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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flow from operating activities    
Net income (loss) $ 75,935 $ (22,782)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 8,108 6,998
Depreciation 3,106 5,357
Amortization of premiums and discounts on marketable securities (1,832) (23)
Loss on disposal of fixed assets 143  
Other non-cash items   (2,468)
Changes in operating assets and liabilities:    
Accounts receivable   (10,000)
Related party collaboration receivable (2,996) 507
Prepaid expenses and other current assets (342) (1,652)
Operating lease, right-of-use asset 1,459 3,005
Accounts payable 704 763
Accrued expenses 3,236 1,536
Operating lease liabilities (2,102) (3,280)
Other non-current liabilities   (151)
Deferred revenue 16,260 21,925
Net cash provided by (used in) operating activities 101,679 (265)
Cash flow from investing activities    
Purchases of property and equipment (2,501) (1,558)
Purchases of marketable securities (194,975) (54,848)
Proceeds from sales and maturities of marketable securities 29,000 35,000
Net cash used in investing activities (168,476) (21,406)
Cash flow from financing activities    
Proceeds from the exercise of stock options 1,829 602
Proceeds from the issuance of common stock in connection with the 2023 Neurocrine Collaboration Agreement 31,121  
Proceeds from the purchase of common stock under ESPP 235 232
Net cash provided by financing activities 33,185 834
Net decrease in cash, cash equivalents, and restricted cash (33,612) (20,837)
Cash, cash equivalents, and restricted cash beginning of period 100,474 119,212
Cash, cash equivalents, and restricted cash end of period $ 66,862 98,375
Supplemental disclosure of cash and non-cash activities    
Capital expenditures incurred but not yet paid   $ 40