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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating activities              
Net loss $ (31,333) $ (40,455) $ (29,524) $ 61,022 $ (84,513) $ (30,427)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:              
Non-cash loss on extinguishment of debt 0   0   0 53,235  
Non-cash royalty revenue         (40,420) (16,391)  
Paid-in-kind interest on long-term debt         8,986 0  
Depreciation expense         79 36  
Amortization of debt issuance costs and discounts         2,366 1,326  
Non-cash interest expense related to the revenue interest liability         0 21,569  
Non-cash interest expense related to the royalty sale liability         41,000 11,984  
Stock-based compensation expense         7,483 9,188  
Changes in assets and liabilities:              
Accounts receivable         (38,838) (19,330)  
Prepaids and other assets         (21,894) (10,212)  
Deferred revenue         22,161 (10,324)  
Inventories         (14,048) (14,479)  
Other long-term liabilities         7,436 0  
Accounts payable         33,363 3,128  
Other accrued liabilities         18,503 11,995  
Net cash (used in) provided by operating activities         (58,336) 11,298  
Investing activities              
Purchase of property and equipment         0 (317)  
Net cash (used in) investing activities         0 (317)  
Financing activities              
Payments on revenue interest liability         0 (5,832)  
Repurchase of revenue interest liability         0 (343,750)  
Payment of royalty sale liability issuance costs         0 (9,626)  
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         13,381 531  
Proceeds from exercise of common stock options         141 29  
Proceeds from exercise of warrants, net of issuance costs         0 14,808  
Payment of issuance costs         (7,500) 0  
Net cash provided by financing activities         6,022 51,488  
Net (decrease) increase in cash and cash equivalents         (52,314) 62,469  
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 $ 92,447   $ 144,717   92,447 144,717 $ 144,761
Supplemental disclosure of cash flow information:              
Common stock issuance costs not yet paid         103 18  
Non-cash right of use asset         $ 29 $ 80