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
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income $ 25,679 $ 3,667
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 4,945 3,781
Depreciation and amortization 497 335
Noncash interest expense 1,428  
Net amortization and accretion of discount on short-term investments and term loan 95 (207)
Changes in assets and liabilities:    
Accounts receivable, net (1,399) (1,616)
Inventories (5,158) (277)
Prepaid and other current assets 7,439 2,280
Other assets (16) 43
Right-of-use assets 4,000 3,798
Accounts payable (2,030) (738)
Accrued compensation (1,828) (1,526)
Accrued research and development 1,575 (813)
Other accrued liabilities 1,436 818
Lease liability (4,197) (3,199)
Deferred revenue 2,795 (23,477)
Net cash provided by (used in) operating activities 35,261 (17,131)
Investing activities    
Purchases of short-term investments (71,450) (42,980)
Maturities of short-term investments 29,801 62,770
Capital expenditures (478) (563)
Net cash (used in) provided by investing activities (42,127) 19,227
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 3,416 1,877
Net proceeds from term loan financing   9,975
Net cash provided by financing activities 61,316 11,852
Net increase in cash and cash equivalents 54,450 13,948
Cash and cash equivalents at beginning of period 30,373 22,521
Cash and cash equivalents at end of period 84,823 36,469
Supplemental disclosure of cash flow information    
Interest paid $ 723 $ 448