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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (24,767) $ (97,415)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 24 71
Amortization of debt issuance costs 33 0
Amortization of discount/premium on investments 53 128
Share-based compensation 3,708 2,584
Fair value of common stock issued related to asset acquisition 0 43,445
Note payable related to asset acquisition 0 14,000
Gain on sale of investments (1) (2)
Lease-related amortization 63 41
Changes in operating assets and liabilities:    
Accounts receivable 0 (159)
Inventories (646) 0
Prepaid expenses and other assets (1,002) (309)
Accounts payable and accrued liabilities (912) (280)
Net cash used in operating activities (23,447) (37,896)
Cash flows from investing activities:    
Purchases of property and equipment 0 (75)
Purchases of short-term investments (5,258) (91,944)
Purchases of long-term investments 0 (7,554)
Proceeds from sales of short-term investments 7,699 2,007
Proceeds from maturities of short-term investments 51,026 8,850
Net cash provided by (used in) investing activities 53,467 (88,716)
Cash flows from financing activities:    
Proceeds from exercise of stock options 102 3,530
Proceeds from employee stock purchase plan 556 330
Proceeds from issuance of common stock, net of commissions 0 107,843
Payments of debt issuance costs (118) 0
Payment of note payable related to asset acquisition (14,000) 0
Net cash (used in) provided by financing activities (13,460) 111,703
Net increase (decrease) in cash and cash equivalents 16,560 (14,909)
Cash and cash equivalents:    
Beginning of period 15,397 46,989
End of period $ 31,957 $ 32,080