v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 69,292 $ (58,884)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 3,510 4,518
Depreciation and amortization 432 489
Remeasurement on fair value of financial instruments (84,593) (8,142)
Non-cash interest on OMIDRIA contract royalty asset (6,195) (7,839)
Remeasurement of OMIDRIA contract royalty asset (5,191) 2,981
Non-cash interest remeasurement on OMIDRIA royalty obligation (853) (11,878)
Changes in operating assets and liabilities:    
OMIDRIA contract royalty asset 16,694 15,251
Prepaid expenses and other 1,737 315
Receivables (10,384) 1,463
Inventory (842) 0
Accounts payable and accrued expense 1,243 3,205
Net cash used in operating activities (10,357) (57,779)
Investing activities:    
Proceeds from the sale and maturities of investments 43,650 61,000
Purchases of investments (11,471) (1,108)
Purchases of property and equipment (45) (54)
Net cash provided by investing activities 32,134 59,838
Financing activities:    
Exercise of stock options 11,066 88
Repayment of 2026 Notes (17,077) 0
Principal payments on OMIDRIA royalty obligation (9,132) (6,701)
Repurchases of common stock (9,878) 0
Net share settlement of equity awards (4,108) 0
Payments on finance lease obligations (320) (392)
Proceeds from issuance of common stock from the ATM facility, net 0 6,287
Payment of debt issuance costs related to 2029 Notes 0 (2,837)
Net cash used in financing activities (29,449) (3,555)
Net increase (decrease) in cash and cash equivalents (7,672) (1,496)
Cash and cash equivalents at beginning of period 9,660 3,400
Cash and cash equivalents at end of period 1,988 1,904
Supplemental cash flow information    
Cash paid for interest 11,492 18,697
Cash paid for income taxes, net 501 182
Exchange of 2026 Notes for 2029 Notes [Member]    
Supplemental cash flow information    
Exchange of Notes 0 70,785
Exchange of 2026 Notes for Share-based Liability [Member]    
Supplemental cash flow information    
Exchange of Notes 0 8,085
Conversion of the 2026 Notes Into Common Stock [Member]    
Supplemental cash flow information    
Exchange of Notes 0 1,915
The 2029 Notes [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loss on early extinguishment of Notes 1,896 0
Convertible Senior Notes 2026 [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loss on early extinguishment of Notes 0 2,968
Convertible Debt [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of discount and issuance costs 2,897 988
Initial Term Loan [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of discount and issuance costs $ 0 $ (3,214)