v3.25.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows From Operating Activities:              
Net loss $ (20,340) $ (25,120) $ (33,290) $ (35,731) $ (45,460) $ (69,021)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation 200   100   433 309  
Amortization of intangible assets 200   100   480 200  
Amortization of debt-related costs         285 215  
Stock-based compensation         15,163 13,000  
Loss on debt extinguishment 0   1,944   0 1,944 $ 1,900
Non-cash lease expense         323 295  
Net amortization/accretion of marketable securities         (3,023) (1,588)  
Realized loss on equity investments         0 591  
Change in fair value of equity warrants issued by licensee         0 201  
Unrealized loss (gain) from transactions denominated in a foreign currency         26 (2)  
Changes in operating assets and liabilities:              
Accounts receivable, net         (11,574) (12,908)  
Inventory         (1,252) (1,621)  
Other receivables         (608) (218)  
Prepaid expenses         (14,449) 1,832  
Other non-current assets         227 589  
Accounts payable and other accrued liabilities         13,603 19,422  
Accrued payroll and benefits         (4,212) (5,200)  
Other long-term liabilities         0 (233)  
Net cash used in operating activities         (50,038) (52,193)  
Cash Flows From Investing Activities:              
Proceeds from maturities of marketable securities         170,218 13,040  
Purchases of marketable securities         (255,273) (151,576)  
Purchases of long-term investments         0 (3,000)  
Purchases of property and equipment         (1,591) (1,213)  
Net cash used in investing activities         (86,646) (142,749)  
Cash Flows From Financing Activities:              
Proceeds from issuance of common stock, net of paid issuance costs         134,771 98,330  
Proceeds from issuance of pre-funded warrants, net of paid issuance costs         0 9,365  
Proceeds from sale of common stock under employee stock purchase plan         1,101 1,136  
Proceeds from exercise of stock options         2,642 2,620  
Proceeds from long-term debt         0 75,000  
Payments for debt extinguishment         0 (31,877)  
Payments of debt issuance costs         0 (3,484)  
Net cash provided by financing activities         138,514 151,090  
Net increase (decrease) in cash, cash equivalents and restricted cash         1,830 (43,852)  
Cash, cash equivalents and restricted cash at beginning of period   $ 97,381   $ 224,947 97,381 224,947 224,947
Cash, cash equivalents and restricted cash at end of period $ 99,211   $ 181,095   99,211 181,095 $ 97,381
Supplemental Disclosures From Noncash, Investing and Financing Activities:              
Operating lease right-of-use asset obtained in exchange for operating lease liability         0 384  
Interest expense paid in cash         4,168 1,336  
Additions of property and equipment included within accounts payable and other accrued liabilities         344 3  
Offering costs included within accounts payable and other accrued liabilities         $ 0 $ 139