XML 16 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities              
Net loss $ (12,725) $ (40,455) $ (61,925) $ 61,022 $ (53,180) $ (903)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:              
Non-cash loss on extinguishment of debt 0   53,235   0 53,235  
Non-cash royalty revenue         (24,061) (7,531)  
Paid-in-kind interest on long-term debt         4,406 0  
Depreciation expense         53 10  
Amortization of debt issuance costs and discounts         1,519 879  
Non-cash interest expense related to the revenue interest liability         0 21,569  
Non-cash interest expense related to the royalty sale liability         26,363 0  
Stock-based compensation expense         5,134 6,166  
Changes in assets and liabilities:              
Accounts receivable         (27,604) (11,866)  
Prepaids and other assets         (15,718) (6,275)  
Deferred revenue         13,795 (4,730)  
Inventories         (19,975) (18,846)  
Other long-term liabilities         7,436 0  
Accounts payable         30,462 15,898  
Other accrued liabilities         (2,680) (983)  
Net cash (used in) provided by operating activities         (54,050) 46,623  
Investing activities              
Purchase of property and equipment         0 (150)  
Net cash (used in) investing activities         0 (150)  
Financing activities              
Payments on revenue interest liability         0 (5,832)  
Repurchase of revenue interest liability         0 (343,750)  
Proceeds from royalty sale liability         0 304,656  
Proceeds from issuance of common stock, net of issuance costs         0 90,672  
Proceeds from issuance of common stock from ATM program, net of issuance costs         2,850 0  
Proceeds from exercise of common stock options         0 29  
Proceeds from exercise of warrants, net of issuance costs         0 14,808  
Payment of issuance costs         (7,500) 0  
Net cash (used in) provided by financing activities         (4,650) 60,583  
Net (decrease) increase in cash and cash equivalents         (58,700) 107,056  
Cash and cash equivalents at beginning of period   $ 144,761   $ 82,248 144,761 82,248 $ 82,248
Cash and cash equivalents at end of period $ 86,061   $ 189,304   86,061 189,304 $ 144,761
Supplemental disclosure of cash flow information:              
Common stock issuance costs not yet paid         92 0  
Royalty sale issuance costs not yet paid         0 9,626  
Purchase of property and equipment not yet paid         0 167  
Non-cash right of use asset         $ 20 $ 84