v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ 56,060 $ (33,460)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 1,889 2,453
Depreciation and amortization 239 289
Remeasurement on fair value of financial instruments (73,146) 65
Non-cash interest remeasurement on OMIDRIA royalty obligation (1,410) (3,372)
Non-cash interest on OMIDRIA contract royalty asset (3,132) (3,954)
Remeasurement of OMIDRIA contract royalty asset (1,619) (166)
Changes in operating assets and liabilities:    
OMIDRIA contract royalty asset 7,343 6,682
Prepaid expenses and other 87 (472)
Receivables (1,115) 663
Inventory (183) 0
Accounts payable and accrued expense (979) (5,042)
Net cash used in operating activities (14,506) (35,841)
Investing activities:    
Proceeds from the sale and maturities of investments 30,050 39,300
Purchases of investments (1,316) (718)
Purchases of property and equipment 0 (41)
Net cash provided by investing activities 28,734 38,541
Financing activities:    
Exercise of stock options 8,208 63
Repayment of 2026 Notes (17,077) 0
Principal payments on OMIDRIA royalty obligation (4,670) (1,722)
Repurchases of common stock (4,152) 0
Net share settlement of equity awards (4,108) 0
Payments on finance lease obligations (183) (180)
Net cash used in financing activities (21,982) (1,839)
Net increase (decrease) in cash and cash equivalents (7,754) 861
Cash and cash equivalents at beginning of period 9,660 3,400
Cash and cash equivalents at end of period 1,906 4,261
Supplemental cash flow information    
Cash paid for interest 5,565 10,218
Cash paid for income taxes, net 57 0
Convertible Debt [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of discount and issuance costs 1,460 148
Loans Payable [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of discount and issuance costs $ 0 $ 325