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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Operating activities    
Net loss $ (37,733) $ (34,137)
Less: Net income from discontinued operations   28,915
Net loss from continuing operations (37,733) (63,052)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,177 1,949
Amortization and accretion income, net (1,092) (31)
Future royalty payment contingency interest accretion 1,118  
Share-based compensation 13,285 24,254
Gain on sale of Velusetrag   (2,721)
(Gain) loss on disposal of property and equipment 1,352 (96)
Gain from lease modification   (47)
Amortization of right-of-use assets 1,817 1,314
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 989 1,577
Prepaid clinical and development services 533 7,934
Other prepaid and current assets (95) 2,619
Right-of-use lease assets (144) (2,689)
Other assets 1,751 (145)
Accounts payable 83 (26)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (6,534) (11,135)
Deferred revenue (11) (180)
Operating lease liabilities (479) 82
Other long-term liabilities 326 (17)
Net cash used in operating activities - continuing operations (23,657) (40,410)
Net cash used in operating activities - discontinued operations   (389)
Net cash used in operating activities (23,657) (40,799)
Investing activities    
Purchases of property and equipment (1,790) (363)
Purchases of marketable securities (134,534) (53,763)
Maturities of marketable securities 31,435 91,699
Sale of short-term investments and marketable securities 71,377  
Proceeds from the sale of property and equipment 1,513 1,866
Net cash (used in) provided by investing activities - continuing operations (31,999) 39,439
Net cash provided by (used in) investing activities - discontinued operations
Net cash (used in) provided by investing activities (31,999) 39,439
Financing activities    
Ordinary share repurchases (135,896)  
Proceeds from ESPP purchases 446 487
Repurchase of shares to satisfy tax withholding (1,470) (1,795)
Net cash used in financing activities - continuing operations (136,920) (1,308)
Net cash provided by (used in) financing activities - discontinued operations
Net cash used in financing activities (136,920) (1,308)
Net decrease increase in cash, cash equivalents, and restricted cash (192,576) (2,668)
Cash, cash equivalents, and restricted cash at beginning of period 299,008 90,796
Cash, cash equivalents, and restricted cash at end of period 106,432 88,128
Supplemental disclosure of cash flow information    
Cash paid for interest   15,127
Cash paid for income taxes, net 14 $ 25
Supplemental disclosure of non-cash investing and financing activities    
Recognition of tenant improvement allowance assigned to sublease $ 6,490