v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income (loss) $ 40,397 $ (50,801)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 7,010 14,733
Depreciation and amortization expense 2,031 2,721
Accretion of liability related to sale of future revenues 1,809 2,093
Amortization (accretion) of investment premiums (discounts) 258 27
Non-cash operating lease expense 4,413 5,987
Loss on impairment of lease right-of-use asset 4,130 0
Gain on derecognition of lease liabilities (1,167) 0
Other non-cash items, net 547 99
Changes in operating assets and liabilities:    
Accounts receivable 1,482 31,686
Inventories 10,655 (9,043)
Other current assets 6,211 269
Other assets (4) 68
Accounts payable (3,066) 1,573
Accrued compensation (4,037) (4,250)
Accrued research and development expenses (7,013) (15,350)
Other current liabilities (1,438) (7,592)
Deferred revenue (93,485) (7,246)
Operating lease liabilities (4,190) (5,231)
Other long-term liabilities 1 0
Net cash used in operating activities (35,456) (40,257)
Investing activities    
Purchases of short-term investments (5,419) 0
Proceeds from maturities and sales of short-term investments 17,199 22,069
Purchases of property and equipment 0 (156)
Proceeds from sale of property and equipment 349 0
Net cash provided by investing activities 12,129 21,913
Financing activities    
Proceeds from sale of pre-funded warrants to purchase common stock in an underwritten registered direct offering or registered direct offering, net 15,304 14,823
Proceeds from issuance of common stock through ATM facilities, net 0 9,348
Proceeds from employee stock awards 1 113
Taxes paid related to net share settlement of restricted stock units 0 0
Principal payments on finance lease obligations (250) (460)
Other financing activities, net (1) (7)
Net cash provided by financing activities 15,054 23,817
Increase (decrease) in cash, cash equivalents and restricted cash (8,273) 5,473
Cash, cash equivalents and restricted cash at beginning of period 25,176 25,987
Cash, cash equivalents and restricted cash at end of period 16,903 31,460
Non-cash financing activities    
Accrued costs related to underwritten registered direct offering 461 0
Supplemental cash flow disclosure    
Cash paid for interest 118 359
Cash paid for income taxes $ 3 $ 24

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