XML 16 R5.htm IDEA: XBRL DOCUMENT v3.23.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 88,384 $ (18,796)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 304 301
Stock-based compensation expense 1,435 2,022
Accretion of investment discount 100 0
Amortization of debt issuance costs and discount 2,256 799
Change in fair value of warrant liabilities 13,459 (19,712)
Change in fair value of derivative liabilities 364 (1,162)
Noncash operating lease expense for right-of-use asset 110 104
Write off of deferred asset for commitment fees 514 0
Prepayment fee for loan payable payment 263  
Changes in operating assets and liabilities:    
Prepaid expenses, other assets, deferred costs, and other (165) (575)
License agreement receivable (25,000) 0
License agreement contract asset (19,249) 0
Accounts receivable (243) (1,350)
Inventory (4,563) (323)
Accounts payable, accrued expenses, deferred revenue, other liabilities, and other (2,494) 4,123
Net cash provided by (used in) operating activities 55,475 (34,569)
Cash flows from investing activities:    
Purchase of intangible assets 0 (9)
Purchase of investments (26,941) 0
Maturity of investments 20,557 0
Net cash used in investing activities (6,384) (9)
Cash flows from financing activities:    
Proceeds from common stock issued 4 47,153
Payments of offering costs and underwriting discounts and commissions 0 (3,352)
Proceeds from loan payable 0 5,000
Payments of loan payable issuance costs 0 (26)
Payments of loan payable (36,383) 0
Payment of loan payable prepayment fee (263)  
Proceeds from employee stock purchase plan issuances 4 10
Repurchase of shares to satisfy tax withholdings 18 0
Net cash (used in) provided by financing activities (36,620) 48,785
Net increase in cash, cash equivalents, and restricted cash 12,471 14,207
Cash, cash equivalents, and restricted cash at beginning of period 46,032 104,702
Cash, cash equivalents, and restricted cash at end of period 58,503 118,909
Supplemental cash flow information:    
Cash paid for interest 2,828 1,930
Cash received for interest 1,434 194
Noncash financing and investing activities:    
Deferred offering and issuance costs included in accounts payable and accrued expenses 0 286
Deferred offering costs reclassified to additional paid-in capital 0 77
Reclass of warrant liability to additional paid-in capital 0 71
Reclass of deferred asset associated with issuance of loan payable to debt discount $ 0 $ 206