XML 35 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net loss $ (35,731) $ (23,419)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 170 104
Amortization of intangible assets 100 0
Accretion of term loan-related costs 114 81
Stock-based compensation 5,519 3,906
Non-cash lease expense 132 151
Unrealized loss on equity investments 585 65
Net amortization/accretion on marketable securities (290) (1,484)
Change in fair value of equity warrants issued by licensee 201 17
Unrealized gain from transactions denominated in a foreign currency 0 16
Changes in operating assets and liabilities:    
Accounts receivable, net (13,264) (2,500)
Inventory (929) 0
Other receivables (383) 3,165
Prepaid expenses 1,065 257
Other non-current assets 106 38
Accounts payable and other accrued liabilities 12,335 (1,046)
Accrued payroll and benefits (7,287) (1,313)
Other long-term liabilities (232) (8)
Net cash used in operating activities (37,789) (21,970)
Cash Flows From Investing Activities:    
Proceeds from maturities of marketable securities 2,500 40,301
Purchases of marketable securities (104,550) (28,667)
Purchases of property and equipment (174) (340)
Net cash (used in) provided by investing activities (102,224) 11,294
Cash Flows From Financing Activities:    
Proceeds from issuance of common stock, net of paid issuance costs 98,604 0
Proceeds from issuance of pre-funded warrants, net of paid issuance costs 9,365 0
Proceeds from exercise of equity awards 802 13
Proceeds from term loan 0 5,000
Net cash provided by financing activities 108,771 5,013
Net decrease in cash and cash equivalents (31,242) (5,663)
Cash and cash equivalents — beginning of period 224,947 71,660
Cash and cash equivalents — end of period 193,705 65,997
Supplemental Disclosures Noncash Investing and Financing Activities:    
Operating lease right-of-use asset obtained in exchange for operating lease liability 384 116
Interest expense paid in cash 868 593
Offering costs included within accounts payable and accrued liabilities $ 275 $ 0