v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ 5,397 $ (53,236)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 9,033 7,854
Depreciation and amortization 536 310
Non-cash lease expense (66) 164
Non-cash interest on revenue interest financing agreement 5,079 0
Amortization of debt issuance costs 321 0
Change in fair value of warrant liability (2,865) 751
Amortization of premium and discounts on marketable securities (839) (1,474)
Realized loss (gain) on marketable securities (8) (3)
Unrealized foreign currency transaction (loss) gain (21) 248
Change in operating assets and liabilities:    
Accounts receivable (6,647) 12,313
Prepaid expenses and other current assets (4,436) (1,144)
Inventory (4,433) (14)
Interest receivable on marketable securities 24 (1,483)
Other non-current assets 3,783 145
Accounts payable 12,956 4,189
Contract liabilities (426) (2,306)
Accrued expenses (12,319) (8,941)
Net cash provided by (used in) operating activities 5,069 (42,627)
Cash flow from investing activities:    
Purchases of marketable securities (82,146) (60,706)
Proceeds from sale of marketable securities 38,558 114,960
Purchases of property and equipment (48) (72)
Net cash (used in) provided by investing activities (43,636) 54,182
Cash flow from financing activities:    
Payments on borrowings 0 (534)
Payments on revenue interest financing agreement (864) 0
Proceeds from exercises of options 908 1,082
Net cash provided by financing activities 44 548
Effect of foreign exchange rate changes on cash and cash equivalents (172) 151
Net (decrease) increase in cash and cash equivalents (38,695) 12,254
Cash and cash equivalents, beginning of the period 164,086 35,723
Cash and cash equivalents, end of the period 125,391 47,977
Non-cash operating activities:    
Right-of-use assets recognized $ 109 $ 3,685