v3.23.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (137,858) $ (84,610)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,085 4,162
(Accretion of discount) amortization of premium on marketable securities (6,022) 810
Stock-based compensation 18,685 20,452
Non-cash lease expenses 2,447 1,968
Realized gain on sale of equity securities   (30)
Unrealized gain on equity securities (2,023) (323)
Non-cash interest expense on deferred royalty obligation 6,378  
Other 414 144
Changes in operating assets and liabilities:    
Accounts receivable (9,505) 1,213
Prepaid expenses and other assets 778 (2,941)
Accounts payable 755 (288)
Accrued compensation (1,773) (1,037)
Accrued expenses and other liabilities 4,579 1,329
Deferred revenue (4,507) 85,156
Change in operating lease liability (3,121) 1,408
Net cash (used in) provided by operating activities (125,688) 27,413
Investing activities    
Purchases of marketable securities (379,728) (114,498)
Maturities of marketable securities 390,960 88,460
Sales of marketable securities 11,231 32,764
Proceed from sale of equity securities   625
Purchases of equipment and leasehold improvements (2,874) (4,491)
Net cash provided by investing activities 19,589 2,860
Financing activities    
Proceeds from sales of common stock, net of issuance costs 11,971 40,925
Payment of debt (9,375) (6,250)
Proceeds from the sale of future royalties, net of issuance costs 136,208  
Proceeds from exercise of common stock options 314 267
Taxes paid related to net shares settlement of restricted stock units (490) (463)
Proceeds from employee stock purchase plan 2,051 1,613
Net cash provided by financing activities 140,679 36,092
Net increase in cash, cash equivalents and restricted cash 34,580 66,365
Cash, cash equivalents and restricted cash at beginning of period 48,126 31,286
Cash, cash equivalents and restricted cash at end of period 82,706 97,651
Supplemental disclosure of cash flow information:    
Cash paid for interest 971 1,442
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable and accrued expense 327 1,775
Financing component associated with program fees $ 7,531 $ 2,251

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