v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2025
Apr. 30, 2025
Apr. 30, 2024
Cash flows from operating activities:      
Net loss $ (109,524) $ (183,444) $ (126,644)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 969 941 816
Stock-based compensation expense 11,415 12,291 21,915
Realized gain from sale of marketable securities (1,227) (1,561) (1,325)
Non cash operating lease expense 572 370 (12)
Amortization of (discount) premium on marketable securities (637) 14 92
Foreign currency exchange loss (gain) (555) (4,175) 760
Non-cash interest expense and amortization of issuance costs 11,796 5,872  
Fair value adjustment to derivative liability 3,426 1,750  
Impairment of right of use assets 1,190    
Changes in operating assets and liabilities:      
Research and development tax credit receivable (4,809) 7,251 8,176
Accounts receivable, net (2,593)    
Inventory (3,428)    
Prepaid expenses and other assets 10,778 (12,232) (538)
Accounts payable 4,191 (4,971) 4,320
Accrued expenses and other liabilities (3,828) 14,429 3,209
Deferred revenue 643 10,558  
Net cash used in operating activities (81,621) (152,907) (89,231)
Cash flows from investing activities:      
Purchases of marketable securities (84,784) (30,571) (189,231)
Sales and maturities of marketable securities 105,364 122,524 104,955
Acquisition of property and equipment (1,707) (434) (42)
Capitalized website development costs (189) (495) (401)
Net cash provided by (used in) investing activities 18,684 91,024 (84,719)
Cash flows from financing activities:      
Proceeds from sale of convertible notes, net of offering costs 139,049    
Proceeds from the royalty agreement, net of issuance costs 21,670 98,040  
Issuance of common stock, net of issuance costs   55,911 96,945
Issuance of pre-funded warrants     53,123
Issuance of common stock from equity incentive plans 1,228 4,901 184
Issuance of common stock from employee stock purchase plan 694 875 462
Net cash provided by financing activities 162,641 159,727 150,714
Effect of exchange rate changes (1,831) 2,639 (1,213)
Net increase (decrease) in cash, cash equivalents and restricted cash 97,873 100,483 (24,449)
Cash, cash equivalents and restricted cash at beginning of the period 132,272 31,789 56,238
Cash, cash equivalents and restricted cash at end of the period 230,145 132,272 31,789
Less: Restricted cash in other assets 803 657  
Cash and cash equivalents 229,342 131,615 31,789
Supplemental disclosure of cash flow information      
Cash paid for interest 822    
Supplemental disclosure of non-cash activities      
Lease liabilities arising from obtaining right of use assets 5,680 $ 725 162
Property and equipment included in accounts payable and accrued expenses $ 55    
Website development costs included in accounts payable     $ 31