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Restatement of Previously Issued Financial Statements
 3 Months Ended
Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements Restatement of Previously Issued Financial Statements
As further described below, as well as in Note 2 - Basis of Presentation, the Company identified several prior period misstatements that impacted its unaudited quarterly condensed consolidated financial statements for the quarter ended March 31, 2023. Such restated and unaudited quarterly financial data and the related impacted amounts were presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

As part of the restatement, the Company recorded adjustments to correct the material misstatements related to accounting for embedded leases and other immaterial errors.

The following tables present the restated unaudited Condensed Consolidated Financial Information for the quarter ended March 31, 2023.


Consolidated Statements of Operations and Comprehensive Loss
For the three months ended March 31, 2023
As Previously Reported
Adjustments to Embedded Leases
Other AdjustmentsAs Restated
Revenue:
Product revenue, net
$2,296 $— $— $2,296 
Other revenue85 — — 85 
Total revenues2,381 — — 2,381 
Cost of product revenue3,376 2,136 — 5,512 
Gross margin(995)(2,136)— (3,131)
Operating expenses:
Research and development46,144 (4,516)(41)41,587 
Selling, general and administrative37,354 113 — 37,467 
Total operating expenses83,498 (4,403)(41)79,054 
Gain from sale of priority review voucher, net92,930 — — 92,930 
Income from operations8,437 2,267 41 10,745 
Interest income
2,828 — — 2,828 
Interest expense
(3)(4,267)— (4,270)
Other income, net
9,978 (351)— 9,627 
Income before income taxes
21,240 (2,351)41 18,930 
Income tax (expense) benefit— — — — 
Net income
21,240 (2,351)41 18,930 
Net income per share - basic (1)
$0.21 $(0.02)$— $0.18 
Net income per share - diluted (1)
$0.21 $(0.02)$— $0.18 
Weighted-average number of common shares used
in computing net income per share - basic:
102,920 102,920 102,920 102,920 
Weighted-average number of common shares used
in computing net income per share - diluted:
103,303 103,303 103,303 103,303 
Other comprehensive income:
Other comprehensive income, net of tax
(benefit) expense of $0.0 million for the three months ended March 31, 2023
984 — — 984 
Total other comprehensive income
984 — — 984 
Comprehensive income
$22,224 $(2,351)$41 $19,914 

(1) Due to differences in rounding to the nearest cent per basic or diluted share, totals may not equal the sum of the line items.
Statements of Changes in Stockholders' Equity:
Common stockAdditional
paid-in
capital
Accumulated
other
comprehensive
(loss) income
Accumulated
deficit		Total
stockholders'
equity
SharesAmount
As Previously Reported
Balances at December 31, 2022
82,923 $830 $4,186,086 $(4,070)$(3,986,503)$196,343 
Vesting of restricted stock382 3 (198)— — (195)
Exercise of stock options3 — 7 — — 7 
Purchase of shares under ESPP62 1 226 — — 227 
Issuance of common stock for private
equity placement
23,000 230 130,061 — — 130,291 
Issuance of unrestricted stock awards to
settle accrued employee compensation
Stock-based compensation— — 5,843 — — 5,843 
Other comprehensive income
— — — 984 — 984 
Net income
— — — — 21,240 21,240 
Balances at March 31, 2023
106,370 $1,064 $4,322,025 $(3,086)$(3,965,263)$354,740 
Adjustments to Embedded Leases
Balances at December 31, 2022
$— $— $— $— $(59,700)$(59,700)
Vesting of restricted stock— — — — — — 
Exercise of stock options— — — — — — 
Purchase of shares under ESPP— — — — — — 
Issuance of common stock for private
equity placement
— — — — — — 
Issuance of unrestricted stock awards to
settle accrued employee compensation
Stock-based compensation— — — — — — 
Other comprehensive income
— — — — — — 
Net income
— — — — (2,351)(2,351)
Balances at March 31, 2023
— $— $— $— $(62,051)$(62,051)
Other Adjustments
Balances at December 31, 2022
— — (98)— (2,212)(2,310)
Vesting of restricted stock— — — — — — 
Exercise of stock options— — — — — — 
Purchase of shares under ESPP— — — — — — 
Issuance of common stock for private
equity placement
— — — — — — 
Issuance of unrestricted stock awards to
settle accrued employee compensation
Stock-based compensation— — — — — — 
Other comprehensive income
— — — — — — 
Net income
— — — — 41 41 
Balances at March 31, 2023
— $— $(98)$— $(2,171)$(2,269)
As Restated
Balances at December 31, 2022
82,923 830 4,185,988 (4,070)(4,048,415)134,333 
Vesting of restricted stock382 3 (198)— — (195)
Exercise of stock options3 — 7 — — 7 
Purchase of shares under ESPP62 1 226 — — 227 
Issuance of common stock for private
equity placement
23,000 230 130,061 — — 130,291 
Issuance of unrestricted stock awards to
settle accrued employee compensation
Stock-based compensation— — 5,843 — — 5,843 
Other comprehensive income
— — — 984 — 984 
Net income
— — — — 18,930 18,930 
Balances at March 31, 2023
106,370 $1,064 $4,321,927 $(3,086)$(4,029,485)$290,420 
Consolidated Statement of Cash Flows
For the three months ended March 31,
2023
As Previously Reported
Adjustments to Embedded Leases
Other AdjustmentsAs Restated
Cash flows from operating activities:
Net income
$21,240 $(2,351)$41 $18,930 
Adjustments to reconcile net income to net cash used in operating
   activities:
Depreciation and amortization1,082 5,131 (41)6,172 
Stock-based compensation expense5,391 — — 5,391 
Noncash research and development expense (finance lease)— 1,441 — 1,441 
Noncash operating lease expense
— 7,423 — 7,423 
Gain from sale of priority review voucher(92,930)— — (92,930)
Excess inventory reserve228 — 2,355 2,583 
Other non-cash items237 — — 237 
Gain on foreign currency exchange rates
— (108)— (108)
Changes in operating assets and liabilities:
Prepaid expenses and other assets(9,335)2,846 2,800 (3,689)
Inventory(3,586)610 (2,355)(5,331)
Operating right of use assets11,829 (11,829)— — 
Accounts payable(6,443)7,703 — 1,260 
Accrued expenses and other liabilities(9,065)1,859 — (7,206)
Accrued interest payable under finance lease
— 915 — 915 
Operating lease liabilities(8,001)1,640 — (6,361)
Deferred revenue2,715 — (2,800)(85)
Net cash used in operating activities
(86,638)15,280 — (71,358)
Cash flows from investing activities:
Purchase of property, plant and equipment(232)— — (232)
Purchases of marketable securities(19,610)— — (19,610)
Proceeds from maturities of marketable securities4,021 — — 4,021 
Proceeds from sales of marketable securities5,853 — — 5,853 
Purchase of intangible assets(868)— — (868)
Proceeds from sale of priority review voucher92,972 — — 92,972 
Net cash provided by investing activities
82,136 — — 82,136 
Cash flows from financing activities:
Proceeds from exercise of stock options and ESPP contributions7 — — 7 
Proceeds from vesting of restricted stock(196)— — (196)
Principal payments on finance lease— (15,280)— (15,280)
Proceeds from the secondary public offering, net of issuance costs130,645 — — 130,645 
Net cash provided by financing activities
130,456 (15,280)— 115,176 
Increase in cash, cash equivalents and restricted cash
125,954 — — 125,954 
Cash, cash equivalents and restricted cash at beginning of year158,445 — — 158,445 
Cash, cash equivalents and restricted cash at end of year$284,399 $— $— $284,399 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$239,045 $— $— $239,045 
Restricted cash included in receivables and other current assets1,417 — — 1,417 
Restricted cash included in restricted cash and other non-current assets43,937 — — 43,937 
Total cash, cash equivalents and restricted cash$284,399 $— $— $284,399 
Supplemental cash flow disclosures:
Purchases of property, plant and equipment included in accounts
   payable and accrued expenses		189 — — 189 
Offering expenses included in accounts payable and accrued expenses523 — — 523 
Priority review voucher expenses accrued or in AP43 — — 43 
Right-of-use assets obtained in exchange for finance lease liabilities
— (214)— (214)
Cash paid during the period for income taxes
2 — — 2