v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Cash flows from operating activities:              
Net (loss) income $ 78,395 $ (721,812) $ 5,085 $ 32 $ (643,417)   $ 5,117
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation         974   660
Acquired in-process research and development 0   0   697,761   0
Amortization of assembled workforce         600   0
Inventory obsolescence         583   1,026
Stock-based compensation expense         30,719   42,672
Mark-to-market adjustment on share-based liability         3,331   0
Payment of Pharmakon paid-in-kind interest         0   (5,492)
Non-cash interest expense on royalty financing obligations 13,036 13,294     26,330   26,916
Amortization of debt issuance costs on term loans         352   1,003
Amortization of discount on investments, net         (166)   (2,533)
Loss on extinguishment of debt 0   4,171   0   4,171
Changes in operating assets and liabilities:              
Increase in trade receivables         (1,959)   (21,295)
(Increase) decrease in inventory         (9,196)   568
Decrease in prepaid expenses and other assets         7,964   28
Decrease in royalty financing obligations         (26,788)   (36,921)
Decrease in accounts payable and accrued expenses         (55,330)   (2,135)
Increase in deferred revenue         10,793   0
Net cash provided by operating activities         42,551   13,785
Cash flows from investing activities:              
Acquisitions of property and equipment         (612)   (322)
Purchases of investments         (135,635)   (78,103)
Sales and maturities of investments         246,931   134,647
Acquisition of Astria Therapeutics, Inc., net of cash acquired         (489,480)   0
Net cash (used in) provided by investing activities         (378,796)   56,222
Cash flows from financing activities:              
Net proceeds from common stock issued under stock-based compensation plans         25,682   5,811
Withholding taxes paid on stock-based awards         (4,879)   (2,217)
Common stock issued to directors in lieu of cash retainer         77   15
Proceeds from term loan         400,000   0
Repayment of Pharmakon term loan principal         0   (69,508)
Prepayment premium and fees on Pharmakon term loan         0   (2,250)
Payment of debt issuance costs on term loan         (4,952)   0
Principal payments on royalty financing obligations         (13,823)   (3,956)
Principal payments on finance lease liabilities         (706)   (1,052)
Net cash provided by (used in) financing activities         401,399   (73,157)
Effect of exchange rates on cash, cash equivalents and restricted cash         (107)   1,810
Increase (decrease) in cash, cash equivalents and restricted cash, including cash classified within current assets held for sale         65,047   (1,340)
Less: net increase in cash and cash equivalents classified within current assets held for sale         0   (15,058)
Net increase (decrease) in cash, cash equivalents, and restricted cash         65,047   (16,398)
Beginning of period   $ 91,337   $ 106,323 91,337 $ 89,925 106,323
End of period 156,384   89,925   156,384 91,337 89,925
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents 154,972   88,033   154,972 89,736 88,033
Restricted cash 479   492   479 201 492
Restricted cash in other assets 933   1,400   933   1,400
Total cash, cash equivalents and restricted cash $ 156,384   $ 89,925   156,384 $ 91,337 89,925
Supplemental cash flow disclosure:              
Issuance of common stock for the acquisition of Astria Therapeutics, Inc.         251,655   0
Cash paid for interest         14,374   16,679
Cash paid for taxes         3,058   1,228
Taxes withheld on stock-based awards included in accrued expenses         947   343
Capitalized Software              
Supplemental cash flow disclosure:              
Capitalized software costs included in accrued expenses/Purchases of property and equipment included in accounts payable         566   152
Property and Equipment              
Supplemental cash flow disclosure:              
Capitalized software costs included in accrued expenses/Purchases of property and equipment included in accounts payable         $ 100   $ 1,069