v3.25.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (93,841) $ (45,642)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 10,147 14,562
Depreciation and amortization 277 259
Amortization of debt issuance costs and discounts 8,101 4,012
Net amortization of premiums and discounts on investments (401) (2,112)
Gain on extinguishment of debt 0 (44,702)
Change in fair value of embedded derivatives and common stock warrants (10,596) (18,343)
Changes in operating assets and liabilities:    
Accounts receivable, net (1,111) (4,816)
Inventory 773 (1,629)
Prepaid expenses and other assets 4,219 (2,933)
Operating lease right-of-use assets 1,204 1,690
Accounts payable 285 2,660
Accrued expenses and other liabilities 17,622 (2,253)
Operating lease liabilities (220) (2,429)
Net cash used in operating activities (63,541) (101,676)
Investing activities    
Proceeds from maturities of investments 38,378 138,187
Purchases of investments 0 (57,316)
Purchases of property and equipment 0 (195)
Net cash provided by investing activities 38,378 80,676
Financing activities    
Proceeds from issuance of senior secured term loan 0 83,300
Proceeds from the exercise of stock options and shares issued under the employee stock purchase plan 356 772
Payment of debt issuance costs 0 (2,588)
Payment of deferred royalty obligation 0 (40,518)
Net cash provided by financing activities 356 40,966
Effect of exchange rates on cash, cash equivalents and restricted cash 15 9
Net (decrease) increase in cash, cash equivalents and restricted cash (24,792) 19,975
Cash, cash equivalents and restricted cash at beginning of period 62,814 53,192
Cash, cash equivalents and restricted cash at end of period 38,022 73,167
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets    
Cash and cash equivalents 37,672 72,828
Short-term restricted cash 0 33
Long-term restricted cash 350 306
Total cash, cash equivalents and restricted cash 38,022 73,167
Supplemental disclosures:    
Cash paid for interest on deferred royalty obligation 3,711 18,926
Cash paid for interest on convertible debt and term loan 10,668 11,472
Cash paid for amounts included in the measurement of operating lease liabilities 1,023 2,844
Convertible senior notes due 2029 issued with warrants to purchase 3,100 shares of common stock in exchange for a $148,000 reduction of convertible senior notes due 2025 0 111,000
Senior secured term loan issued in exchange for a $14,700 reduction of deferred royalty obligation 0 15,000
Issuance of common stock used to settle a financial advisory fee related to financing activities 0 7,697
Convertible senior notes due 2029 issued in exchange for a $5,000 reduction of deferred royalty obligation $ 0 $ 5,000