XML 21 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (40,883,000) $ (47,690,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,390,000 4,228,000
Amortization of discount on investments, net (178,000) (220,000)
Stock-based compensation 6,671,000 6,574,000
Non-cash interest expense related to sale of future royalties 1,414,000 366,000
Non-cash revenue related to sale of future royalties (3,563,000) (288,000)
Change in operating assets and liabilities:    
Accounts receivable 1,920,000 (9,000)
Unbilled receivable from government contracts (3,689,000) 0
Prepaid expenses and other assets (1,275,000) 2,447,000
Accounts payable 2,083,000 105,000
Deferred grant revenue 0 (1,725,000)
Other accrued liabilities (108,000) (5,723,000)
Net cash used in operating activities (33,218,000) (41,931,000)
Cash flows from investing activities:    
Purchases of property and equipment (501,000) (1,693,000)
Purchases of investments (29,187,000) (22,629,000)
Proceeds from maturities of investments 15,000,000 48,200,000
Net cash (used in) provided by investing activities (14,688,000) 23,878,000
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of stock options 21,000 17,000
Shares acquired to settle employee tax withholding liabilities (199,000) (31,000)
Proceeds from issuance of common stock under the employee stock purchase plan 312,000 298,000
Net cash provided by financing activities 56,436,000 15,317,000
Net increase (decrease) in cash, cash equivalents and restricted cash 8,530,000 (2,736,000)
Cash, cash equivalents and restricted cash at beginning of the period 34,755,000 46,013,000
Cash, cash equivalents and restricted cash at end of the period 43,285,000 43,277,000
Supplemental reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets:    
Restricted cash 0 275,000
Cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows at the end of the period 43,285,000 43,277,000
Supplemental disclosure of non-cash investing and financing activity:    
Operating lease liabilities arising from obtaining right-of-use assets 0 296,000
Acquisition of property and equipment included in accounts payable and accrued expenses 35,000 281,000
June 2024 Offering [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 37,555,000 0
Registered Direct Offering [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 13,603,000
At-the-market Facility [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 8,802,000 1,430,000
RA Capital Healthcare Fund 2024 [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock $ 9,945,000 $ 0