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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (141,429) $ (112,325) $ (70,511)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,008 2,896 3,068
Amortization and premium of marketable securities, net (6,222) 844 (3,209)
Loss (gain) on sale or disposal of assets   2 (24)
Intangible asset impairment     3,500
Gain on fair value remeasurement of contingent consideration   (6,862) (1,405)
Non-cash income tax benefit     (227)
Stock-based compensation expense 23,890 15,611 8,953
Changes in operating assets and liabilities:      
Accounts and other receivables (2,281) (175) 1,574
Prepaid and other current assets 5,900 (9,572) (1,871)
Other assets (3)   (5)
Accounts payable and accrued expenses 9,384 3,123 3,653
Other liabilities 462 2,726 (4,405)
Net cash used in operating activities (107,291) (103,732) (60,909)
Cash flows from investing activities:      
Sales and maturities of marketable securities 320,597 280,666 174,947
Purchases of marketable securities (424,561) (188,965) (389,881)
Acquisition of property and equipment (1,818) (1,828) (1,249)
Proceeds from sale or disposal of assets   69 27
Net cash (used in) provided by investing activities (105,782) 89,942 (216,156)
Cash flows from financing activities:      
Net proceeds from stock issuances 216,222   269,893
Proceeds from issuance of stock from employee benefit plans 2,236 4,076 2,479
Net cash provided by financing activities 218,458 4,076 272,372
Net increase (decrease) in cash and cash equivalents 5,385 (9,714) (4,693)
Cash and cash equivalents at beginning of period 29,429 39,143 43,836
Cash and cash equivalents at end of period 34,814 29,429 39,143
Non-cash investing activities      
Accrued construction in progress $ 77 $ 113 $ 289