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 loss $ (89,181) $ (20,319)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property and equipment 1,920 1,866
Amortization of intangible assets 352 3,223
Stock-based compensation expense 18,269 12,273
Amortization of operating lease right-of-use assets 2,529 1,430
Amortization of debt issuance costs 113 0
Non-cash royalty revenue related to sale of royalties (467) 0
Non-cash interest expense related to sale of royalties 8,548 0
Deferred income tax recovery (1,935) (295)
Unrealized foreign exchange (gain) loss (632) 678
Changes in operating assets and liabilities:    
Accounts receivable (1,292) 53,208
Prepaid expenses and other current assets (2,109) 8,362
Accounts payable and accrued liabilities (11,367) (28,324)
Operating lease liabilities (1,788) (1,632)
Deferred revenue (588) (21,777)
Income taxes payable (38) (27)
Net cash (used in) provided by operating activities (77,666) 8,666
Cash flows from investing activities:    
Purchases of marketable securities (62,532) (104,179)
Proceeds from marketable securities 149,781 126,328
Acquisition of property and equipment (216) (530)
Acquisition of intangible assets 0 (692)
Net cash provided by investing activities 87,033 20,927
Cash flows from financing activities:    
Issuance of common stock on exercise of stock options 11,605 2,156
Issuance of common stock through employee stock purchase plan 607 544
Purchases of common stock for retirement (128,100) 0
Proceeds from sale of future royalties 250,000 0
Payments for transaction costs related to sale of future royalties (5,345) 0
Deferred financing fees 0 (65)
Net cash provided by financing activities 128,767 2,635
Effect of exchange rate changes on cash and cash equivalents 122 (78)
Net change in cash and cash equivalents 138,256 32,150
Cash and cash equivalents, beginning of period 41,157 66,103
Cash and cash equivalents, end of period 179,413 98,253
Supplemental cash flow information:    
Net cash paid during the period for income taxes 1,108 583
Supplemental disclosure of non-cash investing and financing items:    
Issuance of common stock upon exercise of pre-funded warrants 0 49,862
Leased assets obtained in exchange for operating lease liabilities 0 1,024
Issuance costs related to sale of future royalties not yet paid 218 0
Acquisition of property and equipment and intangible assets not yet paid $ 156 $ 0