v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (11,938) $ (22,290)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,810 5,666
Depreciation and amortization expense 1,230 889
Non-cash interest associated with the sale of future royalties 696 (536)
Non-cash royalty revenue (1,879) (1,281)
Premium paid on marketable securities (756) 0
Amortization of premiums on marketable securities 20 632
Loss on disposal of property and equipment 0 6
Change in operating assets and liabilities:    
Accounts receivable (1,611) (1,072)
Prepaid expenses and other current assets 4,248 1,729
Income tax receivable 0 (445)
Operating lease, right-of-use assets 546 1,530
Other long-term assets (1) 0
Accounts payable (63) (168)
Accrued expenses (5,176) (2,910)
Operating lease liabilities (834) 1,445
Other long-term liabilities 9 4
Net cash used in operating activities (11,699) (16,801)
Cash flows from investing activities    
Purchase of marketable securities (148,624) 0
Proceeds from maturities and sale of marketable securities 101,469 77,648
Purchase of property and equipment (143) (8,745)
Net cash (used in) provided by investing activities (47,298) 68,903
Cash flows from financing activities    
Proceeds from October 2025 public offering, net of issuance costs of $4,802 69,948 0
Payments on royalty sale liability, net of imputed interest (5,856) (4,943)
Payments for settlement of share-based awards (97) (137)
Proceeds from the exercise of stock options 141 94
Net cash provided by (used) in financing activities 64,136 (4,986)
Net increase in cash, cash equivalents and restricted cash 5,139 47,116
Cash, cash equivalents and restricted cash at beginning of period 35,658 41,201
Cash, cash equivalents and restricted cash at end of period 40,797 88,317
Supplemental disclosure of non-cash information:    
Purchases of fixed assets included in accounts payable and accrued expenses 0 2,427
Operating lease liabilities arising from obtaining right-of-use assets 0 547
Supplemental disclosure of cash flow information    
Cash paid for interest 2,379 3,008
Cash received from tenant improvement allowances $ 0 $ 2,710