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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (165,291) $ (124,088) $ (196,273)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 35,399 29,783 24,407
Amortization of debt discount and issuance costs 812 780 8,071
Depreciation and amortization 621 789 972
Net amortization of premiums and discounts on investments (825) 1,560 1,419
Acquired in-process research and development 0 7,355 0
Other (281) (106) (186)
Changes in operating assets and liabilities:      
Accounts receivable, net (5,084) (9,616) (5,019)
Inventory (118) (1,462) (2,627)
Prepaid expenses and other assets (5,782) (24,759) (1,996)
Operating lease right-of-use assets 1,677 1,449 1,254
Accounts payable 1,170 (2,847) 3,465
Accrued expenses and other liabilities (9,536) 16,260 12,161
Deferred revenue 0 (297) (4,236)
Operating lease liabilities (2,316) (1,917) (1,646)
Net cash used in operating activities (149,554) (107,116) (160,234)
Investing activities      
Purchases of property and equipment (118) (212) (145)
Proceeds from sales and maturities of investments 121,878 192,780 221,037
Purchases of investments (226,016) (45,228) (274,577)
Acquired in-process research and development 0 (5,500) 0
Net cash provided by (used in) investing activities (104,256) 141,840 (53,685)
Financing activities      
Proceeds from issuance of common stock, net of issuance costs 189,761 9,903 161,776
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan 3,977 3,745 10,307
Proceeds from Amended Revenue Interest Agreement 0 60,000 0
Net cash provided by financing activities 193,738 73,648 172,083
Effect of exchange rate on cash, cash equivalents and restricted cash (488) (48) 268
Net (decrease) increase in cash, cash equivalents and restricted cash (60,560) 108,324 (41,568)
Cash, cash equivalents and restricted cash at beginning of period 197,445 89,121 130,689
Cash, cash equivalents and restricted cash at end of period 136,885 197,445 89,121
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets      
Cash and cash equivalents 135,188 190,459 85,918
Short-term restricted cash 1,064 6,349 2,481
Long-term restricted cash 633 637 722
Total cash, cash equivalents and restricted cash 136,885 197,445 89,121
Supplemental disclosures:      
Cash paid for interest on convertible debt 5,175 5,175 5,175
Cash paid for amounts included in the measurement of operating lease liabilities 3,447 3,277 3,200
Cash paid for interest on deferred royalty obligation $ 29,273 $ 10,361 $ 6,014