v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (81,549) $ (81,018)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation and amortization 1,348 1,790
Stock-based compensation expense 9,234 10,139
Net accretion of discount on marketable securities (2,527) (2,776)
Gain on disposal of property and equipment (39) (150)
Non-cash operating lease expense 2,803 2,608
Realized gain on investments (152) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (643) 428
Inventory (3,994) (2,882)
Prepaid expenses and other current and non-current assets (4,091) (348)
Accounts payable 1,430 (9,796)
Accrued expenses and other current liabilities (18,038) (7,891)
Operating lease liabilities (3,649) (3,321)
Other non-current liabilities 0 (1,966)
Net cash used in operating activities (99,867) (95,183)
Investing activities    
Purchases of marketable securities (244,059) (128,351)
Proceeds from maturities and sales of marketable securities 368,722 186,196
Purchases of property and equipment (141) (399)
Proceeds from sale of equipment 40 150
Net cash provided by investing activities 124,562 57,596
Financing activities    
Net proceeds from stock option exercises and employee stock purchase plan 5,864 2,467
Net cash provided by financing activities 5,864 2,467
Net change in cash and cash equivalents 30,559 (35,120)
Cash and cash equivalents at beginning of the period 88,205 139,259
Cash and cash equivalents at end of the period 118,764 104,139
Supplemental disclosure of non-cash investing and financing transactions    
Net cash taxes (returned) paid $ (525) $ 0