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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (164,808) $ (175,575)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,232 1,041
Inventory obsolescence 236 0
Stock-based compensation expense 39,127 29,419
Non-cash interest expense on royalty financing obligations and secured term loan and amortization of debt issuance costs 66,286 55,119
Amortization of premium/discount on investments (6,814) (818)
Loss on extinguishment of debt (29,019) 0
Changes in operating assets and liabilities:    
Receivables (3,125) (13,827)
Inventory (2,357) (11,263)
Prepaid expenses and other assets (7,530) (1,132)
Accounts payable and accrued expenses (36,678) (27,639)
Interest payable 0 6,345
Deferred revenue (811) 329
Net cash used in operating activities (86,223) (138,001)
Cash flows from investing activities:    
Acquisitions of property and equipment (1,614) (825)
Purchase of investments (357,419) (244,283)
Sales and maturities of investments 256,008 39,655
Net cash used in investing activities (103,025) (205,453)
Cash flows from financing activities:    
Net proceeds from common stock issued under stock-based compensation plans 8,518 10,756
Net proceeds from secured term loans 300,000 73,072
Repayment of Athyrium secured term loans principal (240,452) 0
Prepayment and repayment fees on Athyrium secured term loans (21,261) 0
Payment of debt issuance costs on Pharmakon Tranche A term loan (11,147) 0
Net cash provided by financing activities 35,658 83,828
Effect of exchange rate on cash, cash equivalents, and restricted cash (160) 235
Decrease in cash, cash equivalents and restricted cash (153,750) (259,391)
Cash, cash equivalents and restricted cash at beginning of period 306,239 507,734
Cash, cash equivalents and restricted cash at end of period $ 152,489 $ 248,343