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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (149,220) $ (132,154)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 404 328
Accretion and amortization on investments, net (7,281) (8,335)
Amortization of debt issuance costs/debt discounts 1,894 742
Stock-based compensation for services by non-employees 122 650
Stock-based compensation for employees and directors 24,392 14,110
Amortization of right-of-use assets 501 464
Changes in assets and liabilities:    
Inventory (20,283)  
Accounts receivable, net (28,007)  
Prepaid expenses, interest receivable and other assets (1,842) (13,694)
Current and noncurrent liabilities 4,647 11,084
Net cash used in operating activities (174,673) (126,805)
Cash flows from investing activities:    
Purchases of property and equipment (821) (766)
Purchases of marketable securities (292,141) (459,727)
Proceeds from maturities of marketable securities 290,469 232,602
Net cash used in investing activities (2,493) (227,891)
Cash flows from financing activities:    
Proceeds from issuances of common stock from equity plans 26,696 9,492
Proceeds from issuance of common stock from public offering and pre-funded warrant, net of paid issuance costs 140,729 213,337
Proceeds from exercise of warrants 418 105,912
Proceeds from employee stock purchase plan 366  
Net cash provided by financing activities 168,209 328,741
Effect of exchange rates on cash, cash equivalents and restricted cash 17 (9)
Net increase in cash, cash equivalents and restricted cash (8,940) (25,964)
Cash, cash equivalents and restricted cash at the beginning of the period 71,138 57,209
Cash, cash equivalents and restricted cash at the end of the period $ 62,198 $ 31,245