v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income (loss) $ 36,094 $ (72,710)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 8,235 21,155
Depreciation and amortization expense 2,067 3,951
Accretion of liability related to sale of future revenues 2,700 3,180
Amortization (accretion) of investment premiums (discounts) 175 (30)
Non-cash operating lease expense 4,733 9,102
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 551 (340)
Changes in operating assets and liabilities:    
Accounts receivable (431) 32,773
Inventories 10,655 (4,274)
Other current assets 5,844 (3,135)
Other assets 42 (254)
Accounts payable (4,049) (1,537)
Accrued compensation (4,522) (3,751)
Accrued research and development expenses (7,642) (11,287)
Other current liabilities (3,677) (10,446)
Deferred revenue (94,081) 1,419
Operating lease liabilities (4,901) (8,062)
Other long-term liabilities 1 0
Net cash used in operating activities (45,243) (44,246)
Investing activities    
Purchases of short-term investments (7,885) (19,665)
Proceeds from maturities and sales of short-term investments 17,200 25,069
Purchases of property and equipment 0 (156)
Proceeds from sale of property and equipment 393 0
Net cash provided by investing activities 9,708 5,248
Financing activities    
Proceeds from sale of pre-funded warrants to purchase common stock in an underwritten registered direct offering or registered direct offering, net 14,843 50,813
Proceeds from issuance of common stock through ATM facilities, net 1,496 9,348
Proceeds from employee stock awards 13 113
Principal payments on finance lease obligations (250) (657)
Other financing activities, net (1) (7)
Net cash provided by financing activities 16,101 59,610
Increase (decrease) in cash, cash equivalents and restricted cash (19,434) 20,612
Cash, cash equivalents and restricted cash at beginning of period 25,176 25,987
Cash, cash equivalents and restricted cash at end of period 5,742 46,599
Non-cash financing activities    
Accrued costs related to underwritten registered direct offering 0 210
Accrued costs related to ATM facility 25 0
Supplemental cash flow disclosure    
Cash paid for interest 171 497
Cash paid for income taxes $ 31 $ 24

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