v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (101,339) $ (101,007) $ (95,960)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 4,454 4,600 4,156
Allowance for credit losses 146 124 0
Non-cash lease expense 2,309 2,424 1,402
Loss on lease termination 2,260 0 0
Write-off of construction on process due to lease termination 1,162 0 0
Unrealized gain on trading securities, net 0 0 (10,690)
Realized loss on trading securities 0 0 5,103
Accretion on marketable securities (8,022) (8,405) 0
Loss on disposal of fixed assets 31 425 136
Write-down of inventory 2,290 (3,229) (3,382)
Change in fair value of warrant liabilities (4,202) 3,721 278
Change in fair value of contingent consideration 0 0 (400)
Stock-based compensation 10,773 8,887 8,516
Other (1) 22 0
Changes in operating assets and liabilities:      
Accounts receivable, net 626 (1,089) (368)
Legal settlement insurance receivable (4,638) 0 0
Inventory (2,006) 4,342 286
Prepaid expenses and other current assets (1,563) 486 2,159
Operating lease right-of-use assets 0 0 (83)
Other assets 3 (113) 2
Accounts payable (338) 390 (1,220)
Accrued expenses and other current liabilities (1,495) 4,021 (1,835)
Accrued legal settlement liability 8,000 0 0
Other long-term liabilities 14 7 7
Operating lease liabilities (3,181) (3,401) (2,143)
Net cash used in operating activities (94,717) (87,795) (94,036)
Cash flows from investing activities:      
Purchases of property and equipment (2,517) (4,583) (4,510)
Internally developed software - capitalized costs 0 (59) (763)
Purchases of marketable securities (404,581) (369,433) (123,809)
Sales and maturities of marketable securities 378,778 341,400 272,510
Net cash (used in) provided by investing activities (28,320) (32,675) 143,428
Cash flows from financing activities:      
Proceeds from exercise of stock options 1,912 1,072 357
Proceeds from vesting of restricted stock 1 1 0
Proceeds from issuance of common stock from direct equity offerings and the exercise of public and pre-funded warrants, net of fees and issuance costs 93,510 0 0
Proceeds from issuance of common stock from “at-the-market” offering, net of commissions and issuance costs 0 34,789 0
Deferred offering costs 0 0 (208)
Refund of issuance costs 0 14 0
Net cash provided by financing activities 95,423 35,876 149
Effect of exchange rate changes on cash and cash equivalents 12 (25) 0
Net (decrease) increase in cash and cash equivalents (27,602) (84,619) 49,541
Cash and cash equivalents at beginning of period 49,241 133,860 84,319
Cash and cash equivalents at end of period 21,639 49,241 133,860
Supplemental disclosure of cash flow information:      
Cash received from exchange of research and development tax credits 2,114 0 1,523
Cash paid for taxes 24 0 0
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment purchased but not paid 217 337 302
Transfers from inventory to property and equipment 1,029 0 0
Deferred offering costs payable $ 0 $ 553 $ 105