v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (37,266) $ 96,804
Adjustments to reconcile net (loss) income to cash used in operating activities:    
Depreciation and amortization 1,355 1,078
Stock-based compensation expense 6,326 5,531
Change in fair value of warrant liabilities 1,805 (1,857)
Accretion and interest on short-term investments 90 290
Amortization of right-of-use lease assets 347 505
Non-cash interest 509 598
Gain from sale of priority review voucher (152,366)
Change in operating assets and liabilities:    
Accounts receivable (3,247)
Inventory (428) (2,686)
Other receivables 73 22
Prepaid expenses and other current assets (648) (947)
Other assets (46) (242)
Accounts payable and accrued expenses (6,337) 1,301
Lease liabilities (384) (667)
Deferred revenue 677
Accrued taxes and other current liabilities (126) 15,450
Net cash used in operating activities (37,300) (37,186)
Cash flows from investing activities:    
Proceeds from sale of priority review voucher, net of transaction costs of $2.6 million 152,366
Capital expenditures (1,414) (4,302)
Purchases of short-term investments (43,706) (68,499)
Proceeds from maturities of short-term investments 65,769 80,536
Net cash provided by investing activities 20,649 160,101
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 17,300
Payments related to net settlement of restricted share awards (1) (37)
Payments of long-term debt (5,556)
Net cash (used in) provided by financing activities (5,557) 17,263
Net (decrease) increase in cash, cash equivalents and restricted cash (22,208) 140,178
Cash, cash equivalents and restricted cash at beginning of period 78,437 23,695
Cash, cash equivalents and restricted cash at end of period 56,229 163,873
Supplemental cash flow information:    
Cash and cash equivalents 56,229 163,535
Restricted cash 338
Total cash, cash equivalents and restricted cash 56,229 163,873
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 335 1,097
Changes in accrued property and equipment 107 1,364
Cash paid for interest $ 1,017 $ 1,358