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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ (50,801,000) $ (145,879,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 14,733,000 24,316,000
Depreciation and amortization expense 2,721,000 2,415,000
Accretion of liability related to sale of future revenues 2,093,000 2,456,000
Amortization (accretion) of investment premiums (discounts) 27,000 (1,106,000)
Non-cash operating lease expense 5,987,000 5,827,000
Other non-cash items, net 99,000 100,000
Changes in operating assets and liabilities:    
Accounts receivable 31,686,000 39,714,000
Inventories (9,043,000) (6,275,000)
Other current assets 269,000 169,000
Other assets 68,000 (110,000)
Accounts payable 1,573,000 (2,780,000)
Accrued compensation (4,250,000) (5,103,000)
Accrued research and development expenses (15,350,000) (4,255,000)
Other current liabilities (7,592,000) 3,685,000
Deferred revenue (7,246,000) 2,514,000
Operating lease liabilities (5,231,000) (7,021,000)
Other long-term liabilities 0 108,000
Net cash used in operating activities (40,257,000) (91,225,000)
Investing activities    
Purchases of short-term investments 0 (83,647,000)
Proceeds from maturities and sales of short-term investments 22,069,000 128,020,000
Purchases of property and equipment (156,000) (898,000)
Net cash provided by (used in) investing activities 21,913,000 43,475,000
Financing activities    
Proceeds from sale of pre-funded warrants to purchase common stock in a registered direct offering, net 14,823,000 0
Proceeds from issuance of common stock through ATM facilities, net 9,348,000 590,000
Proceeds from employee stock awards 113,000 747,000
Taxes paid related to net share settlement of restricted stock units 0 (94,000)
Principal payments on finance lease obligations (460,000) (524,000)
Other financing activities, net (7,000) (13,000)
Net cash provided by financing activities 23,817,000 706,000
Increase (decrease) in cash, cash equivalents and restricted cash 5,473,000 (47,044,000)
Cash, cash equivalents and restricted cash at beginning of period 25,987,000 93,088,000
Cash, cash equivalents and restricted cash at end of period 31,460,000 46,044,000
Non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and other accrued liabilities 0 108,000
Supplemental cash flow disclosure    
Cash paid for interest 359,000 218,000
Cash paid for income taxes $ 24,000 $ 2,000

Source

10-Q
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