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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (96,842) $ 29,290
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 578 997
Noncash lease expense 1,091 969
Loss from equity method investment 11,917 4,131
Stock-based compensation expense 6,477 9,965
Accretion of discount on short-term investments (2,279) (872)
Loss on disposal of property and equipment 68 0
Gain on sale of business 0 (131,249)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,966 (5,301)
Accounts payable 6,659 2,711
Accrued expenses and other liabilities (2,996) 5,672
Deferred revenue (1,156) (2,406)
Operating lease liabilities (1,138) (369)
Net cash used in operating activities (74,655) (86,462)
Cash flows from investing activities:    
Purchases of short-term investments (73,240) (157,460)
Maturities of short-term investments 142,740 47,461
Proceeds from sale of business 0 130,000
Proceeds from sale of property and equipment 338 0
Purchases of property and equipment (228) (1,276)
Net cash provided by investing activities 69,610 18,725
Cash flows from financing activities:    
Proceeds from issuance of common stock pursuant to employee stock purchase plan 168 563
Proceeds from issuance of common stock from option exercises 2 1
Net cash provided by financing activities 170 564
Net change in cash, cash equivalents and restricted cash (4,875) (67,173)
Cash, cash equivalents and restricted cash, beginning of period 33,986 110,335
Cash, cash equivalents and restricted cash, end of period 29,111 43,162
Supplemental disclosures of noncash investing and financing activities:    
Property and equipment additions included in accrued expenses and other liabilities 0 8
Unrealized loss on available for sale securities, net $ 368 $ (450)