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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net Income (Loss) $ (73,003) $ (24,622)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation expense 12,023 20,342
Depreciation and amortization expense 2,979 2,927
Non-cash operating lease cost 4,780 4,247
Net (accretion) amortization of (discounts) premiums on investments 0 (236)
Amortization of debt issuance costs 950 337
Loss on extinguishment of debt 0 1,625
Loss on disposal of fixed assets 293 0
Impairment of long-lived assets 3,267 0
Change in fair value of warrant liabilities (546) (132)
Collaboration (profit) loss sharing - related party (3) [1] 0 5,713
Changes in operating assets and liabilities:    
Prepaid expenses and other current and other non-current assets 2,526 3,579
Collaboration receivable - related party (9,927) (7,559)
Inventories (23,350) (5,340)
Deferred income - related party 192 2,817
Deferred revenue - related party 0 (951)
Accounts payable 1,184 (3,092)
Operating lease liabilities (2,261) (577)
Accrued expenses and other current and long-term liabilities (4) [2] 5,846 (9,678)
Net cash used in operating activities (75,047) (10,600)
Cash flows from investing activities:    
Purchases of property and equipment (161) (5,301)
Purchases of investments 0 (4,426)
Sales and maturities of investments 0 22,983
Sales of restricted investments 1,401 0
Net cash provided by investing activities 1,240 13,256
Cash flows from financing activities:    
Proceeds from at the market equity offering, net of issuance costs 18,409 11,730
Proceeds from exercise of stock options 0 356
Issuance of common stock under ESPP 353 1,229
Proceeds from issuance of debt, net of issuance costs 0 103,378
Repayment of notes payable 0 (52,860)
Net cash provided by financing activities 18,762 63,833
Net (decrease) increase in cash, cash equivalents, and restricted cash (55,045) 66,489
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 1
Cash, cash equivalents and restricted cash at beginning of period 136,150 171,215
Cash, cash equivalents and restricted cash at end of period 81,105 237,705
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,160 2,869
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable and accrued expenses 0 943
Prepaid rent reclassified to right-of-use assets 0 2,336
Lease liability arising from obtaining right-of-use assets 0 1,210
Recognition of warrant liabilities 0 2,100
Warrants issued related to Term Loan and recorded as debt discount (Note 9) $ 0 $ 2,785
[1] Includes non-cash collaboration profits and losses related to pre-launch activities; subsequent to the approval of VOWST in April 2023, collaboration (profit) loss sharing - related party is included within changes in operating assets and liabilities
[2] Includes related party amounts of $15,022 and $(3,398) at June 30, 2024 and 2023, respectively (see Note 17, Related Party Transactions).