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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (141,405) $ (19,816)
Adjustments to reconcile net loss income to net cash used in operating activities:    
Gain from sale of PRV, net of transaction costs   (107,375)
Depreciation and amortization 551 418
Amortization of debt issuance costs 2,248 1,663
Accretion of revenue interest financing debt 4,806 956
Amortization of discount on short-term investments (1,241)  
Stock-based compensation expense 15,563 14,890
Amortization of net contract asset/liability (1,353) (1,052)
Noncash lease expense 187 251
Noncash lease liability 413 344
Write off of fixed assets 61 828
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)
Net contract asset/liability 2,613 17,894
Prepaid expenses and other current assets, non-current assets, inventory and accounts receivable (2,552) (5,577)
Accounts payable and accrued expenses 2,108 3,754
Net cash used in operating activities (118,001) (112,886)
Cash flows from investing activities    
Proceeds from sale of PRV, net of transaction costs   107,375
Proceeds from sale of property and equipment 9 171
Maturities of short-term investments 23,500  
Purchases of short-term investments (51,995)  
Purchases of property and equipment (119) (1,774)
Net cash (used in) provided by investing activities (28,605) 105,772
Cash flows from financing activities    
Proceeds from exercise of stock options 804 1,794
Proceeds from notes payable, net of fees   28,588
Proceeds from revenue interest financing agreement, net of issuance costs   29,921
Proceeds from equity offerings, net of offering costs 25,823 64,477
Other cash flows from financing activities   (42)
Net cash provided by financing activities 26,627 124,738
Net (decrease) increase in cash and cash equivalents (119,979) 117,624
Cash and cash equivalents-beginning of period 240,551 122,927
Cash and cash equivalents-end of period 120,572 240,551
Supplemental disclosure of cash flow information    
Increase in right-of-use asset and liability 66  
Property and equipment in accrued expenses   22
Cash paid for interest during the year 8,697 7,892
Cash paid for income taxes during the year $ 903  
Property and equipment in deposits placed in service   $ 1,664