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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (27,342) $ (30,784)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 541 588
Amortization of debt discount and debt issuance costs 0 1,873
Share-based compensation expense 5,389 1,522
Other adjustments (719) (1)
Net changes in assets and liabilities    
Accounts receivable (10,589) 0
Inventories (1,260) 0
Prepaid expenses and other current assets (6,093) (4,131)
Research and development tax credit receivable (17) 0
Accounts payable & other current liabilities 7,528 468
Accrued expenses 3,415 348
Other assets and liabilities (557) (116)
Net cash used in operating activities (29,704) (30,233)
Cash flows from investing activities:    
Proceeds from sales of marketable securities 119,066 15,295
Purchases of marketable securities (97,679) (10,229)
Net cash provided by investing activities 21,387 5,066
Cash flows from financing activities:    
Proceeds received in advance of Series B Preferred Shares Issuance 0 40,000
Payments for February 2023 Notes 0 (17,500)
Proceeds from issuance of shares off the at-the-market offering program 9,250 11,913
Proceeds from stock option exercises and employee share purchase plan 3,940 29
Net cash provided by financing activities 13,190 34,442
Effect of foreign currency exchange rate changes on cash and cash equivalents (246) 135
Net change in cash and cash equivalents 4,627 9,410
Cash and cash equivalents at January 1, 31,167 73,981
Cash and cash equivalents at March 31, 35,794 83,391
Supplemental disclosures of cash flow information:    
Interest paid $ 730 $ 3,050