v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 39,206 $ (26,370)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 583 3,203
Share-based compensation 1,098 3,482
Non-cash royalty revenue (29,145) (23,556)
Non-cash interest expense 14,500 12,630
Unrealized loss on long-term investments 1,559 93
Gain on Zydus asset sale (40,379) 0
Other, net 428 (20)
Changes in operating assets and liabilities:    
Accounts receivable (4,731) 108
Prepaid expenses (3,403) 443
Accounts payable (11,880) 2,642
Deferred revenue 0 (25)
Accrued liabilities and other current liabilities (3,080) 1,379
Other operating assets and liabilities (706) 373
Net cash used in operating activities (35,950) (25,618)
Cash flows from investing activities:    
Purchases of plant and equipment 0 (5)
Proceeds from sale of plant and equipment 28 0
Proceeds from Zydus asset sale, net 63,917 0
Proceeds from repayment of MiNK related party note 5,000 0
Proceeds from sale of long-term investment 7 62
Net cash provided by investing activities 68,952 57
Cash flows from financing activities:    
Net proceeds from sale of equity 996 6,343
Net proceeds from equity sold under Zynext SPA, net 6,423 0
Proceeds from employee stock purchases and option exercises 55 44
Proceeds from the issuance of long-term debt, net 0 2,500
Purchase of treasury shares to satisfy tax withholdings (27) (22)
Payment of long-term debt (8,413) (2,500)
Payment of finance lease obligation (27) (2,771)
Net cash provided by (used in) financing activities (993) 3,594
Effect of exchange rate changes on cash (11) 18
Net increase (decrease) in cash, cash equivalents and restricted cash 31,998 (21,949)
Cash, cash equivalents and restricted cash, beginning of period 4,710 44,071
Cash, cash equivalents and restricted cash, end of period 36,708 22,122
Supplemental cash flow information:    
Cash paid for interest 188 387
Supplemental disclosures - non-cash activities:    
Insurance financing agreement $ 522 552
Lease right-of-use assets obtained in exchange for new operating lease liabilities   $ 107