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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (138,737) $ (144,902)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 21,710 21,135
Depreciation and amortization 8,613 5,234
Net amortization of premiums on marketable debt securities 1,062 2,678
Net loss on investments   72
Imputed interest income from licensing (110) (247)
Non-cash interest expense (1,236) 874
Other non-cash adjustments (55) 308
Changes in operating assets and liabilities    
Accounts receivable 7,108 (5,028)
Prepaid expenses (1,212) 2,507
Other current assets (12,846) 1,435
Operating lease right-of-use assets 2,806 2,017
Other assets 2,564 523
Accounts payable (14,108) 9,527
Accrued expenses and other current liabilities 3,501 (25,593)
Deferred revenue (1,212) 3,472
Operating lease liabilities (3,345) 547
Other liabilities (2,743) 7,781
Net cash used in operating activities (128,240) (117,660)
Cash flows from investing activities    
Purchases of marketable debt securities (49,795) (158,360)
Maturities of marketable debt securities 175,502 86,892
Purchases of property and equipment (7,395) (20,204)
Net cash provided by (used in) investing activities 118,312 (91,672)
Cash flows from financing activities    
Proceeds from exercise of stock options 1,220 1,844
Taxes paid related to net settlement of stock-based awards (419) (284)
Proceeds from issuance of common stock under employee stock purchase plan 583 622
Repayments under liability related to sale of future royalties, net of imputed interest (19,583) (16,685)
Net cash used in financing activities (18,199) (14,503)
Net decrease in cash and cash equivalents and restricted cash (28,127) (223,835)
Cash and cash equivalents and restricted cash    
Beginning of period 98,982 347,239
End of period $ 70,855 $ 123,404