Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income (loss) $ 4,727 $ (10,507)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 7,147 5,665
Depreciation and amortization 758 500
Noncash interest expense 2,314  
Net amortization and accretion of discount on short-term investments and term loan 171 (171)
Changes in assets and liabilities:    
Accounts receivable, net 982 (4,520)
Inventories (5,325) (235)
Prepaid and other current assets 8,113 (893)
Other assets (111) (124)
Right-of-use assets 6,071 5,836
Accounts payable (656) (1,869)
Accrued compensation (131) (646)
Accrued research and development 4,586 (2,664)
Other accrued liabilities 2,563 1,731
Lease liability (6,384) (5,239)
Deferred revenue 139 (23,477)
Net cash provided by (used in) operating activities 24,964 (36,613)
Investing activities    
Purchases of short-term investments (117,076) (63,671)
Maturities of short-term investments 31,200 103,184
Capital expenditures (648) (758)
Net cash (used in) provided by investing activities (86,524) 38,755
Financing activities    
Cost share advance from collaboration partner 57,900  
Net proceeds from issuances of common stock upon exercise of options and participation in Purchase Plan 3,690 1,929
Net proceeds from term loan financing   9,975
Net cash provided by financing activities 61,590 11,904
Net increase in cash and cash equivalents 30 14,046
Cash and cash equivalents at beginning of period 30,373 22,521
Cash and cash equivalents at end of period 30,403 36,567
Supplemental disclosure of cash flow information    
Interest paid $ 1,094 $ 814