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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities      
Net income (loss) $ 132,330 $ (46,408) $ (71,197)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Stock-based compensation expense 11,153 9,344 11,324
Depreciation 4,441 6,191 5,165
Amortization of premiums and discounts on marketable securities (3,626) (16) 349
Gain on lease termination   (2,468)  
Change in fair value of common stock and warrants to purchase equity securities     (2,460)
Loss on disposal of fixed assets 178 377  
Changes in operating assets and liabilities:      
Accounts receivable (80,150)    
Related party collaboration receivable (3,084) 475 7,280
Prepaid expenses and other assets 76 (1,967) 1,883
Operating lease, right-of-use assets 1,975 3,462 2,606
Other non-current assets   (152) 69
Accounts payable (962) 1,992 (60)
Accrued expenses 9,007 (3,148) (3,335)
Operating lease liabilities (2,833) (3,922) (3,428)
Deferred revenue 9,414 23,731 (1,721)
Net cash provided by (used in) operating activities 77,919 (12,509) (53,525)
Cash flow from investing activities      
Purchases of property and equipment (3,256) (2,491) (1,609)
Purchases of marketable securities (223,968) (54,848) (15,117)
Proceeds from sales and maturities of marketable securities 85,581 50,000 82,632
Net cash (used in) provided by investing activities (141,643) (7,339) 65,906
Cash flow from financing activities      
Proceeds from the exercise of stock options 1,852 629 28
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 672 481 584
Net cash provided by financing activities 33,645 1,110 612
Net (decrease) increase in cash and cash equivalents (30,079) (18,738) 12,993
Cash, cash equivalents, and restricted cash beginning of period 100,474 119,212 106,219
Cash, cash equivalents, and restricted cash end of period $ 70,395 100,474 119,212
Supplemental disclosure of cash and non-cash activities      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities     664
Capital expenditures incurred but not yet paid   $ 14 $ 80