v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (57,443) $ (112,243)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 19,493 19,885
Depreciation and amortization 1,072 666
Non-cash lease expense (120) 335
Non-cash interest on revenue interest financing agreement 10,176 266
Amortization of debt issuance costs 671 18
Change in fair value of warrant liability (2,865) 297
Amortization of premium and discounts on marketable securities (1,550) (2,809)
Realized loss (gain) on marketable securities (17) (2)
Net loss on disposal of fixed assets (1) 34
Loss on debt extinguishment 9,472 0
Unrealized foreign currency transaction (loss) gain (229) (205)
Change in operating assets and liabilities:    
Accounts receivable (11,750) 10,029
Prepaid expenses and other current assets (2,325) (986)
Inventory (8,490) (552)
Interest receivable on marketable securities (603) (414)
Intangible assets 0 (8,000)
Other non-current assets 3,783 145
Accounts payable 3,110 16,071
Contract liabilities (1,737) (4,505)
Accrued expenses 1,453 (8,835)
Net cash used in operating activities (37,900) (90,805)
Cash flow from investing activities:    
Purchases of marketable securities (149,840) (142,378)
Proceeds from sale of marketable securities 112,497 251,689
Purchases of property and equipment (302) (253)
Net cash (used in) provided by investing activities (37,645) 109,058
Cash flow from financing activities:    
Proceeds from borrowings, net of debt issuance costs and debt discounts 0 48,901
Proceeds from revenue interest financing agreement 0 150,000
Proceeds from convertible debt 243,750 0
Payments on capped call transactions (17,135) 0
Payments on borrowings and amendment fee under Financing Agreement (58,687) (700)
Payments on debt issuance costs (1,129) (6,607)
Payments on revenue interest financing agreement (1,882) 0
Proceeds from issuance of Common Stock under ESPP 1,247 533
Proceeds from exercises of options 4,409 1,844
Net cash provided by financing activities 170,573 193,971
Effect of foreign exchange rate changes on cash and cash equivalents (510) 23
Net (decrease) increase in cash and cash equivalents 94,518 212,247
Cash and cash equivalents, beginning of the period 164,086 35,723
Cash and cash equivalents, end of the period 258,604 247,970
Non-cash operating activities:    
Right-of-use assets recognized $ 185 $ 3,772