v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income (loss) $ 38,010 $ (31,752)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 4,209 8,397
Depreciation and amortization expense 1,795 1,391
Accretion of liability related to sale of future revenues 852 1,046
Amortization (accretion) of investment premiums (discounts) 259 37
Non-cash operating lease expense 3,950 2,954
Loss on impairment of lease right-of-use asset 4,130 0
Other non-cash items, net 770 48
Changes in operating assets and liabilities:    
Accounts receivable (7,393) (1,726)
Inventories 10,655 (6,378)
Other current assets 4,535 (2,061)
Other assets 8 443
Accounts payable (2,983) (826)
Accrued compensation (1,990) (5,812)
Accrued research and development expenses (6,201) (1,436)
Other current liabilities 3,493 (742)
Deferred revenue (79,109) 8,478
Operating lease liabilities (3,238) (1,673)
Other long-term liabilities 110 0
Net cash used in operating activities (28,138) (29,612)
Investing activities    
Proceeds from maturities and sales of short-term investments 17,199 14,844
Purchases of property and equipment 0 (127)
Net cash provided by investing activities 17,199 14,717
Financing activities    
Proceeds from sale of pre-funded warrants to purchase common stock in a registered direct offering, net 0 15,000
Proceeds from issuance of common stock through ATM facilities, net 0 9,374
Taxes paid related to net share settlement of restricted stock units 0 (6)
Principal payments on finance lease obligations (250) (227)
Net cash provided by (used in) financing activities (250) 24,141
Increase (decrease) in cash, cash equivalents and restricted cash (11,189) 9,246
Cash, cash equivalents and restricted cash at beginning of period 25,176 25,987
Cash, cash equivalents and restricted cash at end of period 13,987 35,233
Non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and other accrued liabilities 0 0
Accrued costs related to direct registered offering 0 177
Accrued costs related to ATM facility 0 26
Supplemental cash flow disclosure    
Cash paid for interest 66 114
Cash paid for income taxes $ 0 $ 24

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