v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income (loss) $ (9,054) $ 6,112
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 328 314
Bad debt expense 199 702
Change in fair value of warrant liability (456) (155)
Non-cash royalty revenue related to sale of future royalties (341) (369)
Non-cash interest expense 4,577 6,253
Non-cash operating lease expense 1,198 1,104
Write-down of inventory 3,216 163
Gain on the sale of property and equipment 0 (172)
Stock-based compensation expense 3,668 2,187
Changes in operating assets and liabilities:    
Accounts receivable (15,704) (27,872)
Inventory (2,540) (4,953)
Prepaid expenses and other current assets 170 2,212
Other long-term assets (749) 54
Accounts payable (7,792) (2,234)
Accrued expense and other current liabilities 2,035 2,771
Operating lease liabilities (1,422) (1,310)
Deferred revenue 1,815 1,241
Other long-term liabilities (355) 365
Net cash used in operating activities (21,207) (13,587)
Investing Activities:    
Purchases of equipment (62) (18)
Proceeds from the sale of property and equipment 0 172
Net cash provided by (used in) investing activities (62) 154
Financing Activities:    
Proceeds from the issuance of debt 0 10,000
Payments of issuance costs related to BlackRock Credit Agreement 0 (63)
Proceeds from issuance of common stock, net of issuance costs 0 64,907
Proceeds from issuance of stock under employee stock purchase plan 131 78
Proceeds from the exercise of stock options 20 482
Repayment of WCF liability (492) 0
Repayment of liability related to settlement royalties (585) 0
Repayment of term debt 0 (462)
Net cash provided by (used in) financing activities (926) 74,942
Increase (decrease) in cash, cash equivalents and restricted cash (22,195) 61,509
Cash, cash equivalents and restricted cash — beginning of period 186,543 53,550
Cash, cash equivalents and restricted cash — end of period 164,348 115,059
Non-cash financing activities    
Issuance of warrants in connection with BlackRock Credit Agreement 0 2,199
Purchase of IPR&D asset included in accrued expenses and other current liabilities $ 5,000 $ 0