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 $ (21,222) $ (49,392)
Adjustments to reconcile net loss to net cash used in operating activities:    
Royalty liability interest expense - related parties 9,121 8,377
Goodwill impairment 0 20,950
Depreciation and amortization 1,197 1,634
Stock-based compensation 1,571 2,499
Loss on disposal of assets, net 4 80
Change in fair value of liability classified Class A common stock warrants 10 (462)
Other (4) 21
Changes in operating assets and liabilities:    
Accounts receivable (1,200) 91
Prepaid expenses and other current assets 591 309
Accounts payable (1,288) 995
Accrued expenses (176) 3,135
Accrued compensation (57) (745)
Deferred revenue (89) (71)
Right-of-use assets and lease obligations, net (44) 688
Other assets and liabilities, net 100 64
Net cash used in operating activities (11,486) (11,827)
Investing activities    
Proceeds from sales of property, plant, and equipment 43 0
Purchases of property, plant, and equipment (115) (291)
Net cash used in investing activities (72) (291)
Financing activities    
Proceeds from issuances of securities 37,255 22,599
Costs incurred related to issuances of securities (4,950) (1,169)
Payment of taxes related to restricted stock units withheld from employees (80) (13)
Repayments of notes payable (261) (148)
Net cash provided by financing activities 31,964 21,269
Effect of exchange rate changes on cash and cash equivalents (4) 3
Net increase in cash and cash equivalents 20,402 9,154
Cash and cash equivalents – beginning of period 9,923 14,433
Cash and cash equivalents – end of period $ 30,325 $ 23,587