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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (4,906) $ (30,696)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,426 3,345
Non-cash interest expense on liability related to sales of future royalties and milestones, net of issuance costs accretion 2,867 1,982
Depreciation and amortization 0 42
Noncash lease expense   269
Accretion of available-for-sale marketable securities, net   (510)
Changes in operating assets and liabilities:    
Accounts receivable, net - related party (822) 1,047
Inventory   80
Other receivables 579 49
Prepaid expenses (1,063) 2,364
Accounts payable and accrued expenses (2,773) (10,151)
Reimbursement of lease incentive   1,726
Net cash used in operating activities (4,692) (30,453)
Investing activities    
Proceeds from maturities of available-for-sale marketable securities   59,000
Purchases of available-for-sale marketable securities   (32,213)
Purchases of property and equipment   (836)
Net cash provided by investing activities   25,951
Financing activities    
Proceeds from milestone received from royalty purchase and sale agreement 2,500  
Payments to royalty purchase and sale agreement (1,494) (685)
Net cash provided by (used in) financing activities 1,006 (685)
Net decrease in cash, cash equivalents and restricted cash (3,686) (5,187)
Cash, cash equivalents and restricted cash at beginning of period 37,903 53,683
Cash, cash equivalents and restricted cash at end of period $ 34,217 48,496
Noncash investing and financing activities    
Accrual for leasehold improvements   $ 211