Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (88,574) $ (65,122)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,346 2,724
(Accretion of discount) amortization of premium on marketable securities (3,628) 913
Stock-based compensation 12,682 13,670
Non-cash lease expenses 1,305 1,325
Unrealized (gain) / loss on equity securities (1,329) 3,173
Non-cash interest expense on deferred royalty obligation 442  
Other 106 13
Changes in operating assets and liabilities:    
Accounts receivable (2,877) (85,217)
Prepaid expenses and other assets (90) (81)
Accounts payable (659) 836
Accrued compensation (3,633) (3,669)
Accrued expenses and other liabilities 1,150 1,072
Deferred revenue (8,728) 90,994
Change in operating lease liability (1,699) 928
Net cash used in operating activities (92,186) (38,441)
Investing activities    
Purchases of marketable securities (141,361) (14,938)
Maturities of marketable securities 268,460 70,409
Sales of marketable securities 9,055 29,179
Purchases of equipment and leasehold improvements (2,546) (3,753)
Net cash provided by investing activities 133,608 80,897
Financing activities    
Proceeds from sales of common stock, net of issuance costs 11,971 8,595
Payment of debt (6,250) (3,125)
Proceeds from the sale of future royalties, net of issuance costs 139,744  
Proceeds from exercise of common stock options 314 182
Taxes paid related to net shares settlement of restricted stock units (457) (413)
Proceeds from employee stock purchase plan 1,097 1,006
Net cash provided by financing activities 146,419 6,245
Net increase in cash, cash equivalents and restricted cash 187,841 48,701
Cash, cash equivalents and restricted cash at beginning of period 48,126 31,286
Cash, cash equivalents and restricted cash at end of period 235,967 79,987
Supplemental disclosure of cash flow information:    
Cash paid for interest 722 998
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable and accrued expense 141 392
Financing component associated with program fees 5,075  
Issuance costs related to deferred royalty obligation in accrued expenses $ 3,536  
Issuance costs included in accounts payable   $ 382