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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net (loss) income $ (40,455) $ 61,022
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Non-cash royalty revenue (10,481) 0
Depreciation expense 26 0
Amortization of debt issuance costs and discounts 699 437
Non-cash interest expense related to the revenue interest liability 0 10,937
Non-cash interest expense related to the royalty sale liability 13,090 0
Stock-based compensation expense 2,465 3,235
Changes in assets and liabilities:    
Accounts receivable (1,152) (6,118)
Prepaids and other assets (4,925) (6,590)
Deferred revenue (3,976) 3,948
Inventories (4,831) (7,472)
Accounts payable 27,844 (3,450)
Other accrued liabilities (932) (2,121)
Net cash (used in) provided by operating activities (22,628) 53,828
Investing activities    
Purchase of property and equipment 0 (73)
Net cash (used in) investing activities 0 (73)
Financing activities    
Payments on revenue interest liability 0 (5,832)
Proceeds from issuance of common stock, net of issuance costs 0 90,672
Proceeds from exercise of warrants, net of issuance costs 0 5,766
Payment of issuance costs (7,500) 0
Net cash (used in) provided by financing activities (7,500) 90,606
Net (decrease) increase in cash and cash equivalents (30,128) 144,361
Cash and cash equivalents at beginning of period 144,761 82,248
Cash and cash equivalents at end of period 114,633 226,609
Supplemental disclosure of cash flow information:    
Purchase of property and equipment not yet paid 0 195
Non-cash right of use asset $ 30 $ 72