v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (44,530) $ (63,189)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,241 14,531
Depreciation and amortization expense 3,624 3,302
Non-cash interest associated with the sale of future royalties 1,743 (1,399)
Non-cash royalty revenue 417 (2,020)
Premium paid on marketable securities (1,240) 0
Amortization of premiums on marketable securities 330 1,461
Loss on disposal of property and equipment 0 6
Change in operating assets and liabilities:    
Accounts receivable 348 (1,687)
Prepaid expenses and other current assets 1,011 2,173
Income tax receivable 0 31,975
Operating lease, right-of-use assets 1,697 3,607
Other long-term assets (18) 0
Accounts payable 1,339 (588)
Accrued expenses (2,568) (2,360)
Operating lease liabilities (2,247) 1,384
Other long-term liabilities 26 21
Net cash used in operating activities (28,827) (12,783)
Cash flows from investing activities    
Purchase of marketable securities (216,084) (141,008)
Proceeds from maturities and sale of marketable securities 194,898 190,497
Purchase of property and equipment (165) (11,438)
Net cash (used in) provided by investing activities (21,351) 38,051
Cash flows from financing activities    
Proceeds from October 2025 public offering, net of issuance costs of $4,802 69,948 0
Payments on royalty sale liability, net of imputed interest (18,929) (18,124)
Payments for settlement of share-based awards (402) (267)
Proceeds from the exercise of stock options 682 94
Net cash provided by (used in) financing activities 51,299 (18,297)
Net increase in cash, cash equivalents and restricted cash 1,121 6,971
Cash, cash equivalents and restricted cash at beginning of period 35,658 41,201
Cash, cash equivalents and restricted cash at end of period 36,779 48,172
Supplemental disclosure of non-cash information:    
Purchases of fixed assets included in accounts payable and accrued expenses 6 1,396
Operating lease liabilities arising from obtaining right-of-use assets 0 1,199
Supplemental disclosure of cash flow information    
Cash paid for interest 8,761 7,185
Cash received from tenant improvement allowances 330 5,146
Cash received from income tax refund $ 0 $ 33,785