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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 6,083 $ (63,330)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Stock-based compensation expense 8,537 9,602
Depreciation and amortization 3,955 4,180
Net accretion of discounts on marketable debt securities (1,071) (468)
Impairment of long-lived assets   2,101
Non-cash interest expense (277) 688
Other non-cash adjustments (10) (71)
Changes in operating assets and liabilities    
Accounts receivable 1,572 9,177
Prepaid expenses (2,027) 930
Other current assets (2,240) (6,826)
Operating lease right-of-use assets 1,638 1,528
Other assets 1,013 590
Accounts payable (3,651) 8,461
Accrued expenses and other current liabilities (14,489) (17,077)
Deferred revenue 39,770 (135)
Operating lease liabilities (2,219) (2,041)
Other liabilities (2,955) (2,764)
Net cash provided by (used in) operating activities 33,629 (55,455)
Cash flows from investing activities    
Purchases of marketable debt securities (19,157) (55,190)
Maturities of marketable debt securities 64,924 68,930
Purchases of property and equipment (1,024) (557)
Net cash provided by investing activities 44,743 13,183
Cash flows from financing activities    
Proceeds from exercise of stock options 150 884
Taxes paid related to net settlement of stock-based awards (510) (910)
Proceeds from issuance of common stock under employee stock purchase plan 307 411
Proceeds from public offering of common stock and pre-funded warrants, net of issuance costs   131,601
Offering expenses related to at-the-market offering program (147) (35)
Repayments under liability related to sale of future royalties, net of imputed interest (5,594) (11,226)
Net cash provided by (used in) financing activities (5,794) 120,725
Net increase in cash and cash equivalents and restricted cash 72,578 78,453
Cash and cash equivalents and restricted cash    
Beginning of period 59,556 36,552
End of period $ 132,134 $ 115,005