Annual report [Section 13 and 15(d), not S-K Item 405]

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 17,485 $ (25,091) $ (58,573)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation expense 12,393 8,806 12,385
(Gain) loss on sale and disposal of fixed assets (79) 266 (138)
Depreciation and amortization 2,228 1,238 998
Non-cash interest expense     682
Net amortization of discount on short-term investments and term loans (709) (479) (63)
Changes in assets and liabilities:      
Accounts receivable, net (11,065) 9,770 (24,848)
Inventories 764 1,172 (2,377)
Prepaid and other current and non-current assets (3,440) 2,054 (513)
Right-of-use assets 615 1,069 7,773
Accounts payable (3,803) (366) 3,788
Accrued compensation 1,463 (190) (1,824)
Accrued research and development 560 (4,195) (2,676)
Revenue reserves and refund liability 10,756 3,539 4,230
Other accrued liabilities 4,995 (1,151) 1,709
Lease liability (692) (1,128) (8,546)
Deferred revenue   (14) (1,227)
Other current and long-term liabilities   (1,043) (4,538)
Net cash provided by (used in) operating activities 31,471 (5,743) (73,758)
Investing activities      
Maturities of short-term investments 39,700 41,650 101,228
Purchases of short-term investments (35,272) (31,206) (28,894)
Capital expenditures (36)   (450)
Payments for acquisition of intangible assets (360) (15,000)  
Proceeds from sale of property and equipment 98 259 893
Net cash provided by (used in) investing activities 4,130 (4,297) 72,777
Financing activities      
Net proceeds from term loan financing   19,950 19,542
Net proceeds from issuance of common stock from equity plans 1,964 1,049 2,124
Closing purchase price payment related to asset acquisition (10,000)    
Cost share payments to a collaboration partner (3,605) (2,632) (15,116)
Net cash (used in) provided by financing activities (11,641) 18,367 6,550
Net increase in cash and cash equivalents 23,960 8,327 5,569
Cash and cash equivalents at beginning of period 32,786 24,459 18,890
Cash and cash equivalents at end of period 56,746 32,786 24,459
Supplemental disclosure of cash flow information      
Interest paid 7,039 $ 5,848 2,495
Income taxes paid 331    
Purchases of intangible asset included within accounts payable $ 5,000   $ 15,000