v3.26.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (17,368) $ 31,869
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of intangible assets 146 146
Depreciation and amortization 1,230 1,622
Impairment loss on machinery and equipment 402 106
Accretion of discounts on short-term investments (2,206) (5,311)
Stock-based compensation expense 6,302 7,668
Non-cash lease expense 4,483 4,084
Changes in operating assets and liabilities    
Accounts receivable 1,090 329
Prepaid expenses and other assets (1,242) 1,433
Accounts payable 221 (297)
Accrued liabilities and other long-term liabilities (3,049) (9,628)
Deferred revenue (65,596) (118,252)
Net cash used in operating activities (75,587) (86,231)
Cash flows from investing activities:    
Purchases of property and equipment (220) (310)
Purchases of short term investments (192,524) (155,490)
Maturities of short term investments 133,000 255,500
Net cash provided by (used in) investing activities (59,744) 99,700
Cash flows from financing activities:    
Proceeds from issuance of pre-funded warrants and warrants, net of issuance cost 0 0
Proceeds from issuance of common stock, net of issuance cost 109,635 6,909
Proceeds from employee stock purchase plan and exercise of stock options 811 613
Net cash provided by financing activities 110,446 7,522
Net increase (decrease) in cash, cash equivalents and restricted cash (24,885) 20,991
Cash, cash equivalents and restricted cash, beginning of year 39,079 18,088
Cash, cash equivalents and restricted cash, end of year 14,194 39,079
Supplemental disclosures of noncash investing items:    
Purchases of property and equipment in accounts payable and accrued liabilities 0 8
Supplemental disclosures of noncash financing items:    
Deemed dividend on warrants $ 3,002 $ 0