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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities    
Net loss $ (83,988) $ (103,270)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation 23,087 12,554
Depreciation and amortization 595 305
Amortization of operating lease right-of-use assets 380 318
Net (accretion) amortization of discounts on investments (137) (72)
Non-cash interest expense related to the revenue interest liability 17,590 335
Change in fair value of derivative liability 732 0
Gain on sale of priority review voucher, net (108,000) 0
Change in operating assets and liabilities:    
Prepaid and other current assets (4,009) (1,827)
Operating lease right-of-use assets 0 (94)
Inventory (495) 0
Other assets (519) 954
Accounts payable, accrued expenses and other liabilities 22,655 3,683
Operating lease liabilities (649) (385)
Net cash used in operating activities (132,758) (89,075)
Investing activities    
Proceeds from maturities of investments 155,600 85,900
Proceeds from paydown of investments 2,000 26,761
Purchase of investments (198,029) (74,562)
Purchase of property and equipment (24) (225)
Proceeds from sale of priority review voucher, net 108,000 0
Additions to intangible assets (19,000) 0
Net cash provided by investing activities 48,547 37,874
Financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 6,914 121,087
Proceeds from issuance of common stock in private placement, net of issuance costs 0 10,000
Proceeds from issuance of common stock pursuant to equity award plans 2,098 784
Proceeds from revenue interest liability, net of issuance costs 64,575 49,575
Payments on revenue interest liability (121) 0
Payment of deferred offering costs in connection with the shelf registration and sales agreement 0 (158)
Net cash provided by financing activities 73,466 181,288
Effect of exchange rate on cash, cash equivalents and restricted cash equivalents (1) 29
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (10,746) 130,116
Cash, cash equivalents and restricted cash equivalents at beginning of period 142,086 11,970
Cash, cash equivalents and restricted cash equivalents at end of period 131,340 142,086
Supplemental disclosure of cash flow information:    
Inventory purchases in accrued liabilities 1,018 0
Cash paid for income taxes 0 11
Operating cash flows paid for operating lease 864 576
Noncash investing and financing activities:    
Revenue interest liability issuance costs included in accrued liabilities 0 229
Deferred offering costs included in accrued liabilities 0 129
Compound derivative liability related to revenue interest liability $ 0 $ 1,264