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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (116,319) $ (138,737)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 19,037 21,710
Depreciation and amortization 8,231 8,613
Net amortization of premiums (accretion of discounts) on marketable debt securities (1,711) 1,062
Impairment of long-lived assets 2,101 0
Non-cash interest expense (27) (1,236)
Other non-cash adjustments (71) (165)
Changes in operating assets and liabilities    
Accounts receivable 2,284 7,108
Prepaid expenses 4,499 (1,212)
Other current assets (2,970) (12,846)
Operating lease right-of-use assets 3,011 2,806
Other assets 1,861 2,564
Accounts payable (6,454) (14,108)
Accrued expenses and other current liabilities (7,551) 3,501
Deferred revenue (127) (1,212)
Operating lease liabilities (4,023) (3,345)
Other liabilities (2,723) (2,743)
Net cash used in operating activities (100,952) (128,240)
Cash flows from investing activities    
Purchases of marketable debt securities (137,718) (49,795)
Maturities of marketable debt securities 151,664 175,502
Purchases of property and equipment (1,031) (7,395)
Net cash provided by investing activities 12,915 118,312
Cash flows from financing activities    
Proceeds from exercise of stock options 1,076 1,220
Taxes paid related to net settlement of stock-based awards (910) (419)
Proceeds from issuance of common stock under employee stock purchase plan 411 583
Proceeds from public offering of common stock and pre-funded warrants, net of underwriting discounts and commissions 131,601 0
Issuance costs for public offering of common stock and pre-funded warrants (249) 0
Offering expenses related to at-the-market offering program (138) 0
Repayments under liability related to sale of future royalties, net of imputed interest (20,511) (19,583)
Net cash provided by (used in) financing activities 111,280 (18,199)
Net increase (decrease) in cash and cash equivalents and restricted cash 23,243 (28,127)
Cash and cash equivalents and restricted cash    
Beginning of period 36,552 98,982
End of period $ 59,795 $ 70,855