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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows used in operating activities:    
Net loss $ (51,145) $ (82,134)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 6,698 2,487
Net amortization of premiums and discounts on short-term investments (8,836) (14)
Share-based compensation expense 33,543 25,398
Write-down of inventory 916 2,464
Other, net (3,910) 601
Net changes in operating assets and liabilities    
Accounts receivable, net (24,463) (26,356)
Inventories, net (8,984) (8,458)
Prepaid expenses and other current assets (2,889) (3,461)
Non-current operating assets (16) (830)
Accounts payable, accrued and other liabilities 11,812 875
Operating lease liabilities (499) (551)
Net cash used in operating activities (47,773) (89,979)
Cash flows used in investing activities:    
Purchase of investments (379,213) (403,184)
Proceeds from investments 391,287 346,109
Upfront lease payment (11,864) (381)
Purchase of long-lived assets (419) (158)
Capitalized patent costs (240) 0
Net cash provided by (used in) investing activities (449) (57,614)
Cash flows from financing activities    
Proceeds from exercise of stock options and employee share purchase plan 3,929 1,745
Finance lease payment (3,482) 0
Cash provided by financing activities 447 1,745
Net decrease in cash, cash equivalents and restricted cash (47,775) (145,848)
Cash, cash equivalents and restricted cash, beginning of period 94,172 231,900
Cash, cash equivalents and restricted cash, end of period 46,397 86,052
Supplemental cash flow information    
Cash received for interest 3,559 1,705
Cash paid for income taxes (339) (779)
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets    
Cash, cash equivalents 45,557 85,341
Restricted cash 840 711
Total cash, cash equivalents and restricted cash $ 46,397 $ 86,052