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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (127,363) $ (71,450)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 407 324
Stock-based compensation 11,128 8,252
Amortization of debt-related costs 1,156 396
Other non-cash adjustments (3,613) 0
Changes in operating assets and liabilities:    
Increase in accounts receivable (290) (26)
Increase in inventories (336) 0
Increase in prepaid expenses and other current assets (1,935) (470)
Decrease in other long-term assets 389 329
Increase (decrease) in accounts payable and other liabilities 9,108 (4,637)
Net cash used in operating activities (111,349) (67,282)
Cash flows from investing activities:    
Purchases of property and equipment (470) (80)
Purchases of investments (223,241) (133,363)
Maturities of investments 121,870 38,191
Net cash used in investing activities (101,841) (95,252)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of fees 138,823 94,268
Repurchase of common stock (824) (864)
Proceeds from debt borrowings, net of fees 49,962 23,899
Net cash provided by financing activities 187,961 117,303
Net decrease in cash and cash equivalents (25,229) (45,231)
Cash and cash equivalents at beginning of period 46,345 64,065
Cash and cash equivalents at end of period 21,116 18,834
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,767 1,281
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use asset obtained in exchange for operating lease liability 0 5,206
Issuance of equity-classified warrants 307 698
Issuance of treasury stock $ 0 $ (6,321)