v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (71,264) $ (78,037)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation   10
Amortization of acquired intangible assets 559 128
Non-cash operating lease cost (55) (44)
Stock-based compensation expense 5,476 5,201
Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities (235) 29
Change in fair value of warrant liability (9,323) (17,904)
Non-cash change in fair value of Notes 258 4,565
Loss on debt extinguishment   1,826
Changes in operating assets and liabilities:    
Accounts receivable, net (20,061) (2,076)
Inventory (563) (1,168)
Prepaid expenses, other current assets and other assets (6,507) (795)
Accounts payable 5,551 4,021
Accrued expenses and other liabilities 139 6,641
Accrued expenses, long term   6,264
Net cash used in operating activities (96,025) (71,339)
Investing activities    
Purchases of investments (16,015)  
Maturities of investments 16,250  
Net cash used in investing activities 235  
Financing activities    
Proceeds from the issuance of common stock and pre-funded warrants, net   100,095
Repayment of vendor financing arrangement (2,500)  
Proceeds from exercise of warrants 29,371 13,840
Proceeds from long-term debt   75,000
Repayment of long-term debt   (42,580)
Proceeds from insurance premium financing 736 1,180
Payments on insurance premium financing (522) (714)
Proceeds from the exercise of stock options and employee stock purchase program 68 22
Net cash provided by financing activities 27,153 146,843
(Decrease) increase in cash, cash equivalents and restricted cash (68,637) 75,504
Cash, cash equivalents and restricted cash at beginning of period 205,231 89,059
Cash, cash equivalents and restricted cash at end of period 136,594 164,563
Supplemental disclosure of non-cash investing and financing activities    
Conversion of warrant liability into additional paid-in capital upon warrant exercise 26,324 $ 18,538
Right of use assets obtained in exchange for operating lease liabilities $ 2,515