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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Operating activities      
Net loss $ (141,372) $ (52,179)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 7,767 6,376  
Depreciation and amortization 405 457  
Non-cash interest expense and amortization of debt issuance costs 4,009 3,061  
Non-cash accretion & amortization of short-term investments (2,055) (2,341) $ 2,341
Unrealized loss on short-term investments (244)    
Non-cash accretion of non-current liability 929    
Non-cash rent expense 111 94  
Change in fair value of embedded derivative liability (490) (50)  
Acquired IPR&D assets classified as investing activities 92,385 5,395  
Changes in operating assets and liabilities:      
Accounts receivable 172 (1,893)  
Inventory 117 (2,570)  
Prepaid expenses and other current assets (2,421) 2,155  
Deferred revenue   (6)  
Other long-term assets, net 1,195 (99)  
Accounts payable, accrued expenses and other liabilities (1,251) 5,167  
Net cash used in operating activities (40,743) (36,433)  
Investing activities      
Purchases of short-term investments   (69,644)  
Maturities of short-term investments 70,050 92,675  
Acquisition of IPR&D assets (40,000) (4,520)  
Purchases of property and equipment   (47)  
Net cash provided by investing activities 30,050 18,464  
Financing activities      
Repayment of deferred royalty obligation (2,783) (1,351)  
Proceeds from the exercise of stock options 6,353 553  
Proceeds from issuance of common stock from ESPP 673 665  
Net cash provided by (used in) financing activities 4,243 (133)  
Effect of exchange rates on cash (71) 86  
Net (decrease) increase in cash, cash equivalents and restricted cash (6,521) (18,016)  
Cash, cash equivalents and restricted cash at beginning of period 60,409 128,005 128,005
Cash, cash equivalents and restricted cash at end of period 53,888 $ 109,989 $ 60,409
Supplemental disclosure of non-cash investing activities      
Non-current liability issued in exchange for the acquisition of IPR&D $ 33,669    
Issuance of common stock in exchange for IPR&D 18,716