Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 96,804 $ (24,172)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 1,078 978
Stock-based compensation expense 5,531 2,869
Change in fair value of warrant and derivative liabilities (1,857) (7,626)
Accretion and interest on short-term investments 290 (66)
Amortization of right-of-use lease assets 505 431
Non-cash interest 598 735
Gain on disposal of property and equipment (2)
Gain from sale of priority review voucher (152,366)
Change in operating assets and liabilities:    
Inventory (2,686)
Other receivables 22 804
Prepaid expenses and other current assets (947) (639)
Other assets (242) 177
Accounts payable and accrued expenses 1,301 (121)
Accrued taxes 15,512
Lease liabilities (667) (590)
Other current liabilities (62)
Net cash used in operating activities (37,186) (27,222)
Cash flows from investing activities:    
Proceeds from sale of priority review voucher, net of transaction costs of $2.6 million 152,366
Capital expenditures (4,302) (1,436)
Proceeds from disposal of property and equipment 18
Purchases of short-term investments (68,499) (89,890)
Proceeds from maturities of short-term investments 80,536 39,359
Net cash provided by (used in) investing activities 160,101 (51,949)
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 17,300 9,962
Payments related to net settlement of restricted share awards (37) (28)
Proceeds from underwritten sales of common stock, net of issuance costs 70,153
Proceeds from issuance of long-term debt 20,000
Payment of debt issuance costs (963)
Net cash provided by financing activities 17,263 99,124
Net increase in cash, cash equivalents and restricted cash 140,178 19,953
Cash, cash equivalents and restricted cash at beginning of period 23,695 14,811
Cash, cash equivalents and restricted cash at end of period 163,873 34,764
Supplemental cash flow information:    
Cash and cash equivalents 163,535 34,426
Restricted cash 338 338
Total cash, cash equivalents and restricted cash 163,873 34,764
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 1,097
Derivative and warrant additions associated with loan and security agreement 1,042
Changes in accrued property and equipment 1,364
Cash paid for interest 1,358 1,290
Cash paid for taxes $ 7