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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 income (loss) $ 12,672 $ (198,335) $ (348,101)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Noncash stock compensation expense 37,933 19,185 61,274
Depreciation and amortization 211 303 282
Amortization of premium (discount) on investment securities (2,236) (331) 517
Amortization of debt issuance costs 2,378 1,844 1,080
Amortization of leasehold interest 212 212 212
Noncash change in lease liability and right of use asset 1,963 2,715 1,896
Change in fair value of notes payable 113 (116) (578)
Changes in assets and liabilities:      
Increase in inventory (36,938) 0 0
Decrease (increase) in other current assets (2,831) 8,181 (8,508)
Decrease (increase) in accounts receivable (51,093) 1,389 (1,389)
(Decrease) increase in accounts payable and accrued expenses 192 (11,010) 15,991
Decrease in lease liabilities (2,375) (2,332) (2,012)
Increase (decrease) in other current liabilities 2,675 2,277 (16,146)
Increase (decrease) in deferred revenue 5,711 (152) (152)
Net cash used in operating activities (31,413) (176,170) (295,634)
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturity of short-term securities 96,229 87,275 55,600
Investment in held-to-maturity securities (146,880) (107,274) (55,531)
Purchases of PPE 0 (14) (401)
Net cash used in investing activities (50,651) (20,013) (332)
CASH FLOWS FROM FINANCING ACTIVITIES      
Payment of loan payable 0 (975) (30,000)
Proceeds from sale of common stock, net 46,296 0 2,219
Proceeds from exercise of options 1,534 584 216
Proceeds from debt financings 25,000 0 70,000
Financing costs paid (125) 0 (1,016)
Net cash provided by (used in) financing activities 72,705 (391) 41,419
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,359) (196,574) (254,547)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 103,577 300,151 554,698
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 94,218 103,577 300,151
Reconciliation to amounts on condensed consolidated balance sheets:      
Cash and cash equivalents 92,933 102,304 298,887
Restricted cash 1,285 1,273 1,264
Total cash, cash equivalents and restricted cash 94,218 103,577 300,151
Cash paid for:      
Interest 8,771 5,445 3,466
Deferred Financing Costs 1,238 0 0
Warrants issued with debt financing $ 595 $ 0 $ 0