v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net income (loss) $ 32,688 $ (85,403)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 9,752 27,001
Non-cash operating lease expense 4,996 12,126
Depreciation and amortization expense 2,116 5,051
Accretion of liability related to sale of future revenues 3,578 4,109
Amortization (accretion) of investment premiums (discounts) 259 (240)
Loss on impairment of lease right-of-use asset 4,130 0
Gain on derecognition of lease liabilities upon contract assignment (3,818) 0
Other non-cash items, net 94 (402)
Changes in operating assets and liabilities:    
Accounts receivable 229 32,626
Inventories 10,655 (4,434)
Other current assets 6,170 (1,227)
Other assets 15 19
Accounts payable (4,240) 687
Accrued compensation (5,318) (4,930)
Accrued research and development expenses (7,902) (9,380)
Other current liabilities (4,516) (12,504)
Deferred revenue (94,376) (20,303)
Operating lease liabilities (5,453) (11,051)
Other long-term liabilities 1 (462)
Net cash used in operating activities (50,940) (68,717)
Investing activities    
Purchases of short-term investments (7,885) (19,665)
Proceeds from maturities and sales of short-term investments 25,085 28,535
Purchases of property and equipment 0 (246)
Proceeds from sale of property and equipment 948 0
Net cash provided by investing activities 18,148 8,624
Financing activities    
Proceeds from sale of common stock and pre-funded warrants in registered direct offerings, net 14,843 50,603
Proceeds from issuance of common stock through ATM facilities, net 1,471 9,348
Proceeds from employee stock awards 35 230
Principal payments on finance lease obligations (250) (892)
Other financing activities, net (1) (7)
Net cash provided by financing activities 16,098 59,282
Decrease in cash, cash equivalents and restricted cash (16,694) (811)
Cash, cash equivalents and restricted cash at beginning of period 25,176 25,987
Cash, cash equivalents and restricted cash at end of period 8,482 25,176
Supplemental cash flow disclosure    
Cash paid for interest 286 685
Cash paid for income taxes $ 190 $ 24

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