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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (88,481) $ (86,908) $ (90,865)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 863 797 923
Stock-based compensation expense 20,542 15,039 14,060
Revaluation of contingent consideration (26,900) 4,700 24,339
Loss on extinguishment of debt     752
Intangible asset impairment charge 6,629    
Deferred taxes (367)    
Changes in operating assets and liabilities:      
Accounts receivable 186 139 149
Prepaid expenses and other assets (1,315) (2,294) (5,617)
Accounts payable (1,473) 368 3,655
Accrued expenses 11,991 592 470
Net cash used in operating activities (78,325) (67,567) (52,134)
Cash flows from investing activities:      
Purchases of property and equipment (1,309) (605) (308)
Purchases of marketable securities (135,675) (164,753) (235,153)
Proceeds from sales and maturities of marketable securities 183,204 177,986 67,829
Net cash provided by (used in) investing activities 46,220 12,628 (167,632)
Cash flows from financing activities:      
Proceeds from issuance of common stock in connection with public offerings, net of issuance costs     238,200
Proceeds from issuance of common stock under the at-the-market sales agreement, net of issuance costs 26,714 72,744  
Repayment of debt     (11,483)
Payments of employee withholding taxes related to restricted stock unit award vesting (102) (34) (3,124)
Proceeds from exercise of employee stock options and the issuance of stock 94 157 1,459
Net cash provided by financing activities 26,706 72,867 225,052
Net (decrease) increase in cash and cash equivalents (5,399) 17,928 5,286
Cash and cash equivalents at beginning of period 45,277 27,349 22,063
Cash and cash equivalents at end of period $ 39,878 45,277 27,349
Supplemental disclosure of non-cash investing and financing activities:      
Additions to property and equipment included in accounts payable   $ 24 $ 143