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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss $ (61,599) $ (39,136) $ (66,067)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization expense 3,059 2,063 1,292
Non-cash lease expense 1,947 4,008 3,624
Stock-based compensation 48,962 37,381 13,530
Non-cash interest expense 8,958 7,400 4,220
Non-cash royalty revenue related to the sale of future royalties (8,545) (2,692) 0
Other, net (3,913) (4,664) (2,930)
Changes in operating assets and liabilities      
Accounts receivable (14,143) (35,674) (14,298)
Inventory (31,923) (41,697) (21,141)
Prepaid commercial manufacturing 1,899 6,782 (9,593)
Prepaid expenses and other assets (4,293) (4,543) (6,035)
Accounts payable 3,235 4,862 279
Accrued compensation and benefits 4,168 2,343 5,049
Operating lease liabilities (1,827) (4,588) (3,928)
Accrued and other liabilities 14,545 21,254 3,691
Deferred revenue (3,013) 2,092 2,590
Net cash used in operating activities (42,483) (44,809) (89,717)
Investing activities      
Proceeds from maturities and redemptions of investments 211,456 177,854 84,321
Purchases of investments (218,923) (195,161) (215,225)
Purchases of property and equipment (1,492) (1,011) (344)
Net cash used in investing activities (8,959) (18,318) (131,248)
Financing activities      
Proceeds from issuance of common stock in at the market offering, net of issuance costs 0 0 119,236
Proceeds from 2022 Loan Agreement, net of costs 48,668 99,451 22,386
Proceeds from the sale of future royalties, net of issuance costs 0 0 5,000
Proceeds from issuance of common stock under equity incentive plans 5,841 8,138 1,173
Payments of the previously outstanding exit fees 0 (1,000) (1,500)
Net cash provided by financing activities 54,509 106,589 146,295
Net increase (decrease) in cash and cash equivalents 3,067 43,462 (74,670)
Cash and cash equivalents at beginning of period 64,932 21,470 96,140
Cash and cash equivalents at end of period 67,999 64,932 21,470
Supplementary disclosure of cash flow information      
Cash paid for interest 15,717 11,408 4,240
Cash paid for income taxes 485 266 51
Supplementary disclosure of non-cash activities      
Right-of-use assets obtained in exchange for lease obligations 4,362 1,010 339
Issuance of common stock for services $ 315 $ 257 $ 337