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Balance Sheet Details
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details Balance Sheet Details
Fair Value Measurement
The following table summarizes the financial assets measured at fair value on a recurring basis (in thousands):
March 31, 2026
Level 1Level 2Level 3Total
Cash, cash equivalents and restricted cash
$41,008 $— $— $41,008 
U.S. treasury bills— 250,546 — 250,546 
U.S. treasury bonds— 82,625 — 82,625 
Commercial paper— 4,604 — 4,604 
Total
$41,008 $337,775 $— $378,783 
December 31, 2025
Level 1Level 2Level 3Total
Cash, cash equivalents and restricted cash
$80,213 $— $— $80,213 
U.S. treasury bills
— 255,034 — 255,034 
U.S. treasury bonds— 61,654 — 61,654 
Commercial paper— 1,096 — 1,096 
Total
$80,213 $317,784 $— $397,997 
The fair value of the Company’s investments classified within Level 2 is based upon observable inputs that may include benchmark yield curves, reported trades, issuer spreads, benchmark securities and reference data including market research publications.
The carrying amount and related unrealized gains (losses) by type of investment consisted of the following (in thousands):
March 31, 2026
Amortized CostUnrealized Gains
Unrealized Losses
Estimated Fair Value
Cash, cash equivalents and restricted cash
$41,008 $— $— $41,008 
U.S. treasury bills
250,678 — (132)250,546 
U.S. treasury bonds
82,656 — (31)82,625 
Commercial paper4,604 — — 4,604 
Total cash, cash equivalents, restricted cash and short-term investments
$378,946 $— $(163)$378,783 
December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Cash, cash equivalents and restricted cash
$80,213 $— $— $80,213 
U.S. treasury bills
254,875 159 — 255,034 
U.S. treasury bonds
61,608 46 — 61,654 
Commercial paper1,096 — — 1,096 
Total cash, cash equivalents, restricted cash and short-term investments$397,792 $205 $— $397,997 
As of March 31, 2026 and December 31, 2025, accrued interest receivable from investments was $0.7 million and $0.7 million, respectively, which was included in other current assets on the condensed consolidated balance sheets. As of March 31, 2026, short-term investments mature at various dates through March 2027. As of March 31, 2026 and December 31, 2025, no allowance for credit losses was recorded.
Inventory
Inventory consisted of the following (in thousands):
March 31, 2026December 31, 2025
Raw materials$658 $658 
Work in process41,418 44,653 
Finished goods
4,334 379 
Total inventory
$46,410 $45,690 
Prepaid Expenses and Deposits
Prepaid expenses and deposits consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid manufacturing and other deposits
$405 $1,742 
Prepaid insurance
355 878 
Other prepaid expenses
3,359 3,126 
Total prepaid expenses and deposits
$4,119 $5,746 
Intangible Assets, Net
Intangible assets, net consisted of the following (in thousands):
March 31, 2026
Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Amount
Acquired intellectual property and reacquired right$15,126 $(12,532)$2,594 
Patents2,419 (1,423)996 
Internal-use software implementation costs2,873 (2,873)— 
Total intangible assets, net
$20,418 $(16,828)$3,590 
December 31, 2025
Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Amount
Acquired intellectual property and reacquired right$15,126 $(12,334)$2,792 
Patents2,380 (1,411)969 
Internal-use software implementation costs2,873 (2,873)— 
Total intangible assets, net
$20,379 $(16,618)$3,761 
For each of the three months ended March 31, 2026 and 2025, the Company recorded amortization expense of $0.2 million.
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Leasehold improvements$3,243 $3,243 
Furniture
1,155 1,155 
Office equipment
631 631 
Computer equipment
235 235 
Total gross property and equipment
5,2645,264
Less accumulated depreciation(3,278)(3,153)
Property and equipment, net$1,986 $2,111 
Accrued Expenses
Accrued expenses consisted of the following (in thousands):
March 31, 2026December 31, 2025
Accrued sales rebates and fees
$33,977 $30,832 
Accrued payroll and related expenses
8,617 18,869 
Accrued research and development expenses
4,791 6,127 
Accrued corporate and excise taxes
1,543 2,010 
Accrued sales and marketing expenses
1,270 1,648 
Accrued other expenses
7,998 7,135 
Total accrued expenses
$58,196 $66,621