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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (63,888) $ 63,016
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 442 676
Noncash lease expense 726 655
Loss from equity method investment 8,541 1,952
Stock-based compensation expense 4,771 7,194
(Accretion of discount) amortization of premium on short-term investments (1,519) (91)
Loss on disposal of property and equipment 11 0
Gain on sale of business 0 (131,249)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,724 (6,088)
Accounts payable 2,249 1,637
Accrued expenses and other liabilities (862) 1,646
Accrued income taxes 0 862
Deferred revenue (1,156) (1,604)
Operating lease liabilities (753) (136)
Net cash used in operating activities (49,714) (61,530)
Cash flows from investing activities:    
Purchases of short-term investments (25,282) (49,248)
Maturities of short-term investments 117,883 47,461
Proceeds from sale of business 0 130,000
Purchases of property and equipment (228) (1,270)
Net cash provided by investing activities 92,373 126,943
Cash flows from financing activities:    
Proceeds from issuance of common stock pursuant to employee stock purchase plan 150 439
Proceeds from issuance of common stock from option exercises 2 1
Net cash provided by financing activities 152 440
Net change in cash, cash equivalents and restricted cash 42,811 65,853
Cash, cash equivalents and restricted cash, beginning of period 33,986 110,335
Cash, cash equivalents and restricted cash, end of period 76,797 176,188
Supplemental disclosures of noncash investing and financing activities:    
Property and equipment additions included in accrued expenses and other liabilities 0 5
Unrealized loss on available for sale securities, net $ 316 $ (34)