v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (25,029) $ (44,934)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,558 10,354
Depreciation and amortization expense 2,439 2,092
Non-cash interest associated with the sale of future royalties 929 (1,303)
Non-cash royalty revenue (1,106) (175)
Premium paid on marketable securities (1,037) 0
Amortization of premiums on marketable securities 322 1,448
Loss on disposal of property and equipment 0 6
Change in operating assets and liabilities:    
Accounts receivable (927) (146)
Prepaid expenses and other current assets 1,780 3,556
Income tax receivable (19) (1,837)
Operating lease, right-of-use assets 1,113 2,656
Other long-term assets (52) (4)
Accounts payable 2,415 705
Accrued expenses (5,892) (4,883)
Operating lease liabilities (1,367) 2,164
Other long-term liabilities 18 12
Net cash used in operating activities (18,855) (30,289)
Cash flows from investing activities    
Purchase of marketable securities (190,574) (55,016)
Proceeds from maturities and sale of marketable securities 155,376 130,833
Purchase of property and equipment (158) (11,283)
Net cash (used in) provided by investing activities (35,356) 64,534
Cash flows from financing activities    
Proceeds from October 2025 public offering, net of issuance costs of $4,802 69,948 0
Payments on royalty sale liability, net of imputed interest (12,895) (11,703)
Payments for settlement of share-based awards (402) (264)
Proceeds from the exercise of stock options 190 94
Net cash provided by (used in) financing activities 56,841 (11,873)
Net increase in cash, cash equivalents and restricted cash 2,630 22,372
Cash, cash equivalents and restricted cash at beginning of period 35,658 41,201
Cash, cash equivalents and restricted cash at end of period 38,288 63,573
Supplemental disclosure of non-cash information:    
Purchases of fixed assets included in accounts payable and accrued expenses 0 1,296
Operating lease liabilities arising from obtaining right-of-use assets 0 1,101
Supplemental disclosure of cash flow information    
Cash paid for interest 5,453 5,480
Cash received from tenant improvement allowances $ 330 $ 4,780