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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net Income (Loss) $ 15,773 $ (72,476)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation expense 17,206 29,015
Depreciation and amortization expense 4,383 4,611
Non-cash operating lease cost 7,223 6,450
Net (accretion) amortization of (discounts) premiums on investments 0 (236)
Gain on sale of VOWST Business, net of transaction costs (146,707) 0
Amortization of debt issuance costs 1,413 730
Loss associated with extinguishment of debt 23,351 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) (1,144)
Collaboration (profit) loss sharing - related party 0 5,158
Changes in operating assets and liabilities:    
Prepaid expenses and other current and other non-current assets 261 2,504
Collaboration receivable - related party 8,674 (16,857)
Inventories (33,795) (18,525)
Deferred income - related party (4,124) 9,465
Deferred revenue - related party 0 (1,261)
Accounts payable 1,222 (6,539)
Operating lease liabilities (4,367) (1,635)
Accrued expenses and other current and long-term liabilities (3) [1] (3,254) (10,740)
Net cash used in operating activities (109,727) (69,855)
Cash flows from investing activities:    
Purchases of property and equipment (290) (7,098)
Purchases of investments 0 (4,426)
Sales and maturities of investments 0 22,983
Sales of restricted investments 1,401 0
Proceeds from sale of VOWST Business 141,272 0
Net cash provided by investing activities 142,383 11,459
Cash flows from financing activities:    
Proceeds from at the market equity offering, net of issuance costs 21,793 11,730
Proceeds from exercise of stock options 0 877
Proceeds from Securities Purchase Agreement - related party 13,516 0
Issuance of common stock under ESPP 487 2,151
Proceeds from issuance of debt, net of issuance costs 0 103,378
Repayment of notes payable (127,905) (52,860)
Net cash (used in) provided by financing activities (92,109) 65,276
Net (decrease) increase in cash, cash equivalents, and restricted cash (59,453) 6,880
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 2
Cash, cash equivalents and restricted cash at beginning of period 136,150 171,215
Cash, cash equivalents and restricted cash at end of period 76,697 178,097
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,858 8,966
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable and accrued expenses 13 370
Prepaid rent reclassified to right-of-use assets 0 2,336
Lease liability arising from obtaining right-of-use assets 0 1,235
Recognition of warrant liabilities 0 2,100
Warrants issued related to Oaktree 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.