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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net loss $ (52,179) $ (52,764)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,376 4,611
Depreciation and amortization 457 350
Non-cash interest expense and amortization of debt issuance costs 3,061  
Non-cash rent expense 94 (65)
Change in fair value of embedded derivative liability (50)  
Acquired IPR&D assets classified as investing activities 5,395  
Changes in operating assets and liabilities:    
Accounts receivable (1,893)  
Inventory (2,570)  
Prepaid expenses and other current assets (186) 950
Deferred revenue (6)  
Other long-term assets (99) (6,661)
Accounts payable, accrued expenses and other liabilities 5,167 (53)
Net cash used in operating activities (36,433) (53,632)
Investing activities    
Purchases of short-term investments (69,644) (39,479)
Maturities of short-term investments 92,675 112,128
Acquisition of IPR&D assets, including transaction costs (4,520)  
Purchases of property and equipment (47) (127)
Net cash provided by investing activities 18,464 72,522
Financing activities    
Repayment of deferred royalty obligation (1,351)  
Proceeds from the exercise of stock options 553  
Proceeds from issuance of common stock from ESPP 665 399
Net cash (used in) provided by financing activities (133) 399
Effect of exchange rates on cash 86  
Net (decrease) increase in cash, cash equivalents and restricted cash (18,016) 19,289
Cash, cash equivalents and restricted cash at beginning of period 128,005 59,576
Cash, cash equivalents and restricted cash at end of period 109,989 $ 78,865
Supplemental disclosure of non-cash investing activities    
Holdback payable associated with the acquisition, in accrued expenses 500  
Transaction costs associated with the acquisition, in accounts payable $ 375