v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 62,137 $ 54,301
Short-term investments 278,488 334,648
Accounts receivable, net 34,192 26,081
Inventory 28,651 25,753
Prepaid expenses and other current assets 26,622 26,133
Total current assets 430,090 466,916
Property and equipment, net 1,065 1,104
Right-of-use asset 2,936 3,049
Intangible assets, net 5,106 5,319
Restricted cash 601 522
Other long-term assets 2,518 3,286
Total assets 442,316 480,196
Current liabilities:    
Accounts payable 12,299 13,947
Accrued expenses and other current liabilities 80,045 83,855
Lease liability 676 650
Deferred revenue 48 194
Deferred royalty obligation, current 10,130 7,296
Total current liabilities 103,198 105,942
Long-term liabilities:    
Deferred royalty obligation 98,339 100,886
Lease liability, non-current 3,163 3,342
Total liabilities 204,700 210,170
Commitments and contingencies (Note 14)
Series A convertible preferred stock, $0.001 par value: 150,000 shares authorized; 132,500 and 132500 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. Liquidation preference of $132,500 and $132,500 as of March 31, 2026, and December 31, 2025, respectively. 114,710 130,957
Stockholders’ equity:    
Preferred stock, $0.001 par value: 9,850,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value: 120,000,000 shares authorized; 68,445,084 and 67,205,321 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 69 67
Additional paid-in capital 1,529,909 1,491,675
Accumulated other comprehensive income (loss) 444 (796)
Accumulated deficit (1,407,516) (1,351,877)
Total stockholders’ equity 122,906 139,069
Total liabilities, convertible preferred stock and stockholders’ equity $ 442,316 $ 480,196