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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (45,642) $ (101,262)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 14,562 16,527
Depreciation and amortization 259 453
Amortization of debt issuance costs and discounts 4,012 597
Net amortization of premiums and discounts on investments (2,112) (3,077)
Gain on extinguishment of debt (44,702) 0
Change in fair value of embedded derivatives and common stock warrants (18,343) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (4,816) 9,163
Inventory (1,629) 1,119
Prepaid expenses and other assets (2,933) 5,612
Operating lease right-of-use assets 1,690 1,442
Accounts payable 2,660 (1,830)
Accrued expenses and other liabilities (2,253) (776)
Operating lease liabilities (2,429) (2,106)
Net cash used in operating activities (101,676) (74,138)
Investing activities    
Proceeds from maturities of investments 138,187 123,688
Purchases of investments (57,316) (142,591)
Purchases of property and equipment (195) 0
Net cash provided by (used in) investing activities 80,676 (18,903)
Financing activities    
Proceeds from issuance of senior secured term loan 83,300 0
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan 772 860
Payment of debt issuance costs (2,588) 0
Payment of deferred royalty obligation (40,518) 0
Net cash provided by financing activities 40,966 860
Effect of exchange rate on cash, cash equivalents and restricted cash 9 (123)
Net increase (decrease) in cash, cash equivalents and restricted cash 19,975 (92,304)
Cash, cash equivalents and restricted cash at beginning of period 53,192 136,885
Cash, cash equivalents and restricted cash at end of period 73,167 44,581
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets    
Cash and cash equivalents 72,828 43,655
Short-term restricted cash 33 545
Long-term restricted cash 306 381
Total cash, cash equivalents and restricted cash 73,167 44,581
Supplemental disclosures:    
Cash paid for interest on deferred royalty obligation 18,926 12,225
Cash paid for interest on convertible debt and term loan 11,472 2,588
Cash paid for amounts included in the measurement of operating lease liabilities 2,844 2,770
Convertible senior notes due 2029 issued with warrants to purchase 45,776,213 shares of common stock in exchange for a $148.0 million reduction of convertible senior notes due 2025 111,000 0
Senior secured term loan issued in exchange for a $14.7 million reduction of deferred royalty obligation 15,000 0
Issuance of common stock used to settle a financial advisory fee related to financing activities 7,697  
Convertible senior notes due 2029 issued in exchange for a $5.0 million reduction of deferred royalty obligation $ 5,000 $ 0