v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (55,639) $ (49,498)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 23,099 12,862
Depreciation and amortization 252 383
Non-cash interest expense 4,577 5,408
Non-cash accretion & amortization of short-term investments (1,436) (1,787)
Non-cash rent expense 113 110
Change in fair value of embedded derivative liability 330 80
Foreign currency (gain) loss 1,352 0
Other non-cash items 178 0
Changes in operating assets and liabilities:    
Accounts receivable (8,110) 687
Inventory (3,086) (575)
Prepaid expenses and other current assets (487) (3,204)
Deferred revenue (145) (1,286)
Other long-term assets, net 435 102
Accounts payable, accrued expenses and other liabilities (5,618) (3,633)
Net cash used in operating activities (44,185) (40,351)
Investing activities    
Purchases of short-term investments (42,199) (33,521)
Maturities of short-term investments 99,251 58,333
Net cash provided by investing activities 57,052 24,812
Financing activities    
Repayment of deferred royalty obligation (4,288) (4,615)
Proceeds from the exercise of stock options 6,095 2,226
Tax withholding on vesting of restricted stock (8,458) 0
Proceeds from issuance of common stock from ESPP 1,251 854
Proceeds from ATM equity offering 0 34,034
Net cash provided by financing activities (5,400) 32,499
Effect of exchange rates on cash 448 (2)
Net increase (decrease) in cash, cash equivalents and restricted cash 7,915 16,958
Cash, cash equivalents and restricted cash at beginning of period 54,823 89,601
Cash, cash equivalents and restricted cash at end of period 62,738 106,559
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of preferred stock dividends $ 1,104 $ 1,322