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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Operating activities    
Net loss $ (40,891) $ (46,683)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,288 1,609
Amortization and accretion on investment securities, net (1,729) (1,494)
Future royalty payment contingency interest accretion 1,903 1,727
Share-based compensation 15,567 19,547
Loss on disposal of property and equipment (129) 1,353
Loss on impairment of long-lived assets 4,513  
Amortization of right-of-use assets 3,361 2,724
Deferred income taxes (984)  
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 629 (272)
Prepaid clinical and development services 1,441 (121)
Other prepaid and current assets 3,926 (1,315)
Right-of-use lease assets (634) (173)
Other assets 533 3,309
Accounts payable (38) 354
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (1,523) (6,657)
Deferred revenue   (17)
Operating lease liabilities (4,178) (1,329)
Unrecognized tax benefits 6,269  
Other long-term liabilities 43 1,295
Net cash used in operating activities (10,633) (26,143)
Investing activities    
Purchases of property and equipment (142) (1,811)
Purchases of marketable securities (103,022) (134,534)
Maturities of marketable securities 99,762 31,435
Sale of short-term investments and marketable securities   71,377
Proceeds from the sale of property and equipment   1,513
Net cash used in investing activities (3,402) (32,020)
Financing activities    
Ordinary share repurchases (445) (166,787)
Proceeds from the sale of ordinary shares 69  
Proceeds from ESPP purchases 375 445
Repurchase of shares to satisfy tax withholding (2,131) (1,982)
Net cash used in financing activities (2,132) (168,324)
Net decrease in cash, cash equivalents, and restricted cash (16,167) (226,487)
Cash, cash equivalents, and restricted cash at beginning of period 40,381 299,008
Cash, cash equivalents, and restricted cash at end of period 24,214 72,521
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