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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (34,137) $ (132,084)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,402 2,926
Amortization and accretion income, net (31) 31
Share-based compensation 24,254 30,773
Gain on disposal of property and equipment (96)  
Gain on sale of Velusetrag (2,721)  
Amortization of right-of use assets 1,314 1,752
Gain from lease modification (47)  
Undistributed earnings from TRC, LLC (37,179) 2,986
Interest shortfall on 2035 notes, net 7,372  
Other   (168)
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 1,577 3,648
Prepaid clinical and development services 7,934 4,461
Other prepaid and current assets 2,619 (1,993)
Right-of-use lease asstes (2,689)  
Other assets (145) 997
Accounts payable (26) 4,026
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (11,135) (33,125)
Accrued interest payable 50 (74)
Deferred revenue (180) (5,852)
Operating lease liabilities 82 1,718
Other long-term liabilities (17)  
Net cash used in operating activities (40,799) (119,978)
Investing activities    
Purchases of property and equipment (363) (1,923)
Purchases of marketable securities (53,763) (40,014)
Maturities of marketable securities 91,699 191,400
Proceeds from the sale of property and equipment 1,866  
Net cash provided by investing activities 39,439 149,463
Financing activities    
Proceeds from the sale of ordinary shares, net   108,180
Principal payment on 2035 notes   (10,730)
Proceeds from ESPP purchases 487 2,862
Proceeds from option exercises   5
Repurchase of shares to satisfy tax withholding (1,795) (6,320)
Net cash (used in) provided by financing activities (1,308) 93,997
Net increase in cash, cash equivalents, and restricted cash (2,668) 123,482
Cash, cash equivalents, and restricted cash at beginning of period 90,796 82,300
Cash, cash equivalents, and restricted cash at end of period 88,128 205,782
Supplemental disclosure of cash flow information    
Cash paid for interest 15,127 22,490
Cash (received) paid for income taxes, net $ 25 $ 12