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 Income (Loss) $ 5,696 $ 136 $ (113,724)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 10,840 20,971 34,101
Depreciation and amortization expense 4,133 5,468 6,243
Non-cash operating lease cost 8,420 9,230 8,871
Net (accretion) amortization of (discounts) premiums on investments 0 0 (236)
Gain on sale of VOWST Business, net of transaction costs 0 (146,707) 0
Amortization of debt issuance costs 0 1,413 1,139
Loss associated with extinguishment of debt 0 23,351 1,625
(Gain)/loss on disposal of fixed assets (192) 317 0
Impairment of long-lived assets 0 3,267 0
Change in fair value of warrant liabilities 0 (546) (1,554)
Collaboration (profit) loss sharing - related party (1) [1] 0 0 5,158
Changes in operating assets and liabilities:      
Accounts receivable due from SPN - related party 1,708 (2,068) 0
Prepaid expenses and other current and non-current assets 2,720 987 (29,124)
Accounts receivable (157) 0 0
Collaboration receivable - related party 0 8,674 (8,674)
Inventories 0 (33,795) (29,647)
Deferred income - related party 0 (4,124) 7,730
Deferred revenue - related party 0 0 (1,325)
Accounts payable (2,397) (2,940) (11,578)
Accrued liabilities due to SPN - related party (14,472) (15,708) 0
Operating lease liabilities (8,674) (6,339) (2,197)
Accrued expenses and other current and long-term liabilities (6,508) (10,196) 15,838
Net cash provided by (used in) operating activities 1,117 (148,609) (117,354)
Cash flows from investing activities:      
Purchases of property and equipment (252) (380) (7,975)
Proceeds from sales of property and equipment 210 0 0
Purchases of investments 0 0 (4,426)
Sales and maturities of investments 0 0 22,983
Sales of restricted investments 0 1,401 0
Proceeds from sale of VOWST Business 0 141,272 0
Net cash (used in) provided by investing activities (42) 142,293 10,582
Cash flows from financing activities:      
Proceeds from at the market equity offering, net of issuance costs 13,167 23,530 18,159
Proceeds from exercise of stock options 501 0 877
Proceeds from Securities Purchase Agreement - related party 0 13,516 0
Issuance of common stock under ESPP 230 487 2,151
Proceeds from issuance of debt, net of issuance costs 0 0 103,378
Repayment of notes payable 0 (127,905) (52,860)
Net cash provided by (used in) financing activities 13,898 (90,372) 71,705
Net increase (decrease) in cash, cash equivalents and restricted cash 14,973 (96,688) (35,067)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (1) 2
Cash, cash equivalents and restricted cash at beginning of year 39,461 136,150 171,215
Cash, cash equivalents and restricted cash at end of year 54,434 39,461 136,150
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 10,858 12,547
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment purchases included in accounts payable and accrued expenses 0 0 16
Lease liability arising from obtaining right-of-use assets 0 0 3,046
Prepaid rent reclassified to right-of-use assets 0 0 4,634
Recognition of warrant liabilities 0 0 2,100
Warrants issued related to prior credit facility with Oaktree and recorded as debt discount $ 0 $ 0 $ 2,785
[1] Includes non-cash collaboration profits and losses related to pre-launch activities; subsequent to the approval of VOWST in April 2023, collaboration (profit) loss sharing - related party is included within changes in operating assets and liabilities.