Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 7,390 $ (15,213)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Income from purchased receivables under effective interest rate method (4,562)  
Stock-based compensation expense 5,546 3,733
Royalty purchase agreement asset impairment 9,000 1,575
Gain on the acquisition of Kinnate (19,316)  
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs   (75)
Common stock contribution to 401(k) 118 123
Amortization of intangible assets   449
Depreciation 5 2
Accretion of long-term debt discount and debt issuance costs 508  
Non-cash lease expense 29 97
Change in fair value of equity securities (535) 15
Changes in assets and liabilities:    
Trade and other receivables, net 478 (900)
Prepaid expenses and other assets (603) (97)
Accounts payable and accrued liabilities 921 (769)
Operating lease liabilities (82) (102)
Unearned revenue recognized under units-of-revenue method (1,117) (970)
Net cash used in operating activities (2,220) (12,132)
Cash flows from investing activities:    
Net cash acquired in Kinnate acquisition 18,926  
Payments of consideration under RPAs, AAAs and CPPAs (37,000) (14,650)
Receipts under RPAs, AAAs and CPPAs 16,741 2,934
Purchase of property and equipment (17)  
Net cash used in investing activities (1,350) (11,716)
Cash flows from financing activities:    
Principal payments - debt (3,616)  
Debt issuance costs and loan fees paid in connection with long-term debt (661)  
Payment of preferred stock dividends (2,736) (2,736)
Repurchases of common stock (13)  
Proceeds from exercise of options and other share-based compensation 2,353 208
Taxes paid related to net share settlement of equity awards (1,387) (5)
Net cash used in financing activities (6,060) (2,533)
Net decrease in cash, cash equivalents and restricted cash (9,630) (26,381)
Cash, cash equivalents and restricted cash as of the beginning of the period 159,550 57,826
Cash, cash equivalents and restricted cash as of the end of the period 149,920 31,445
Supplemental Cash Flow Information:    
Cash paid for interest 3,780  
Right-of-use assets obtained in exchange for operating lease liabilities   85
Non-cash investing and financing activities:    
Estimated fair value of the Exarafenib milestone asset 2,922  
Estimated fair value of the Exarafenib milestone contingent consideration 2,922  
Right-of-use assets obtained in exchange for operating lease liabilities in Kinnate acquisition 824  
Relative fair value basis reduction of right-of-use assets in Kinnate acquisition (824)  
Accrual of contingent consideration under the Affitech CPPA 3,000  
Estimated fair value of contingent consideration under the LadRx Agreements   1,000
Preferred stock dividend accrual $ 1,368 $ 1,368