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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (143,099) $ (165,291) $ (124,088)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 21,709 35,399 29,783
Depreciation and amortization 530 621 789
Amortization of debt issuance costs 814 812 780
Net amortization of premiums and discounts on investments (4,098) (825) 1,560
Acquired in-process research and development 0 0 7,355
Other 6 (281) (106)
Changes in operating assets and liabilities:      
Accounts receivable, net 20,124 (5,084) (9,616)
Inventory 1,181 (118) (1,462)
Prepaid expenses and other assets 6,674 (5,782) (24,759)
Operating lease right-of-use assets 1,962 1,677 1,449
Accounts payable 350 1,170 (2,847)
Accrued expenses and other liabilities 3,996 (9,536) 15,963
Operating lease liabilities (2,872) (2,316) (1,917)
Net cash used in operating activities (92,723) (149,554) (107,116)
Investing activities      
Proceeds from sales and maturities of investments 167,091 121,878 192,780
Purchases of investments (159,151) (226,016) (45,228)
Purchases of property and equipment 0 (118) (212)
Acquired in-process research and development 0 0 (5,500)
Net cash provided by (used in) investing activities 7,940 (104,256) 141,840
Financing activities      
Proceeds from issuance of common stock, net of issuance costs 0 189,761 9,903
Proceeds from the exercise of stock options and shares issued under the employee stock purchase plan 1,124 3,977 3,745
Proceeds from Amended Revenue Interest Agreement 0 0 60,000
Net cash provided by financing activities 1,124 193,738 73,648
Effect of exchange rate on cash, cash equivalents and restricted cash (34) (488) (48)
Net (decrease) increase in cash, cash equivalents and restricted cash (83,693) (60,560) 108,324
Cash, cash equivalents and restricted cash at beginning of period 136,885 197,445 89,121
Cash, cash equivalents and restricted cash at end of period 53,192 136,885 197,445
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets      
Cash and cash equivalents 52,231 135,188 190,459
Short-term restricted cash 660 1,064 6,349
Long-term restricted cash 301 633 637
Total cash, cash equivalents and restricted cash 53,192 136,885 197,445
Supplemental disclosures:      
Cash paid for interest on convertible debt 5,175 5,175 5,175
Cash paid for amounts included in the measurement of operating lease liabilities 3,718 3,447 3,277
Cash paid for interest on deferred royalty obligation $ 16,053 $ 29,273 $ 10,361