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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 $ (184,127) $ (141,901) $ (116,112)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 442 288 215
Accretion and amortization on investments, net (11,150) (965) 1,424
Amortization of debt issuance costs/debt discount 1,088 1,327 893
Net gain on exchange and sales of equity investment     (1,233)
Stock-based compensation for services by non-employees 828 264 91
Stock-based compensation for employees and directors 18,526 8,001 8,080
Amortization of right-of-use assets 591 580 568
Changes in assets and liabilities:      
Interest and other receivables 1,490 (1,381) (1,041)
Prepaid and other current assets (886) (2,630) 1,317
Deposit and other assets 692 (594) (3,807)
Accounts payable (4,029) 3,503 (232)
Accrued compensation and benefits 2,224 3,435 (119)
Accrued liabilities 7,208 3,266 14,909
Operating lease liabilities (640) (572) (509)
Net cash used in operating activities (167,743) (127,379) (95,556)
Cash flows from investing activities:      
Purchases of property and equipment (830) (431) (207)
Purchases of marketable securities (475,594) (258,007) (177,434)
Proceeds from maturities of marketable securities 296,102 320,505 247,994
Proceeds from sales of equity investment     1,594
Net cash provided by (used in) investing activities (180,322) 62,067 71,947
Cash flows from financing activities:      
Proceeds from issuances of common stock from equity plans 13,072 2,185 797
Proceeds from issuance of common stock and warrants in public offering, net of paid issuance costs 213,337 69,916  
Proceeds from issuances of common stock from at market offerings, net of paid issuance costs     20,385
Proceeds from exercise of warrants 105,912 15,163 2,479
Proceeds from debt financing, net of paid debt issuance costs and debt discounts 29,700   24,895
Net cash provided by financing activities 362,021 87,264 48,556
Net effect of unrealized gains and exchange rates on cash, cash equivalents and restricted cash (27) 22  
Net increase (decrease) in cash, cash equivalents and restricted cash 13,929 21,974 24,947
Cash, cash equivalents and restricted cash at the beginning of the period 57,209 35,235 10,288
Cash, cash equivalents and restricted cash at the end of the period $ 71,138 $ 57,209 $ 35,235