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 $ (4,933) $ (13,579)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 381 413
Amortization and accretion on investment securities, net (602) (327)
Future royalty payment contingency interest accretion   643
Share-based compensation 4,504 4,877
Amortization of right-of-use assets 1,056 966
Deferred income taxes (2,999) (1,852)
Other 42 (39)
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 29,954 3,087
Receivables from milestones and royalty assets 50,000 50,000
Prepaid clinical and development services   73
Other prepaid and current assets 1,666 148
Right-of-use lease assets 314 (42)
Other assets 1,025 330
Accounts payable (1,468) 166
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (4,867) (1,514)
Operating lease liabilities (2,199) (1,664)
Unrecognized tax benefits 1,474 1,285
Other long-term liabilities (69) 68
Net cash provided by operating activities 73,279 43,039
Investing activities    
Purchases of marketable securities (43,407) (1,968)
Maturities of marketable securities 96,000 32,600
Net cash provided by investing activities 52,593 30,632
Financing activities    
Proceeds from the sale of ordinary shares   20
Proceeds from option exercises 241  
Repurchase of shares to satisfy tax withholding (5,818) (874)
Net cash used in financing activities (5,577) (854)
Net increase in cash, cash equivalents, and restricted cash 120,295 72,817
Cash, cash equivalents, and restricted cash at beginning of period 168,642 38,633
Cash, cash equivalents, and restricted cash at end of period 288,937 111,450
Supplemental disclosure of cash flow information    
Cash (received) paid for income taxes, net $ (351) $ 4