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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
[1]
Jun. 30, 2025
Jun. 30, 2024
[1]
Revenue:        
Total revenue $ 11,175 $ 23,489 $ 21,635 $ 45,128
Operating costs and expenses:        
Cost of goods sold 0 9,740 0 18,274
Research and development (including $613 and $0 for the three months ended June 30, 2025 and 2024, respectively, from a related party; and $821 and $0 for the six months ended June 30, 2025 and 2024, respectively, from a related party) 29,886 29,724 60,366 57,132
General and administrative 17,072 20,510 41,418 40,659
Restructuring and impairment 447 13,289 616 14,264
Total operating costs and expenses 47,405 73,263 102,400 130,329
Loss from operations (36,230) (49,774) (80,765) (85,201)
Non-operating income (expense):        
Non-cash interest expense on liabilities related to the sales of future royalties (5,394) (6,408) (10,368) (11,939)
Interest income 1,969 3,901 4,843 8,121
Other income (expense), net (including income of $540 and $0 for the three months ended June 30, 2025 and 2024, respectively, from a related party; and income of $861 and $0 for the six months ended June 30, 2025 and 2024, respectively, from a related party) 260 (36) 526 (135)
Total non-operating income (expense), net (3,165) (2,543) (4,999) (3,953)
Loss before provision (benefit) for income taxes and equity method investment (39,395) (52,317) (85,764) (89,154)
Provision (benefit) for income taxes (188) 46 (136) 11
Loss before equity method investment (39,207) (52,363) (85,628) (89,165)
Loss from equity method investment (2,386) 0 (6,847) 0
Net loss $ (41,593) $ (52,363) $ (92,475) $ (89,165)
Basic net loss per share (in dollars per share) $ (2.95) $ (3.76) $ (6.57) $ (6.63)
Diluted net loss per share (in dollars per share) $ (2.95) $ (3.76) $ (6.57) $ (6.63)
Weighted average shares outstanding used in computing basic net loss per share (in shares) 14,087,307 13,921,378 14,074,545 13,452,164
Weighted average shares outstanding used in computing diluted net loss per share (in shares) 14,087,307 13,921,378 14,074,545 13,452,164
Product sales        
Revenue:        
Total revenue $ 0 $ 6,640 $ 0 $ 12,674
Non-cash royalty revenue related to the sales of future royalties        
Revenue:        
Total revenue 11,175 16,790 21,635 32,298
License, collaboration and other revenue        
Revenue:        
Total revenue $ 0 $ 59 $ 0 $ 156
[1] All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split (see Note 6).