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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Operating activities    
Net loss $ (28,193) $ (37,733)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 859 1,177
Amortization and accretion on investment securities, net (933) (1,092)
Future royalty payment contingency interest accretion 1,273 1,118
Share-based compensation 10,604 13,285
Loss on disposal of property and equipment 34 1,352
Loss on impairment of long-lived assets 2,951  
Amortization of right-of-use assets 2,232 1,817
Deferred income taxes (1,074)  
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 3,175 989
Prepaid clinical and development services (608) 533
Other prepaid and current assets 5,318 (95)
Right-of-use lease assets (548) (144)
Other assets 292 1,751
Accounts payable 182 83
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (2,256) (6,534)
Deferred revenue   (11)
Operating lease liabilities (2,498) (479)
Unrecognized tax benefits 3,714  
Other long-term liabilities 39 326
Net cash used in operating activities (5,437) (23,657)
Investing activities    
Purchases of property and equipment (127) (1,790)
Purchases of marketable securities (58,140) (134,534)
Maturities of marketable securities 72,264 31,435
Sale of short-term investments and marketable securities   71,377
Proceeds from the sale of property and equipment   1,513
Net cash provided by (used in) investing activities 13,997 (31,999)
Financing activities    
Ordinary share repurchases (445) (135,896)
Proceeds from the sale of ordinary shares 44  
Proceeds from ESPP purchases 375 446
Repurchase of shares to satisfy tax withholding (1,734) (1,470)
Net cash used in financing activities (1,760) (136,920)
Net increase (decrease) in cash, cash equivalents, and restricted cash 6,800 (192,576)
Cash, cash equivalents, and restricted cash at beginning of period 40,381 299,008
Cash, cash equivalents, and restricted cash at end of period 47,181 106,432
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net $ 12 14
Supplemental disclosure of non-cash activities    
Recognition of tenant improvement allowance assigned to sublease   $ 6,490