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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (88,559) $ (59,675)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,530 3,026
Stock-based compensation expense 2,891 3,650
Change in fair value of Contingent Earnout Liability 30,164 10,564
Non-cash interest expense 3,544 737
Change in fair value of derivative liabilities 328 99
Loss on extinguishment of debt 0 2,421
Loss on disposal of property and equipment 0 9
Amortization expense 1,040 1,030
Non-cash operating lease costs 26 24
Amortization of SVB debt discount 0 482
Changes in operating assets and liabilities:    
Accounts receivable 0 31
Prepaid expenses and other current assets 283 (3,660)
Accounts payable (638) 766
Accrued expenses (221) (724)
Operating lease obligation (26) (24)
Net cash used in operating activities (48,638) (41,244)
Cash flows from investing activities    
Proceeds from maturity of short-term investments (certificates of deposit) 0 2,107
Purchase of property and equipment (575) (1,637)
Net cash (used in) provided by investing activities (575) 470
Cash flows from financing activities    
Proceeds from issuance of stock in public offering, net of underwriting fees 43,396 0
Payments of costs related to public offering (350) 0
Proceeds from revenue interest purchase agreement, net of issuance costs 20,000 39,377
Payments of transaction costs related to revenue interest purchase agreement (500) (1,164)
Proceeds from the exercise of stock options 789 214
Proceeds from JDRF Agreement 240 80
Payments of finance lease principal (1,247) (1,091)
Principal payments on SVB loan 0 (31,500)
Payments for debt prepayment and extinguishment costs 0 (310)
Net cash provided by financing activities 62,328 5,606
Net increase (decrease) in cash, cash equivalents and restricted cash 13,115 (35,168)
Cash, cash equivalents and restricted cash at the beginning of the period 80,801 149,772
Cash, cash equivalents and restricted cash at the end of the period 93,916 114,604
Supplemental disclosure:    
Cash paid for interest on SVB loan 0 1,613
Supplemental disclosure of noncash activities:    
Debt discount from embedded contingent derivative liability $ 1,552 $ 2,354