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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 22,806 $ (46,415)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 367 869
Non-cash lease cost 969 678
Impairment of assets 5,306 635
Share-based compensation 7,932 9,123
Unrealized foreign currency transaction (gain) loss 0 10
Accretion of premium (discount) on marketable securities 0 13
Change in fair value of derivative liabilities 0 (917)
Non-cash interest expense associated with the sale of future royalties 0 2,605
Loss on extinguishment of liability related to the sale of future royalties 0 3,581
Changes in operating assets and liabilities:    
Collaboration receivable, current and non-current - related party (95,742) 0
Other receivables (461) 1,547
Prepaid expenses and other current assets (799) 5,242
Other assets (1) (3)
Accounts payable 761 (484)
Accrued expenses and other current liabilities (2,416) (5,377)
Deferred revenue, current and non-current 29,009 21,892
Other long-term liabilities (9) (42)
Operating lease liabilities (1,104) (688)
Income taxes payable 387 0
Net cash used in operating activities (32,995) (7,731)
Cash flows from investing activities:    
Purchases of marketable securities 0 (26,970)
Proceeds from maturities of marketable securities 0 60,777
Net cash provided by investing activities 0 33,807
Cash flows from financing activities:    
Repayment of liability related to the sale of future royalties 0 (54,485)
Proceeds from stock option exercises 0 420
Net cash provided by financing activities 221 (29,553)
Net increase (decrease) in cash and cash equivalents (32,774) (3,477)
Cash and cash equivalents at beginning of period 109,107 112,584
Cash and cash equivalents at end of period 76,333 109,107
Supplemental disclosure of non-cash activities:    
Cash paid for income taxes 2,212 0
Proceeds from the issuance of common stock, net of commissions    
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of issuance costs 221 14,234
Proceeds from the issuance of common stock related to the GSK Share Purchase Agreement    
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of issuance costs $ 0 $ 10,278