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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows used in operating activities    
Net loss $ (57,791) $ (111,095)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 399 392
Share-based compensation 47,702 37,976
Stock issued for services 64 69
Amortization of premiums and accretion of discounts on investment securities, net (6,043) (5,861)
Changes in operating assets and liabilities:    
Accounts receivable, net (31,590) (27,481)
Inventory (3,750) (19,066)
Prepaid expenses and other assets (50,755) (16,805)
Accounts payable (1,114) 218
Accrued and other current liabilities 23,596 8,172
Accrued customer programs 17,363 9,997
Accrued employee benefits 2,132 2,452
Operating lease liabilities, net (312) (1,106)
Net cash used in operating activities (60,099) (122,138)
Cash flows (used in) provided by investing activities    
Purchases of investments (482,077) (310,805)
Maturities of investments 297,568 369,192
Purchases of property and equipment (749) (268)
Net cash (used in) provided by investing activities (185,258) 58,119
Cash flows provided by financing activities    
Proceeds from exercise of stock options 18,816 14,806
Proceeds from sale of common stock, net 543,086 0
Net cash provided by financing activities 561,902 14,806
Net increase (decrease) in cash, cash equivalents, and restricted cash 316,545 (49,213)
Cash, cash equivalents, and restricted cash at beginning of period 149,517 150,365
Cash, cash equivalents, and restricted cash at end of period 466,062 101,152
Non-cash investing and financing activities    
Right of use assets under operating leases 2,548 0
Supplemental cash flow information    
Cash paid for taxes $ 1,364 $ 0