cash equivalents 71,351 137,400
Short-term restricted cash 1,080 2,400
Long-term restricted cash 626 639
Total cash, cash equivalents and restricted cash 73,057 140,439
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 2,523 2,444
Cash paid for interest on deferred royalty obligation $ 24,960 $ 5,650