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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ (37,265) $ (77,902)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 930 1,017
Non-cash lease expense 2,690 2,570
Stock-based compensation 9,600 8,824
Gain on sale of equipment 0 (1,260)
Non-cash interest expense 3,093 1,055
Other, net (1,483) 174
Changes in operating assets and liabilities:    
Accounts receivable (35,530) (4,706)
Inventory (19,152) (9,774)
Prepaid commercial manufacturing (3,609) (10,549)
Prepaid expenses and other assets (2,671) 754
Accounts payable (3,123) (1,164)
Accrued compensation and benefits 809 1,743
Operating lease liabilities (2,880) (2,571)
Accrued and other liabilities 6,466 (375)
Deferred revenue 1,126 7,836
Net cash used in operating activities (80,999) (84,328)
Investing activities    
Proceeds from maturities and redemptions of investments 36,264 59,000
Purchases of investments (137,644) (43,824)
Proceeds from sale of property and equipment 0 1,798
Purchases of property and equipment (301) 0
Net cash (used in) provided by investing activities (101,681) 16,974
Financing activities    
Proceeds from 2022 Loan, net of issuance costs 0 26,971
Payments for 2018 Loan, net of costs 0 (33,038)
Proceeds from the sale of future royalties, net of issuance costs 0 9,581
Proceeds from issuance of common stock in at the market offering, net of issuance costs 119,248 52,845
Proceeds from issuance of common stock under equity incentive and stock purchase plans 1,059 195
Net cash provided by financing activities 120,307 56,554
Net decrease in cash and cash equivalents (62,373) (10,800)
Cash and cash equivalents at beginning of period 96,140 72,428
Cash and cash equivalents at end of period 33,767 61,628
Supplementary disclosure of cash flow information:    
Cash paid for interest 2,692 2,079
Cash paid for income taxes 19 6
Supplementary disclosure of non-cash activities:    
Right-of-use assets obtained in exchange for lease obligations 339 0
Issuance of common stock for services 337 390
Issuance of derivative in connection with issuance of loan payable $ 0 $ 375