v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 129,843 $ 122,518
Short-term investments 688,707 759,703
Accounts receivable 6,827 17,764
Inventories 154 0
Prepaid expenses and other current assets 13,934 16,990
Total current assets 839,465 916,975
Long-term investments 254,719 335,048
Property and equipment, net 82,438 79,194
Operating lease right-of-use assets 74,545 75,979
Inventories, long-term [1] 3,843 0
Other assets 18,468 17,341
Total assets 1,273,478 1,424,537
Current liabilities:    
Accounts payable 24,709 22,337
Accrued liabilities 68,863 83,278
Short-term operating lease liabilities 20,960 19,111
Current portion of convertible and long-term debt 44,808 41,181
Derivative liabilities measured at fair value 29,600 31,100
Deferred revenue 1,653 1,612
Other current liabilities 8,592 3,833
Total current liabilities 199,185 202,452
Term loans, net 247,209 246,384
Convertible notes, net 870,511 869,597
Liabilities related to revenue participation right purchase agreements, net 539,106 520,559
Long-term operating lease liabilities 105,235 107,970
Liabilities related to RPI Transactions measured at fair value 138,800 137,200
Total liabilities 2,100,046 2,084,162
Commitments and contingencies
Stockholders' deficit    
Preferred stock 0 0
Common stock 124 123
Additional paid-in capital 2,867,670 2,826,341
Accumulated other comprehensive (loss) income (1,612) 630
Accumulated deficit (3,692,750) (3,486,719)
Total stockholders' deficit (826,568) (659,625)
Total liabilities and stockholders' deficit $ 1,273,478 $ 1,424,537
[1] Inventories, long-term, are comprised of raw materials and work in process that are expected to be sold beyond the next 12 months.