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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Cash flows from operating activities:    
Net loss $ (29,059) $ (29,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 4,572 2,193
Stock-based compensation expense 14,067 7,330
Acquired in-process research and development expenses 27,212  
Deferred taxes (1,540)  
Loss on extinguishment of debt   575
Loss on sale of marketable securities   107
Non-cash interest expense and end of term accretion expense 1,358 309
Non-cash lease expense 728 532
Net amortization of premiums on marketable securities   381
Unrealized foreign currency transaction losses 118 1,733
Changes in operating assets and liabilities, net of acquired assets and liabilities:    
Accounts receivable (30,997) (16,287)
Inventory (21,029) (6,094)
Prepaid expenses and other current assets (2,170) (98)
Other non-current assets (54)  
Accounts payable 6,541 (3,534)
Accrued expenses and other current liabilities 9,257 (8)
Deferred revenue 765  
Operating lease liabilities (1,101) 590
Net cash used in operating activities (21,332) (41,782)
Cash flows from investing activities:    
Purchases of property, plant and equipment (110,029) (9,143)
Purchase of business, net of cash acquired (14,894)  
Purchase of in-process research and development assets (27,212)  
Purchases of marketable securities   (10,496)
Proceeds from sales and maturities of marketable securities   76,916
Net cash provided by (used in) investing activities (152,135) 57,277
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $14,620 445,380  
Purchases of capped calls related to convertible senior notes (52,072)  
Proceeds from issuance of long-term debt, net of issuance costs and issuance costs paid   58,509
Repayments of long-term debt   (36,050)
Proceeds from issuance of common stock in public offering, net of underwriting discounts and commissions   140,014
Proceeds from issuance of common stock upon exercise of stock options 5,231 1,880
Proceeds from issuance of common stock in connection with employee stock purchase plan 955 509
Net cash provided by financing activities 399,494 164,862
Effect of exchange rate changes on cash, cash equivalents and restricted cash (99) (1,475)
Net increase in cash, cash equivalents and restricted cash 225,928 178,882
Cash, cash equivalents and restricted cash, beginning of period 201,682 26,080
Cash, cash equivalents and restricted cash, end of period 427,610 204,962
Supplemental disclosure of non-cash investing and financing activities:    
Transfers of inventory to property, plant and equipment 2,224 2,055
Purchases of property, plant and equipment included in accounts payable and accrued expenses 1,724 926
Operating lease liabilities arising from obtaining right-of-use assets 2,171  
Offering costs included in accounts payable and accrued expenses   160
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 427,110 204,462
Restricted cash 500 500
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 427,610 $ 204,962