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 loss $ (89,415) $ (60,714)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,936 7,344
Depreciation 9 156
Amortization of debt issuance costs and discounts 4,919 5,293
Interest expense added to debt principal 11,303 0
Net amortization of premiums and discounts on investments (88) (356)
Change in fair value of embedded derivatives and common stock warrants 15,554 (17,929)
Changes in operating assets and liabilities:    
Accounts receivable, net (3,693) (2,166)
Inventory 44 (253)
Prepaid expenses and other assets 1,778 3,996
Operating lease right-of-use assets 288 803
Accounts payable 3,657 (2,510)
Accrued expenses and other liabilities 3,510 8,171
Operating lease liabilities (461) 484
Net cash used in operating activities (47,659) (57,681)
Investing activities    
Purchases of investments (10,036) 0
Proceeds from maturities of investments 3,200 33,573
Net cash (used in) provided by investing activities (6,836) 33,573
Financing activities    
Proceeds from issuance of common stock under Open Market Sale Agreement 20,233 0
Proceeds from issuance of common stock and warrants in private placement offering 30,000 0
Proceeds from the exercise of stock options and shares issued under the employee stock purchase plan 574 356
Payment of equity issuance costs (1,903) 0
Net cash provided by financing activities 48,904 356
Effect of exchange rates on cash, cash equivalents and restricted cash (2) 13
Net decrease in cash, cash equivalents and restricted cash (5,593) (23,739)
Cash, cash equivalents and restricted cash at beginning of period 60,891 62,814
Cash, cash equivalents and restricted cash at end of period 55,298 39,075
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets    
Cash and cash equivalents 54,980 38,725
Long-term restricted cash 318 350
Total cash, cash equivalents and restricted cash 55,298 39,075
Supplemental disclosures:    
Cash paid for interest on deferred royalty obligation 0 3,711
Cash paid for interest on convertible debt and term loan 0 10,668
Cash paid for amounts included in the measurement of operating lease liabilities $ 934 $ 50