Company: CSTL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001447362-25-000031
Chunk: 36

Company: CASTLE BIOSCIENCES INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 36
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 be reborrowed. As of December 31, 2024, no draws had been made on the 2024 Credit Line.

Leases

We have entered into various operating and finance leases, which are primarily associated with our laboratory facilities and office space. 

Total undiscounted future minimum payment obligations under our operating leases and finance leases as of December 31, 2024 totaled approximately $23.3 million, of which $3.1 million is payable in 2025 and $20.2 million is payable through early 2034. The leases expire on various dates through 2034 and provide certain options to renew for additional periods.

We expect 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. Refer to Note 11 of the consolidated financial statements for additional information on our leasing arrangements.

Cash Flows

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

 Years Ended December 31, 20242023Net cash provided by (used in) operating activities$64,866 $(5,626)Net cash used in investing activities(50,137)(16,183)Net cash provided by (used in) financing activities6,139 (2,298)Net change in cash and cash equivalents20,868 (24,107)Cash and cash equivalents, beginning of year98,841 122,948 Cash and cash equivalents, end of year$119,709 $98,841 

Operating Activities

Net cash provided by operating activities was $64.9 million for the year ended December 31, 2024, and was primarily attributable to the net income of $18.2 million, non-cash stock-based compensation expense of $50.3 million, depreciation and amortization of $16.0 million, increases in accrued compensation of $3.6 million, increases in deferred income taxes of $1.4 million, partially offset by increases in accounts receivable of $12.6 million, increases in accretion of discounts on marketable investment securities of $6.7 million, increases in accounts payable of $4.4 million and increases in prepaid expenses and other current assets of $1.1 million.

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Net cash used in operating activities was $5.6 million for the year ended December 31, 2023, and was primarily attributable to the