v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 11,226 $ 55,696
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 52,459 40,853
Accretion of marketable securities, net (1,543) (3,005)
Depreciation and amortization 1,461 931
Deferred income taxes (10,229) (31,469)
Changes in operating assets and liabilities:    
Trade receivables (17,134) (10,591)
Inventory (7,536) (4,021)
Prepaid expenses and other current assets 1,340 (3,925)
Accounts payable (25,885) 8,149
Accrued research and development expenses (12,326) (4,819)
Accrued and other liabilities, current and non-current 24,938 1,268
Net cash provided by operating activities 16,771 49,067
Cash flows from investing activities:    
Purchases of property and equipment (2,729) (161)
Proceeds from sales and maturities of marketable securities 119,312 205,536
Purchases of marketable securities (141,283) (138,419)
Net cash (used in) provided by investing activities (24,700) 66,956
Cash flows from financing activities:    
Proceeds from stock option exercises, net of issuance costs 9,741 10,975
Proceeds from purchases under the Employee Stock Purchase Program 6,200 4,990
Repurchases of common stock in connection with Stock Repurchase Program 0 (130,451)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants (17,218) (28,251)
Net cash used in financing activities (1,277) (142,737)
Net effect of exchange rate changes on cash, cash equivalents and restricted cash (250) 1,794
Net decrease in cash, cash equivalents and restricted cash (9,456) (24,920)
Cash, cash equivalents and restricted cash, at beginning of period 121,745 128,665
Cash, cash equivalents and restricted cash, at end of period 112,289 103,745
Supplemental disclosure:    
Exercise cost of shares repurchased for net settlement of cashless option exercises 14,331 12,056
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 111,039 102,745
Restricted cash included in Other assets 1,250 1,000
Cash, cash equivalents and restricted cash, at end of period $ 112,289 $ 103,745