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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow from operating activities      
Net (loss) income $ (65,002) $ 132,330 $ (46,408)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Stock-based compensation expense 14,785 11,153 9,344
Depreciation 4,731 4,441 6,191
Amortization of premiums and discounts on marketable securities (7,969) (3,626) (16)
Impairment charge on leased facility 2,776    
Gain on lease termination     (2,468)
Loss on disposal of fixed assets 510 178 377
Changes in operating assets and liabilities:      
Accounts receivable 78,646 (80,150)  
Related party collaboration receivable 2,665 (3,084) 475
Prepaid expenses and other assets (2,627) 76 (1,967)
Operating lease, right-of-use assets 4,597 1,975 3,462
Other non-current assets     (152)
Accounts payable 2,392 (962) 1,992
Accrued expenses (2,652) 9,007 (3,148)
Operating lease liabilities (3,320) (2,833) (3,922)
Deferred revenue (44,842) 9,414 23,731
Net cash (used in) provided by operating activities (15,310) 77,919 (12,509)
Cash flow from investing activities      
Purchases of property and equipment (3,521) (3,256) (2,491)
Purchases of marketable securities (465,685) (223,968) (54,848)
Proceeds from sales and maturities of marketable securities 374,347 85,581 50,000
Net cash used in investing activities (94,859) (141,643) (7,339)
Cash flow from financing activities      
Proceeds from the exercise of stock options 388 1,852 629
Proceeds from the issuance of common stock in connection with the underwritten public offering 93,473    
Proceeds from the issuance of common stock in connection with the 2023 Novartis Stock Purchase Agreement 19,305    
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 849 672 481
Net cash provided by financing activities 114,015 33,645 1,110
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,846 (30,079) (18,738)
Cash, cash equivalents, and restricted cash beginning of period 70,395 100,474 119,212
Cash, cash equivalents, and restricted cash end of period 74,241 $ 70,395 100,474
Supplemental disclosure of cash and non-cash activities      
Operating lease right-of-use asset obtained in exchange for operating lease liability $ 26,751    
Capital expenditures incurred but not yet paid     $ 14