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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (247,116) $ (184,062) $ (182,814)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,437 777 748
Inventory obsolescence expense 932 0 0
Stock-based compensation expense 44,701 34,640 14,794
Non-cash interest expense on royalty financing obligations and secured term loan and amortization of debt issuance costs 98,918 54,204 3,325
Amortization of premium/discount on investments (1,777) (2) 121
Change in fair value of foreign currency derivative 0 0 632
(Gain) loss on extinguishment of debt 0 (55,838) 1,211
Changes in operating assets and liabilities:      
Receivables (21,470) (20,817) 13,903
Inventory (12,423) (8,767) (7,039)
Prepaid expenses and other assets (2,583) (7,155) (2,140)
Accounts payable and accrued expenses (22,360) 39,412 17,355
Interest payable 0 4,168 6,766
Deferred revenue (109) 1,283 (1,970)
Net cash used in operating activities (161,850) (142,157) (135,108)
Cash flows from investing activities:      
Acquisition of property and equipment (1,351) (2,385) (514)
Purchases of investments (244,283) (10,012) (49,818)
Sales and maturities of investments 117,396 28,201 43,476
Net cash (used in) provided by investing activities (128,238) 15,804 (6,856)
Cash flows from financing activities:      
Sale of common stock, net 0 50,000 93,279
Sale of pre-funded warrants 0 0 14,817
Net proceeds from common stock issued under stock-based compensation plans 14,955 15,794 2,446
Proceeds from additional credit facility 73,072 0 0
Payment of senior credit facility 0 0 (52,420)
Net proceeds from secured term loan 0 0 119,867
Net proceeds from royalty financing obligations 0 293,874 122,600
Net cash provided by financing activities 88,027 359,668 300,589
Effects of exchange rates on cash, cash equivalents and restricted cash 566 71 0
(Decrease) increase in cash, cash equivalents and restricted cash (201,495) 233,386 158,625
Cash, cash equivalents and restricted cash at beginning of year 507,734 274,348 115,723
Cash, cash equivalents and restricted cash at end of year $ 306,239 $ 507,734 $ 274,348