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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (65,561) $ (228,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,312 7,653
Amortization of finance lease right-of-use assets 28 402
Net accretion of premium and discount on investments (1,680) (3,654)
Investment income in unconsolidated variable interest entity (2,664) (2,023)
Loss on disposal of property and equipment 2,445 1
Stock-based compensation 25,037 41,471
Acquired in-process research and development expenses 0 24,636
Non-cash interest expense related to sale of future revenues 0 5,636
Dividend received from unconsolidated variable interest entity 2,230 2,255
Impairment of investment 0 1,000
Realized loss on sales of available-for-sale securities 0 271
Changes in operating assets and liabilities:    
Accounts receivable, net (15,958) (16,283)
Inventories 17,778 (1,519)
Prepaid expenses and other current assets (18,181) (27,393)
Operating lease right-of-use assets 66,011 8,447
Other assets 1,115 962
Accounts payable (8,705) (14,057)
Accrued and other liabilities (17,112) (50,246)
Operating lease liabilities, current (12,796) 1,669
Deferred revenue (15,218) (36,930)
Accrued interest expense related to sale of future revenues 115 0
Accrued interest for finance lease liabilities 18 (22)
Operating lease liabilities, non-current (65,830) (9,447)
Other long-term liabilities (917) (1,529)
Net cash used in operating activities (107,533) (296,700)
Investing activities    
Purchases of property and equipment (125) (2,268)
Proceeds from sale of property and equipment 840 0
Purchases of available-for-sale securities (8,628) (157,210)
Cash acquired from consolidation of Fortis 0 656
Proceeds from sales of available-for-sale securities 0 1,730
Proceeds from maturities of investments 132,183 300,507
Net cash provided by investing activities 124,270 143,415
Financing activities    
Proceeds from senior secured term loan facilities, net of issuance costs 0 74,078
Cash paid for transaction costs for senior secured term loan facilities 0 (2,746)
Repayments of finance lease liabilities (36) (128)
Repayments of lease obligations 0 (302)
Cash paid for payroll taxes on restricted stock unit releases (340) 0
Proceeds from issuance of common stock under ATM Program, net of commissions 0 48,407
Proceeds from issuance of common stock under employee stock plans 116 3,686
Net cash provided by (used in) financing activities (260) 122,995
Effect of exchange rate change on cash and cash equivalents 838 (4,496)
Net increase (decrease) in cash and cash equivalents 17,315 (34,786)
Total cash and cash equivalents at beginning of period 113,688 155,700
Total cash and cash equivalents at end of period $ 131,003 $ 120,914