v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (17,259) $ (77,287)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,395 3,678
Amortization of premiums and discounts on marketable securities (1,182) (493)
Share-based compensation expense 4,620 8,076
Non-cash loss on extinguishment of royalty monetization liability 52,762 0
Non-cash royalty revenue (13,495) 0
Non-cash interest expense 8,880 587
Non-cash lease expense 716 799
Gain on sale of CDMO operations before transaction costs (94,842) 0
Loss on disposal of assets 353 0
Changes in operating assets and liabilities:    
Accounts receivable (23,002) (8,223)
Inventory (1,242) (9,275)
Prepaid expenses and other current assets 1,183 4,862
Other non current assets 0 159
Accounts payable 18 (388)
Accrued expenses and other current liabilities 7,379 (7,651)
Lease liabilities (513) (214)
Deferred revenue (2,730) (8,205)
Other non current liabilities (600) (300)
Net cash used in operating activities (76,559) (93,875)
Cash flows from investing activities    
Purchases of marketable securities (35,109) (53,428)
Proceeds from maturities of marketable securities 109,542 26,936
Purchases of property, equipment and software (1,150) (1,244)
Net cash provided by (used in) investing activities 73,283 (27,736)
Cash flows from financing activities    
Proceeds from stock option exercises and ESPP purchases 184 66
Taxes paid related to net share settlement of equity awards (218) (282)
Net proceeds from sale of future royalties 60,000 69,673
Net cash provided by financing activities 59,966 69,457
Net change in cash and cash equivalents 56,690 (52,154)
Cash and cash equivalents at beginning of period 57,217 182,840
Cash and cash equivalents at end of period 113,907 130,686
Supplemental cash flow disclosures    
Cash paid for income taxes 0 105
Non-cash operating and investing activities    
Property and equipment included in accounts payable or accruals $ 72 $ 33