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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (60,714) $ (13,570)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,344 10,380
Depreciation and amortization 156 176
Amortization of debt issuance costs and discounts 5,293 1,605
Net amortization of premiums and discounts on investments (356) (1,581)
Gain on extinguishment of debt 0 (44,702)
Change in fair value of embedded derivatives and common stock warrants (17,929) (14,342)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,166) (11,033)
Inventory (253) (433)
Prepaid expenses and other assets 3,996 (3,100)
Operating lease right-of-use assets 803 1,105
Accounts payable (2,510) (326)
Accrued expenses and other liabilities 8,171 (4,805)
Operating lease liabilities 484 (1,597)
Net cash used in operating activities (57,681) (82,223)
Investing activities    
Proceeds from maturities of investments 33,573 109,908
Purchases of investments 0 (36,511)
Purchases of property and equipment 0 (195)
Net cash provided by investing activities 33,573 73,202
Financing activities    
Proceeds from issuance of senior secured term loan 0 83,300
Proceeds from the exercise of stock options and shares issued under the employee stock purchase plan 356 772
Payment of debt issuance costs 0 (2,588)
Payment of deferred royalty obligation 0 (40,518)
Net cash provided by financing activities 356 40,966
Effect of exchange rates on cash, cash equivalents and restricted cash 13 (27)
Net (decrease) increase in cash, cash equivalents and restricted cash (23,739) 31,918
Cash, cash equivalents and restricted cash at beginning of period 62,814 53,192
Cash, cash equivalents and restricted cash at end of period 39,075 85,110
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets    
Cash and cash equivalents 38,725 84,774
Short-term restricted cash 0 32
Long-term restricted cash 350 304
Total cash, cash equivalents and restricted cash 39,075 85,110
Supplemental disclosures:    
Cash paid for interest on deferred royalty obligation 3,711 16,452
Cash paid for interest on convertible debt and term loan 10,668 2,933
Cash paid for amounts included in the measurement of operating lease liabilities 50 1,896
Issuance of common stock used to settle a financial advisory fee related to financing activities 0 7,697
Senior secured term loan issued in exchange for a $14,700 reduction of deferred royalty obligation 0 15,000
Convertible senior notes due 2029 issued with warrants to purchase 3,100 shares of common stock in exchange for a $148,000 reduction of convertible senior notes due 2025 0 111,000
Convertible senior notes due 2029 issued in exchange for a $5,000 reduction of deferred royalty obligation $ 0 $ 5,000