Company: CSTL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001447362-25-000069
Chunk: 180

Company: CASTLE BIOSCIENCES INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 180
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 our lease obligations may increase in the future as we expand our facilities, operations and headcount in support of the anticipated growth in our portfolio of commercial products and pipeline tests.

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Cash Flows

The following table summarizes our sources and uses of cash and cash equivalents for each of the periods presented (in thousands):

 Three Months EndedMarch 31, 20252024(unaudited)Net cash used in operating activities$(6,036)$(6,835)Net cash used in investing activities(22,431)(19,701)Net cash (used in) provided by financing activities(1,553)10,644 Net change in cash and cash equivalents(30,020)(15,892)Cash and cash equivalents, beginning of period119,709 98,841 Cash and cash equivalents, end of period$89,689 $82,949 

Operating Activities

Net cash used in operating activities was $6.0 million for the three months ended March 31, 2025, and was primarily attributable to net loss of $25.8 million, decreases in accrued compensation of $14.7 million, increases in accounts receivable of $5.2 million, increases in prepaid expenses and other current assets of $3.4 million and increases in accretion of discounts on marketable investment securities of $1.4 million, partially offset by depreciation and amortization of $29.8 million, non-cash stock-based compensation expense of $11.2 million, change in fair value of trading securities of $1.4 million, decreases in inventory of $1.3 million and increases in other accrued and current liabilities of $1.1 million.

Net cash used in operating activities was $6.8 million for the three months ended March 31, 2024, and was primarily attributable to decreases in accrued compensation of $14.2 million, increases in accounts receivable of $4.3 million, a net loss of $2.5 million, and increases in accretion of discounts on marketable investment securities of $1.7 million, partially offset by non-cash stock-based compensation expense of $12.7 million, depreciation and amortization of $3.3 million.

The $0.8 million decrease in cash outflows from operating activities for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 is primarily due to increases in collections from customers attributable to higher net revenues partially offset by