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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss $ (70,867) $ (118,513) $ (85,474)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 8,929 13,730 17,734
Non-cash interest expense on liability related to sales of future royalties and milestones, net of issuance costs accretion 8,473 604  
Impairment of long-lived assets 4,274 0 0
Inventory write-down 2,963    
Depreciation and amortization 192 259 248
Noncash lease expense 766 2,075 1,422
(Accretion)/amortization of available-for-sale marketable securities, net (543) (400) 264
Changes in operating assets and liabilities:      
Accounts receivable, net - related party 2,358 495 (3,260)
Inventory (1,042) (438) 201
Income tax receivable 697    
Other receivables (1,034) (59) (41)
Prepaid expenses 7,625 8,113 (13,748)
Accounts payable and accrued expenses (21,439) 3,275 5,679
Operating lease liabilities (4,363) (1,918) (1,755)
Reimbursement of lease incentive 2,094 807  
Other   (108)  
Net cash used in operating activities (60,917) (92,078) (78,730)
Investing activities      
Proceeds from maturities of available-for-sale marketable securities 82,000 155,441 220,435
Proceeds from redemptions of available-for-sale marketable securities, at par   4,000 4,000
Purchases of available-for-sale marketable securities (32,213) (113,605) (95,685)
Purchases of property and equipment (1,046) (2,375) (43)
Net cash provided by investing activities 48,741 43,461 128,707
Financing activities      
Payments to royalty purchase and sale agreement (3,604)    
Proceeds from royalty purchase and sale agreement, net of $1.0 million of issuance costs   36,474  
Net proceeds from sales of common stock under open market sales agreement   1,117  
Proceeds from the exercise of stock options   560 311
Net cash (used in) provided by financing activities (3,604) 38,151 311
Net (decrease) increase in cash, cash equivalents and restricted cash (15,780) (10,466) 50,288
Cash, cash equivalents and restricted cash at beginning of period 53,683 64,149 13,861
Cash, cash equivalents and restricted cash at end of period 37,903 53,683 $ 64,149
Noncash investing and financing activities      
Receivable for additional HCR financing earned 2,500    
Incremental right-of-use asset in exchange for non-cash lease liability from modification of lease 3,417    
Transfer of property and equipment per lease assignment (3,417)    
Initial direct costs included as right-of-use asset from modification of lease $ 577    
Accrual for leasehold improvements   $ 778