10-Q
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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-50633

 

CYTOKINETICS, INCORPORATED

(Exact name of registrant as specified in its charter)

 

Delaware

94-3291317

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

350 Oyster Point Blvd.

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 624-3000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Common Stock, $0.001 par value

Trading symbol

 

CYTK

Name of each exchange on which registered

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☑

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Number of shares of common stock, $0.001 par value, outstanding as of May 2, 2023: 95,640,600

 

 

 


Table of Contents

 

CYTOKINETICS, INCORPORATED

TABLE OF CONTENTS FOR FORM 10-Q

FOR THE three months ended March 31, 2023

Page

Glossary of Terms

3

 

 

PART I. FINANCIAL INFORMATION

7

Item 1. Financial Statements (Unaudited)

7

Condensed Consolidated Balance Sheets

7

Condensed Consolidated Statements of Operations and Comprehensive Loss

8

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity

9

Condensed Consolidated Statements of Cash Flows

10

Notes to Condensed Consolidated Financial Statements

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

42

Item 4. Controls and Procedures

42

 

 

PART II. OTHER INFORMATION

43

Item 1. Legal Proceedings

43

Item 1A. Risk Factors

43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 3. Defaults Upon Senior Securities

72

Item 4. Mine Safety Disclosures

72

Item 5. Other Information

72

Item 6. Exhibits

73

 

 

SIGNATURES

75

 

2


Table of Contents

 

Glossary of Terms

Unless the context requires otherwise, references to “Cytokinetics,” “the Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q refer to Cytokinetics, Incorporated and its subsidiaries. References to “Notes” in this Form 10-Q are to the Notes to the Condensed Consolidated Financial Statements in this Form 10-Q. We also have used other specific terms in this Form 10-Q, most of which are explained or defined below:

Term/Abbreviation

 

Definition

2004 Plan

 

Cytokinetics’ Amended and Restated 2004 Equity Incentive Plan

2020 RTW Transactions

 

The transactions contemplated by the RTW Royalty Purchase Agreement, Ji Xing Aficamten License Agreement and the Common Stock Purchase Agreements, dated July 14, 2020, by and between Cytokinetics and the RTW Investors

2021 RTW Transactions

 

The transactions contemplated by the Ji Xing OM License Agreement and the Common Stock Purchase Agreements, dated December 20, 2021 by and between Cytokinetics and the RTW Investors

2022 RPI Transactions

 

The transactions contemplated by the RP Loan Agreement and the RP Aficamten RPA

2026 Notes

 

Cytokinetics’ 4% convertible senior notes due 2026

2027 Indenture

 

Indenture Agreement, dated July 6, 2022, between Cytokinetics and U.S. Bank Trust Company, as trustee

2027 Notes

 

Cytokinetics’ 3.50% convertible senior notes due 2027

ACA

 

Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act

ACC

 

American College of Cardiology

AHA

 

American Heart Association

ALS

 

amyotrophic lateral sclerosis (also known as Lou Gehrig’s Disease)

ALSFRS-R

 

ALS Functional Rating Scale – Revised

Amended ATM Facility

 

amended and restated Controlled Equity Offering Sales Agreement

Amgen Agreement

 

Collaboration and Option Agreement, dated December 29, 2006, as amended, between Cytokinetics and Amgen

ARR

 

absolute risk reductions

Astellas Agreement

 

License and Collaboration Agreement, dated June 21, 2013, between Cytokinetics and Astellas

Astellas FSRA Agreement

 

Fast Skeletal Regulatory Activator Agreement, dated April 23, 2020 between Cytokinetics and Astellas

Astellas OSSA Agreement

 

License and Collaboration Agreement for Other Skeletal Sarcomere Activators, dated April 23, 2020, as amended, between Cytokinetics and Astellas

ASU 2020-06

 

ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

BTR/W

 

background therapy reduction/withdrawal

cGMP

 

current Good Manufacturing Practice

Cantor

 

Cantor Fitzgerald & Co.

China

 

People's Republic of China (including the Hong Kong and Macau SARs)

CMC

 

Chemistry, Manufacturing and Controls

CMO

 

Contract Manufacturing Organizations

Common Stock

 

our common stock, par value $0.001 per share

Compensation Committee

 

Compensation and Talent Committee of Cytokinetics’ Board of Directors

Convertible Notes

 

2026 Notes and 2027 Notes

3


Table of Contents

 

COURAGE-ALS

 

Clinical Outcomes Using Reldesemtiv on ALSFRS-R in a Global Evaluation in ALS

CPET

 

cardiopulmonary exercise testing

CRL

 

Complete Response Letter

CRO

 

Contract Research Organization

CV

 

cardiovascular

DMC

 

Data Monitoring Committee

E.U. or EU

 

European Union

EEA

 

European Economic Area

eGFR

 

estimated glomerular filtration rate

EMA

 

European Medicines Agency

ESPP

 

employee stock purchase plan

Exchange Act

 

Securities Exchange Act of 1934, as amended

FDA

 

U.S. Food and Drug Administration

Final Payment Amount

 

As defined in Part I, Item 2 (Management’s Discussion and Analysis of Financial Conditions and Results of Operations) of this Quarterly Report on Form 10-Q – Sources and Uses of Cash, 2022 Royalty Pharma Transactions

FOREST-HCM

 

Five-Year, Open-Label, Research Evaluation of Sustained Treatment with Aficamten in HCM

FORTITUDE-ALS

 

Functional Outcomes in a Randomized Trial of Investigational Treatment with CK-2127107 to Understand Decline in Endpoints – in ALS

FSRA

 

fast skeletal regulatory activator

FSTA

 

fast skeletal muscle troponin activator

Fundamental Change

 

As defined in the 2027 Indenture

GAAP

 

Generally Accepted Accounting Principles in the U.S.

GALACTIC-HF

 

Global Approach to Lowering Adverse Cardiac Outcomes Through Improving Contractility in Heart Failure

GCP

 

Good Clinical Practice

GDPR

 

General Data Protection Regulation ((EU) 2016/679)

HCM

 

hypertrophic cardiomyopathy

HFrEF

 

heart failure with reduced ejection fraction

HFSA

 

Heart Failure Society of America

HHS

 

U.S. Department of Health and Human Services

HIPAA

 

The federal Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act

ICER

 

Institute for Clinical and Economic Review

IND

 

Investigational New Drug

IRA

 

Inflation Reduction Act of 2022

IRB

 

Institutional Review Board

Ji Xing

 

Ji Xing Pharmaceuticals Limited and/or its affiliates, including Ji Xing Pharmaceuticals Hong Kong Limited

Ji Xing Aficamten License Agreement

 

License and Collaboration Agreement, dated July 14, 2020, by and between Cytokinetics and Ji Xing Pharmaceuticals Limited

Ji Xing Agreements

 

Ji Xing Aficamten License Agreement and Ji Xing OM License Agreement

Ji Xing OM License Agreement

 

License and Collaboration Agreement, dated December 20, 2021, by and between Cytokinetics and Ji Xing Pharmaceuticals Limited

KCCQ

 

Kansas City Cardiomyopathy Questionnaire

4


Table of Contents

 

KCCQ-OSS

 

KCCQ Overall Summary Score

Lenders

 

Silicon Valley Bank and Oxford Finance LLC

LSM

 

least square mean

LVEF

 

left ventricular ejection fraction

LVOT

 

left ventricular outflow tract

LVOT-G

 

left ventricular outflow tract gradient

MAA

 

Marketing Authorization Application

MAPLE-HCM

 

Metoprolol vs Aficamten in Patients with LVOT Obstruction on Exercise Endpoints Capacity in HCM

Mavacamten Royalty

 

certain payments on the net sales of products containing the compound mavacamten pursuant to the Research Collaboration Agreement, dated August 24, 2012, between Cytokinetics and MyoKardia, Inc.

NDA

 

New Drug Application

nHCM

 

non-obstructive HCM

NOLs

 

net operating loss carryforward

NYHA

 

New York Heart Association

oHCM

 

obstructive HCM

OLE

 

Open-Label Extension

Ownership Change

 

As defined in Part II, Item 1A (Risk Factors) of this Quarterly Report on Form 10-Q, General Risks

Oxford

 

Oxford Finance LLC

Oyster Point Lease

 

Lease, dated July 24, 2019, by and between Cytokinetics and KR Oyster Point 1, LLC, as amended

Partial Redemption Limitation

 

As defined in the 2027 Indenture

PSU

 

Performance Stock Unit

Radnor Lease

 

As defined in Part I, Item 1 (Financial Statements (Unaudited)), Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q - Note 9 (Commitments and Contingencies) – Operating Leases

REDWOOD-HCM

 

Randomized Evaluation of Dosing With CK-274 in Obstructive Outflow Disease in HCM

REDWOOD-HCM OLE

 

Randomized Evaluation of Dosing With CK-274 in Obstructive Outflow Disease in HCM Open Label Extension

REMS

 

Risk Evaluation and Mitigation Strategy

RP Aficamten Liability

 

As defined in Part I, Item 2 (Management’s Discussion and Analysis of Financial Conditions and Results of Operations) of this Quarterly Report on Form 10-Q – Results of Operations, Non-cash interest expense on liabilities related to revenue participation right purchase agreements

RP Aficamten RPA

 

Revenue Participation Right Purchase Agreement, dated January 7, 2022, by and between Cytokinetics and Royalty Pharma Investments 2019 ICAV

RP Loan Agreement

 

Development Funding Loan Agreement, dated January 7, 2022, by and among Royalty Pharma Development Funding, LLC and Cytokinetics

RP OM Liability

 

As defined in Part I, Item 1 (Financial Statements (Unaudited)), Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q - Note 6 (Agreements with Royalty Pharma) – 2017 RP Omecamtiv Mecarbil Royalty Purchase Agreement

RP OM RPA

 

Royalty Purchase Agreement, dated February 1, 2017, by and between the Cytokinetics and RPI Finance Trust, as amended by Amendment No. 1, dated January 7, 2022

5


Table of Contents

 

RPDF

 

Royalty Pharma Development Funding, LLC

RPFT

 

RPI Finance Trust

RPI ICAV

 

Royalty Pharma Investments 2019 ICAV

RSU

 

Restricted Stock Unit

RTW ICAV

 

RTW Investments ICAV for RTW Fund 1

RTW Investors

 

RTW Master Fund, Ltd., RTW Innovation Master Fund, Ltd. and RTW Venture Fund Limited

RTW Royalty Holdings

 

RTW Royalty Holdings Designated Activity Company

RTW Royalty Purchase Agreement

 

Royalty Purchase Agreement, dated July 14, 2020, between Cytokinetics and RTW Royalty Holdings

SAM

 

systolic anterior motion

Section 382

 

Section 382 of the Internal Revenue Code

Securities Act

 

Securities Act of 1933, as amended

SEQUOIA-HCM

 

Safety, Efficacy, and Quantitative Understanding of Obstruction Impact of Aficamten in HCM

SGLT2

 

sodium-glucose cotransporter-2

SMA

 

spinal muscular atrophy

SPA

 

Special Protocol Assessment

SVC

 

slow vital capacity

Tax Act

 

Tax Cuts and Jobs Act

Term Loan Agreement

 

Loan and Security Agreement, dated as of October 19, 2015, by and among Cytokinetics, Oxford Finance LLC and Silicon Valley Bank and Loan and Security Agreement, dated as of May 17, 2019, by and among Cytokinetics, Oxford Finance LLC and Silicon Valley Bank

U.S. or US

 

United States

This Form 10-Q includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.

CYTOKINETICS and our C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries. Other service marks, trademarks and trade names referred to in this report are the property of their respective owners.

The information contained on our website, our Facebook, Instagram, YouTube and LinkedIn pages or our Twitter accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.

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Table of Contents

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CYTOKINETICS, INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data) (Unaudited)

 

 

 

March 31, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

101,616

 

 

$

65,582

 

Short-term investments

 

 

562,346

 

 

 

716,995

 

Accounts receivable

 

 

1,006

 

 

 

147

 

Prepaid expenses and other current assets

 

 

15,661

 

 

 

12,462

 

Total current assets

 

 

680,629

 

 

 

795,186

 

Long-term investments

 

 

40,406

 

 

 

46,708

 

Property and equipment, net

 

 

78,859

 

 

 

80,453

 

Operating lease right-of-use assets

 

 

81,802

 

 

 

82,737

 

Other assets

 

 

8,119

 

 

 

9,691

 

Total assets

 

$

889,815

 

 

$

1,014,775

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

17,357

 

 

$

25,611

 

Accrued liabilities

 

 

35,632

 

 

 

44,096

 

Short-term operating lease liabilities

 

 

14,263

 

 

 

12,829

 

Other current liabilities

 

 

7,968

 

 

 

2,081

 

Total current liabilities

 

 

75,220

 

 

 

84,617

 

Term loan, net

 

 

64,110

 

 

 

63,810

 

Convertible notes, net

 

 

546,513

 

 

 

545,808

 

Liabilities related to revenue participation right purchase agreements, net

 

 

306,814

 

 

 

300,501

 

Long-term operating lease liabilities

 

 

125,341

 

 

 

126,895

 

Other non-current liabilities

 

 

837

 

 

 

1,044

 

Total liabilities

 

 

1,118,835

 

 

 

1,122,675

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

Preferred stock, $0.001 par value

 

 

 

 

 

 

Common stock, $0.001 par value

 

 

94

 

 

 

94

 

Additional paid-in capital

 

 

1,489,814

 

 

 

1,481,590

 

Accumulated other comprehensive loss

 

 

(1,645

)

 

 

(3,590

)

Accumulated deficit

 

 

(1,717,283

)

 

 

(1,585,994

)

Total stockholders’ deficit

 

 

(229,020

)

 

 

(107,900

)

Total liabilities and stockholders’ deficit

 

$

889,815

 

 

$

1,014,775

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

 

CYTOKINETICS, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share data) (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Revenues:

 

 

 

 

 

 

Research and development revenues

 

$

2,113

 

 

$

1,148

 

Milestone revenues

 

 

2,500

 

 

 

 

Total revenues

 

 

4,613

 

 

 

1,148

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

79,421

 

 

 

45,935

 

General and administrative

 

 

49,665

 

 

 

33,070

 

Total operating expenses

 

 

129,086

 

 

 

79,005

 

Operating loss

 

 

(124,473

)

 

 

(77,857

)

Interest expense

 

 

(6,961

)

 

 

(2,746

)

Loss on extinguishment of debt

 

 

 

 

 

(2,693

)

Non-cash interest expense on liabilities related to revenue participation right purchase agreements

 

 

(6,280

)

 

 

(6,564

)

Interest and other income, net

 

 

6,425

 

 

 

415

 

Net loss

 

$

(131,289

)

 

$

(89,445

)

Net loss per share — basic and diluted

 

$

(1.38

)

 

$

(1.05

)

Weighted-average number of shares used in computing net loss per share — basic and diluted

 

 

95,164

 

 

 

84,996

 

Other comprehensive loss:

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale securities, net

 

 

1,945

 

 

 

(2,720

)

Comprehensive loss

 

$

(129,344

)

 

$

(92,165

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

 

CYTOKINETICS, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (Deficit) Equity

(In thousands, except share data) (Unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Deficit

 

Balance, December 31, 2022

 

 

94,833,975

 

 

$

94

 

 

$

1,481,590

 

 

$

(3,590

)

 

$

(1,585,994

)

 

$

(107,900

)

Exercise of stock options

 

 

369,298

 

 

 

 

 

 

3,547

 

 

 

 

 

 

 

 

 

3,547

 

Issuance of common stock under restricted stock units

 

 

668,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld related to net share settlement of equity awards

 

 

(262,829

)

 

 

 

 

 

(10,517

)

 

 

 

 

 

 

 

 

(10,517

)

Stock-based compensation

 

 

 

 

 

 

 

 

15,194

 

 

 

 

 

 

 

 

 

15,194

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

1,945

 

 

 

 

 

 

1,945

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(131,289

)

 

 

(131,289

)

Balance, March 31, 2023

 

 

95,609,279

 

 

$

94

 

 

$

1,489,814

 

 

$

(1,645

)

 

$

(1,717,283

)

 

$

(229,020

)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2021

 

 

84,799,542

 

 

$

84

 

 

$

1,452,268

 

 

$

(869

)

 

$

(1,207,620

)

 

$

243,863

 

ASU 2020-06 adoption

 

 

 

 

 

 

 

 

(49,476

)

 

 

 

 

 

10,581

 

 

 

(38,895

)

Exercise of stock options

 

 

374,242

 

 

 

1

 

 

 

4,074

 

 

 

 

 

 

 

 

 

4,075

 

Issuance of common stock under restricted stock units

 

 

663,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld related to net share settlement of equity awards

 

 

(260,172

)

 

 

 

 

 

(9,602

)

 

 

 

 

 

 

 

 

(9,602

)

Stock-based compensation

 

 

 

 

 

 

 

 

8,985

 

 

 

 

 

 

 

 

 

8,985

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(2,720

)

 

 

 

 

 

(2,720

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(89,445

)

 

 

(89,445

)

Balance, March 31, 2022

 

 

85,576,953

 

 

$

85

 

 

$

1,406,249

 

 

$

(3,589

)

 

$

(1,286,484

)

 

$

116,261

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

 

CYTOKINETICS, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(131,289

)

 

$

(89,445

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Non-cash interest expense on liabilities related to revenue participation right purchase agreements

 

 

6,313

 

 

 

6,592

 

Stock-based compensation expense

 

 

15,194

 

 

 

8,985

 

Non-cash lease expense

 

 

935

 

 

 

227

 

Depreciation of property and equipment

 

 

1,848

 

 

 

1,341

 

Loss on investments, net

 

 

34

 

 

 

 

Interest receivable and amortization on investments

 

 

(3,037

)

 

 

1,004

 

Non-cash interest expense related to debt

 

 

6,888

 

 

 

1,300

 

Loss on extinguishment of debt

 

 

 

 

 

2,693

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(859

)

 

 

50,763

 

Prepaid and other assets

 

 

(1,627

)

 

 

(1,422

)

Accounts payable

 

 

(8,106

)

 

 

(3,080

)

Accrued and other liabilities

 

 

(7,755

)

 

 

(3,522

)

Operating lease liabilities

 

 

(120

)

 

 

(579

)

Other non-current liabilities

 

 

(705

)

 

 

(1,668

)

Net cash used in operating activities

 

 

(122,286

)

 

 

(26,811

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of investments

 

 

(89,779

)

 

 

(193,127

)

Maturities of investments

 

 

250,701

 

 

 

129,790

 

Sales of investments

 

 

4,977

 

 

 

 

Purchases of property and equipment

 

 

(402

)

 

 

(942

)

Net cash provided by (used in) investing activities

 

 

165,497

 

 

 

(64,279

)

Cash flows from financing activities:

 

 

 

 

 

 

Repayment of finance lease liabilities

 

 

(207

)

 

 

(148

)

Repayment of term loan

 

 

 

 

 

(47,651

)

Debt extinguishment costs

 

 

 

 

 

(2,409

)

Proceeds from 2022 RPI Transactions, net

 

 

 

 

 

149,581

 

Proceeds from issuance of common stock under equity incentive and stock purchase plans

 

 

3,547

 

 

 

4,075

 

Taxes paid related to net share settlement of equity awards

 

 

(10,517

)

 

 

(9,602

)

Net cash (used in) provided by financing activities

 

 

(7,177

)

 

 

93,846

 

Net increase in cash, cash equivalents, and restricted cash

 

 

36,034

 

 

 

2,756

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

67,182

 

 

 

112,666

 

Cash, cash equivalents, and restricted cash, end of period

 

$

103,216

 

 

$

115,422

 

Supplemental cash flow disclosures:

 

 

 

 

 

 

Cash paid for interest

 

$

40

 

 

$

2,714

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Right-of-use assets recognized in exchange for finance lease obligations

 

$

 

 

$

703

 

Amounts unpaid for purchases of property and equipment

 

$

473

 

 

$

1,829