Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (9,853) $ (20,722)
Adjustments to reconcile net loss to net cash used in operating activities:    
Income from purchased receivables under effective interest rate method (9,985)  
Stock-based compensation expense 8,136 6,450
Royalty purchase agreement asset impairment 23,000 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   673
Depreciation 8 2
Accretion of long-term debt discount and debt issuance costs 996  
Non-cash lease expense 45 115
Change in fair value of equity securities (624) 121
Change in fair value of available-for-sale debt securities classified as cash equivalents 104  
Changes in assets and liabilities:    
Trade and other receivables, net (41) (42)
Prepaid expenses and other assets (72) (202)
Accounts payable and accrued liabilities (1,348) (554)
Operating lease liabilities (185) (120)
Unearned revenue recognized under units-of-revenue method (1,828) (1,575)
Net cash used in operating activities (10,845) (14,231)
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 26,263 8,428
Purchase of property and equipment (17)  
Net cash provided by (used in) investing activities 8,172 (6,222)
Cash flows from financing activities:    
Principal payments - debt (6,902)  
Debt issuance costs and loan fees paid in connection with long-term debt (740)  
Payment of preferred stock dividends (4,104) (4,104)
Repurchases of common stock (13)  
Proceeds from exercise of options and other share-based compensation 4,127 208
Taxes paid related to net share settlement of equity awards (2,429) (5)
Net cash used in financing activities (10,061) (3,901)
Net decrease in cash, cash equivalents and restricted cash (12,734) (24,354)
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 146,816 33,472
Supplemental Cash Flow Information:    
Cash paid for interest 9,985  
Right-of-use assets obtained in exchange for operating lease liabilities   85
Non-cash investing and financing activities:    
Estimated initial fair value of the Exarafenib milestone asset in Kinnate acquisition 2,922  
Estimated initial fair value of the Exarafenib milestone contingent consideration in Kinnate acquisition 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 3,000
Accrual of contingent consideration under the LadRx AAA 1,000  
Estimated fair value of contingent consideration under the LadRx Agreements   1,000
Preferred stock dividend accrual $ 1,368 $ 1,368