v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income (loss) $ (17,962) $ 6,359
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 913 630
Impairment of fixed assets 64 0
Bad debt expense 198 959
Change in fair value of warrant liability (1,022) 6,825
Non-cash royalty revenue related to sale of future royalties (743) (863)
Non-cash interest expense 7,384 12,437
Non-cash operating lease expense 2,422 2,231
Write-down of inventory 4,943 115
Gain on the sale of property and equipment 0 (172)
Stock-based compensation expense 6,894 4,863
Changes in operating assets and liabilities:    
Accounts receivable (6,673) (39,400)
Inventory (3,195) (12,606)
Prepaid expenses and other current assets (2,002) 3,518
Other long-term assets (710) 103
Accounts payable (5,190) 1,491
Accrued expense and other current liabilities (3,406) 18,778
Operating lease liabilities (2,611) (2,647)
Deferred revenue 3,488 5,532
Other long-term liabilities (474) 605
Net cash provided by (used in) operating activities (17,682) 8,758
Investing Activities:    
Purchases of equipment (1,141) (144)
Proceeds from the sale of property and equipment 0 172
Purchase of IPR&D asset (3,000) 0
Net cash provided by (used in) investing activities (4,141) 28
Financing Activities:    
Proceeds from the issuance of debt 0 10,000
Payments of issuance costs related to BlackRock Credit Agreement 0 (63)
Proceeds from issuance of common stock, net of issuance costs 3,240 66,449
Proceeds from issuance of stock under employee stock purchase plan 131 78
Proceeds from the exercise of stock options 105 660
Repayment of WCF liability (8,854) 0
Repayment of liability related to settlement royalties (2,086) 0
Repayment of term debt 0 (462)
Net cash provided by (used in) financing activities (7,464) 76,662
Increase (decrease) in cash, cash equivalents and restricted cash (29,287) 85,448
Cash, cash equivalents and restricted cash — beginning of period 186,543 53,550
Cash, cash equivalents and restricted cash — end of period 157,256 138,998
Supplemental disclosures of non-cash financing and investing activities    
Issuance of warrants in connection with BlackRock Credit Agreement 0 2,199
Purchase of IPR&D asset included in accrued expenses and other current liabilities 2,000 0
Right-of-use asset obtained in exchange for lease liabilities 4,559 0
Property and equipment included in accounts payable $ 128 $ 0