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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (226,539) $ (247,116) $ (184,062)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,655 1,437 777
Inventory obsolescence 422 932 0
Stock-based compensation expense 55,615 44,701 34,640
Non-cash interest expense on royalty financing obligations and secured term loan and amortization of debt issuance costs 85,803 98,918 54,204
Amortization of premium/discount on investments (10,263) (1,777) (2)
Loss (gain) on extinguishment of debt 29,019 0 (55,838)
Loss on impairment 1,548 0 0
Changes in operating assets and liabilities:      
Receivables (6,095) (21,470) (20,817)
Inventory (1,450) (12,423) (8,767)
Prepaid expenses and other assets (6,820) (2,583) (7,155)
Accounts payable and accrued expenses (16,806) (22,360) 39,412
Interest payable 0 0 4,168
Deferred revenue (1,230) (109) 1,283
Net cash used in operating activities (95,141) (161,850) (142,157)
Cash flows from investing activities:      
Acquisitions of property and equipment (2,168) (1,351) (2,385)
Purchases of investments (514,407) (244,283) (10,012)
Sales and maturities of investments 385,077 117,396 28,201
Net cash (used in) provided by investing activities (131,498) (128,238) 15,804
Cash flows from financing activities:      
Sale of common stock, net 0 0 50,000
Net proceeds from common stock issued under stock-based compensation plans 8,340 14,765 15,734
Net proceeds from common stock issued to directors in lieu of cash retainer 342 190 60
Withholding taxes paid on stock-based awards (2,172) 0 0
Net proceeds from secured term loans 300,000 73,072 0
Repayment of Athyrium secured term loans principal (240,452) 0 0
Prepayment and repayment fees on Athyrium secured term loans (21,261) 0 0
Payment of debt issuance costs on Pharmakon Tranche A term loan (11,147) 0 0
Principal payments on finance lease liabilities (1,165) 0 0
Net proceeds from royalty financing liabilities 0 0 293,874
Net cash provided by financing activities 32,485 88,027 359,668
Effects of exchange rates on cash, cash equivalents and restricted cash 362 566 71
(Decrease) increase in cash, cash equivalents and restricted cash (193,792) (201,495) 233,386
Cash, cash equivalents and restricted cash at beginning of year 306,239 507,734 274,348
Cash, cash equivalents and restricted cash at end of year 112,447 306,239 507,734
Supplemental cash flow disclosure:      
Cash paid for interest 22,139 0 900
Cash paid for taxes 1,434 3,542 118
Taxes withheld on stock-based awards included in accrued expenses $ 4,199 $ 1,990 $ 984