ERROR CORRECTION OF AN IMMATERIAL PRIOR YEAR MISSTATEMENT

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

ERROR CORRECTION OF AN IMMATERIAL PRIOR YEAR MISSTATEMENT

The Company determined that the placement fee arrangements were previously misclassified in its Statements of Cash Flows. Previously, these placement fee arrangements were reported as cash flows from investing activities, and they should have been presented as cash flows from operating activities for the fiscal years ended December 31, 2022 and 2021. The error has been corrected by adjusting each of the affected financial statement categories for these prior periods.

The following table summarizes the impact to our Statements of Cash Flows (in thousands):


	Year Ended December 31,
	2022		2021		2022		2021		2022		2021
	As reported				Adjustments				As adjusted
Cash flows from operating activities
Changes in operating assets and liabilities:
Placement fee agreements	$	—	$	—	$	(547)	$	(31,465)	$	(547)	$	(31,465)

Net cash provided by (used in) operating activities	272,641		391,630		(547)		(31,465)		272,094		360,165

Cash flows from investing activities
Placement fee agreements	(547)		(31,465)		547		31,465		—		—

Net cash (used in) provided by investing activities	(179,338)		(151,912)		547		31,465		(178,791)		(120,447)

Cash, cash equivalents and restricted cash
Net (decrease) increase for the period	(8,663)		51,377		—		—		(8,663)		51,377
Balance, beginning of the period	303,726		252,349		—		—		303,726		252,349
Balance, end of the period	$	295,063	$	303,726	$	—	$	—	$	295,063	$	303,726