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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net loss $ (46,606) $ (52,539)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,127 1,191
Amortization of intangible asset 27,032 27,032
Change in fair value of warrant liability (1,345) 0
Non-cash royalty revenue related to sale of future royalties (1,390) (1,423)
Non-cash research and development expense 0 782
Non-cash interest expense 7,475 1,318
Non-cash operating lease expense 3,116 (1,221)
Non-cash write-off from termination of lease 0 (825)
Non-cash loss on extinguishment of debt 294 0
Write-down of inventory 2,403 1,327
Change in excess inventory purchase commitments 2,068 0
Stock-based compensation expense 6,078 7,803
Changes in operating assets and liabilities:    
Accounts receivable 7,120 17,692
Inventory (19,905) 9,238
Prepaid expenses and other current assets 6,805 10,043
Other long-term assets 625 (8,175)
Accounts payable (3,758) (9,747)
Accrued expense and other current liabilities (17,652) (13,735)
Operating lease liabilities (3,212) 1,128
Deferred revenue 0 (3,738)
Other long-term liabilities (6,468) (7,227)
Net cash used in operating activities (36,193) (21,076)
Investing Activities:    
Purchases of equipment (31) 0
Net cash used in investing activities (31) 0
Financing Activities:    
Proceeds from the issuance of debt 45,000 0
Payments of issuance costs related to BlackRock Credit Agreement (1,272) 0
Proceeds from issuance of common stock, net of issuance costs 20,402 0
Proceeds from issuance of stock under employee stock purchase plan 153 84
Proceeds from the exercise of stock options 155 0
Repayment of term debt (37,100) (24,000)
Net cash provided by (used in) financing activities 27,338 (23,916)
Decrease in cash, cash equivalents and restricted cash (8,886) (44,992)
Cash, cash equivalents and restricted cash — beginning of period 44,579 93,169
Cash, cash equivalents and restricted cash — end of period 35,693 48,177
Non-cash financing activities    
Issuance of warrants in connection with BlackRock Credit Agreement $ 4,846 $ 0