XML 20 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 18, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities        
Net income (loss)   $ 28,507 $ (237,892) $ (291,754)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation and amortization   5,276 3,791 3,699
Stock-based compensation expense   27,802 43,110 50,737
Impairment of out-license asset and remeasurement of CVR liability, net   6,772    
Loss on debt extinguishment   12,630   6,222
Gain on Sale Transactions, net (Note 6)   (176,589)    
Inventory write-downs, net   14,143 52,595 26,000
Non-cash interest expense from amortization of debt and other financial liabilities discount and issuance costs   4,159 2,407 6,431
Non-cash operating lease expense   1,394 2,476 2,503
Option payment to Junshi Biosciences       35,000
Change in fair value of derivatives   5,043 375  
Other non-cash adjustments, net   (5,471) (4,920) (705)
Changes in operating assets and liabilities:        
Trade receivables, net   149,350 (150,683) 13,052
Inventory   (31,952) (46,734) (47,348)
Prepaid manufacturing   4,664 2,027 (4,214)
Other prepaid, current and non-current assets   (838) 16,155 (13,424)
Accounts payable   (3,938) 23,760 (4,548)
Accrued rebates, fees and reserves   (6,065) 113,105 (24,566)
Accrued compensation   1,549 (5,373) 596
Accrued and other current and non-current liabilities   (56,876) 10,917 1,195
Net cash used in operating activities   (20,440) (174,884) (241,124)
Investing activities        
Proceeds from maturities of investments in marketable securities   6,200 144,360  
Proceeds from sale of investments in marketable securities   8,688 13,282  
Cash and cash equivalents acquired as part of the Surface Acquisition     6,997  
Milestone and option payments to Junshi Biosciences   (12,500)   (35,000)
Purchases of investments in marketable securities     (19,507) (127,382)
Other investing activities, net   110 (492) (4,468)
Net cash provided by (used in) investing activities   230,321 144,640 (166,850)
Financing activities        
Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs   36,486    
Proceeds from issuance of common stock upon exercise of stock options   291 694 691
Proceeds from purchase under the employee stock purchase plan   926 1,809 2,320
Taxes paid related to net share settlement   (2,476) (3,587) (3,744)
Repayment of 2022 Convertible Notes and premiums       (109,000)
Other financing activities   (248) (1,034) (1,228)
Net cash (used in) provided by financing activities   (186,974) 69,600 54,326
Net increase (decrease) in cash, cash equivalents and restricted cash   22,907 39,356 (353,648)
Cash, cash equivalents and restricted cash at beginning of period   103,343 63,987 417,635
Cash, cash equivalents and restricted cash at end of period   126,250 103,343 63,987
Supplemental disclosure of cash flow information        
Cash paid for interest   25,376 37,857 34,878
Income taxes paid (refunded), net   (114) (118) 40
Supplemental disclosures of non-cash activities        
Capitalized and accrued milestone payment during the period to Junshi Biosciences     25,000  
Stock issued under Optional Stock Purchase Agreement     8,179  
Non-cash employee bonuses settled in common stock   4,408    
CIMERLI ophthalmology franchise        
Investing activities        
Cash received from Sale (Note 6)   187,823    
YUSIMRY Sale        
Investing activities        
Cash received from Sale (Note 6)   40,000    
2025 Term Loan        
Financing activities        
Repayment of Term Loan, premiums and exit fees       (81,750)
2027 Term Loans        
Financing activities        
Proceeds from Term Loan, net of debt discount and issuance costs       240,679
Repayment of Term Loan, premiums and exit fees   (260,387)    
2029 Term Loans        
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Non-cash interest expense from amortization of debt and other financial liabilities discount and issuance costs   201    
Financing activities        
Proceeds from Term Loan, net of debt discount and issuance costs   36,979    
ATM Offering        
Financing activities        
Proceeds from issuance of common stock, net of issuance costs   $ 1,455 18,093 $ 6,358
Public Offering        
Financing activities        
Proceeds from issuance of common stock, net of issuance costs $ 53,600   $ 53,625