v3.26.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss $ (191,086) $ (227,461)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,324 7,218
Accretion of discount on marketable securities (3,435) (9,719)
Stock-based compensation 14,008 24,687
Non-cash lease expenses 5,884 5,138
Impairment charges 1,694 0
Realized gain on sale of equity securities 0 (32,139)
Unrealized gain on equity securities 0 0
Non-cash interest expense on deferred royalty obligation 38,208 31,070
Other 571 766
Changes in operating assets and liabilities:    
Accounts receivable 4,639 27,462
Prepaid expenses and other assets 19,350 (11,558)
Accounts payable (2,468) 706
Accrued compensation 1,737 (1,781)
Accrued expenses and other liabilities 3,552 (7,354)
Deferred revenue (69,729) 7,845
Change in operating lease liability (7,480) (6,420)
Net cash used in operating activities (177,231) (191,540)
Investing activities    
Purchases of marketable securities (264,950) (461,521)
Maturities of marketable securities 253,766 538,925
Sales of marketable securities 57,892 70,155
Proceeds from sale of equity securities, net 0 74,047
Purchases of equipment and leasehold improvements (1,695) (3,098)
Net cash provided by (used in) investing activities 45,013 218,508
Financing activities    
Proceeds from sales of common stock, net of issuance costs 0 71,527
Proceeds from sales of common stock to Ipsen Biopharmaceuticals, Inc. (USA) 0 25,000
Payments of debt 0 (4,083)
Proceeds from exercise of common stock options 4 271
Taxes paid related to net share settlement of restricted stock units (332) (509)
Proceeds from employee stock purchase plan 372 1,848
Net cash provided by financing activities 44 94,054
Net increase in cash, cash equivalents and restricted cash (132,174) 121,022
Cash, cash equivalents and restricted cash at beginning of year 191,162 70,140
Cash, cash equivalents and restricted cash at end of year 58,988 191,162
Supplemental disclosure of cash flow information    
Cash paid for interest 0 310
Income tax paid (75) (17,520)
Supplemental Disclosures of Non-cash Investing and Financing Information    
Purchase of property and equipment included in accounts payable 11 673
Financing Component Associated with Program Fees $ 3,413 6,289
Premium on common stock issued to Ipsen Biopharma, Inc. (USA)   $ 429