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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from operating activities    
Net income (loss) $ 124,044 $ (21,319)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 2,558 2,319
Depreciation 1,075 2,812
Amortization of premiums and discounts on marketable securities (17) 21
Loss on disposal of fixed assets 44  
Changes in operating assets and liabilities:    
Accounts receivable (25,000)  
Related party collaboration receivable (71) 526
Prepaid expenses and other current assets 1,411 (185)
Operating lease, right-of-use assets 469 1,080
Accounts payable 1,132 626
Accrued expenses (122) (3,494)
Operating lease liabilities (683) (1,307)
Deferred revenue 18,725 53,347
Net cash provided by operating activities 123,565 34,426
Cash flow from investing activities    
Purchases of property and equipment (509) (38)
Purchases of marketable securities   (19,960)
Proceeds from sales and maturities of marketable securities 15,000  
Net cash provided by (used in) investing activities 14,491 (19,998)
Cash flow from financing activities    
Proceeds from the exercise of stock options 185 12
Proceeds from the issuance of common stock in connection with the 2023 Neurocrine Collaboration Agreement 31,121  
Net cash provided by financing activities 31,306 12
Net increase in cash, cash equivalents, and restricted cash 169,362 14,440
Cash, cash equivalents, and restricted cash, beginning of period 100,474 119,212
Cash, cash equivalents, and restricted cash, end of period 269,836 133,652
Supplemental disclosure of cash and non-cash activities    
Capital expenditures incurred but not yet paid $ 109 $ 228