v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (54,326) $ (60,223)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization expense 1,519 1,233
Non-cash lease expense 730 1,254
Stock-based compensation 29,474 23,775
Non-cash interest expense 3,150 4,425
Non-cash royalty revenue related to the sale of future royalties (1,371) (2,406)
Other, net (1,088) (2,083)
Changes in operating assets and liabilities    
Accounts receivable (28,504) (4,848)
Inventory (15,878) (32,075)
Prepaid commercial manufacturing (8,712) 3,638
Prepaid expenses and other assets (5,486) (5,917)
Accounts payable 19,175 5,685
Accrued compensation and benefits (4,544) (3,126)
Operating lease liabilities (753) (1,268)
Accrued and other liabilities 22,446 7,480
Deferred revenue 5,532 657
Net cash used in operating activities (38,636) (63,799)
Investing activities    
Proceeds from maturities and redemptions of investments 94,510 93,110
Purchases of investments (81,762) (54,361)
Purchases of property and equipment (82) (975)
Net cash provided by investing activities 12,666 37,774
Financing activities    
Proceeds from Loan Agreement, net of costs 81,871 48,668
Repayment of Loan Agreement, including fees (33,831) 0
Proceeds from issuance of common stock under equity incentive plans 7,122 2,470
Net cash provided by financing activities 55,162 51,138
Net increase in cash and cash equivalents 29,192 25,113
Cash and cash equivalents at beginning of period 67,999 64,932
Cash and cash equivalents at end of period 97,191 90,045
Supplemental disclosure of cash flow information    
Cash paid for interest 7,745 6,280
Cash paid for income taxes 101 440
Supplemental disclosure of non-cash activities    
Right-of-use assets obtained in exchange for lease obligations 0 3,880
Issuance of common stock for services $ 185 $ 315