Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 25,609 $ (9,853)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Adjustment for income from EIR method purchased receivables 627 (9,985)
Stock-based compensation expense 5,358 8,136
Gains on acquisitions (18,004) (19,316)
Credit losses on purchased receivables   23,000
Gain on sale of equity securities (3,663)  
Income tax expense 49  
Common stock contribution to 401(k) 141 118
Amortization of intangible assets 2,077  
Depreciation 8 8
Accretion of long-term debt discount and debt issuance costs 1,136 996
Non-cash lease expense 47 45
Change in fair value of equity securities (1,230) (624)
Change in fair value of available-for-sale debt securities classified as cash equivalents 49 104
Change in fair value of derivatives 10  
Changes in assets and liabilities:    
Trade and other receivables, net (1,187) (41)
Prepaid expenses and other assets 1,839 (72)
Accounts payable and accrued liabilities (3,248) (1,348)
Operating lease liabilities (268) (185)
Unearned revenue recognized under units-of-revenue method (978) (1,828)
Net cash provided by (used in) operating activities 8,372 (10,845)
Cash flows from investing activities:    
Net cash acquired in Kinnate acquisition   18,926
Payments of consideration under RPAs, AAAs, and CPPAs (8,000) (37,000)
Receipts under RPAs, AAAs, and CPPAs 3,139 26,263
Payment for BioInvent contract-based intangible asset (20,725)  
Payment of contingent consideration related to Kinnate IP asset (550)  
Purchase of property and equipment   (17)
Purchase of equity securities (99)  
Sale of equity securities 6,999  
Net cash provided by investing activities 31,539 8,172
Cash flows from financing activities:    
Principal payments - debt (10,598) (6,902)
Debt issuance costs and loan fees paid in connection with long-term debt (80) (740)
Payment of preferred stock dividends (4,104) (4,104)
Repurchases of common stock (2,395) (13)
Proceeds from exercise of options and other share-based compensation 3,422 4,127
Taxes paid related to net share settlement of equity awards (2,019) (2,429)
Net cash used in financing activities (15,774) (10,061)
Net increase (decrease) in cash, cash equivalents, and restricted cash 24,137 (12,734)
Cash, cash equivalents, and restricted cash as of the beginning of the period 106,416 159,550
Cash, cash equivalents, and restricted cash as of the end of the period 130,553 146,816
Supplemental cash flow information:    
Cash paid for interest 11,906 9,985
Cash paid for taxes 277  
Non-cash investing and financing activities:    
Transaction costs in connection with the Turnstone acquisition included in accounts payable 92  
Transaction costs in connection with the HilleVax acquisition included in accounts payable and accrued expenses 449  
Excise tax accrual due to stock repurchases 24  
Preferred stock dividend accrual 1,368 1,368
Estimated fair value of the Exarafenib milestone asset   2,922
Estimated fair value of the Exarafenib milestone contingent consideration   2,922
Accrual of contingent consideration under the Affitech CPPA   3,000
Accrual of contingent consideration under the LadRx AAA   1,000
Turnstone    
Cash flows from investing activities:    
Net cash, cash equivalents, and restricted cash acquired in acquisition 3,943  
Non-cash investing and financing activities:    
Accrual of contingent value rights liability in the acquisition 1,110  
HilleVax    
Cash flows from investing activities:    
Net cash, cash equivalents, and restricted cash acquired in acquisition 46,832  
Non-cash investing and financing activities:    
Accrual of contingent value rights liability in the acquisition 5,673  
Right-of-use assets obtained in exchange for operating lease liabilities in acquisition 22,525  
Relative fair value basis reduction of rights-of-use assets in acquisition $ (22,525)  
Kinnate    
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities in acquisition   824
Relative fair value basis reduction of rights-of-use assets in acquisition   $ (824)