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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 14,496 $ (70,471)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain from sale of PRV, net of transaction costs (107,375)  
Depreciation and amortization 336 262
Amortization of debt issuance costs 1,133 319
Stock-based compensation expense 11,091 10,867
Amortization of net contract asset/liability (1,000) (41)
Noncash lease expense 194 232
Noncash lease liability 252 237
Write off of fixed assets 169  
Issuance of common stock for cost of license agreement 1,169  
Unrealized loss on foreign currency transactions 930  
Changes in operating assets and liabilities:    
Refund liability (22,163) 21,828
Net contract asset/liability 11,057 (1,018)
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (2,313) (453)
Accounts payable, accrued expenses and other long term-liabilities 1,052 4,511
Net cash used in operating activities (90,972) (33,727)
Cash flows from investing activities    
Proceeds from sale of PRV, net of transaction costs 107,375  
Maturities of short-term investments   1,474
Deposit on property and equipment   (1,329)
Purchases of property and equipment (1,682) (839)
Net cash provided by (used in) investing activities 105,693 (694)
Cash flows from financing activities    
Proceeds from exercise of stock options 1,763 902
Proceeds from notes payable, net of upfront fee 28,838 40,259
Financing costs, paid   (148)
Net cash provided by financing activities 30,601 41,013
Net increase in cash and cash equivalents 45,322 6,592
Cash and cash equivalents-beginning of period 122,927 138,509
Cash and cash equivalents-end of period 168,249 145,101
Supplemental disclosure of cash flow information    
Debt issuance costs included in accrued expenses   900
Property and equipment in accrued expenses   $ 107
Property and equipment in deposits placed in service $ 1,665