Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 91,643 $ (54,441)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 1,686 1,465
Stock-based compensation expense 8,220 4,673
Change in fair value of warrant and derivative liabilities (4,617) 7,530
Accretion and interest on short-term investments 202 54
Amortization of right-of-use lease assets 785 666
Non-cash interest 868 1,146
Gain on disposal of property and equipment (2)
Gain from sale of priority review voucher (152,366)
Change in operating assets and liabilities:    
Inventory (4,850)
Other receivables 36 831
Prepaid expenses and other current assets (1,066) (426)
Other assets (445) 189
Accounts payable and accrued expenses 2,302 (200)
Accrued taxes 339
Lease liabilities (1,048) (941)
Other current liabilities (62)
Net cash used in operating activities (58,373) (39,456)
Cash flows from investing activities:    
Proceeds from sale of priority review voucher, net of transaction costs of $2.6 million 152,366
Capital expenditures (6,822) (1,840)
Proceeds from disposal of property and equipment 18
Purchases of short-term investments (168,850) (146,527)
Proceeds from maturities of short-term investments 118,780 90,233
Net cash provided by (used in) investing activities 95,474 (58,116)
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) (327)
Proceeds from underwritten sales of common stock, net of issuance costs 70,153
Proceeds from exercise of warrants 5,163
Proceeds from issuance of long-term debt 20,000
Payment of debt issuance costs (963)
Net cash provided by financing activities 22,426 98,825
Net increase in cash, cash equivalents and restricted cash 59,527 1,253
Cash, cash equivalents and restricted cash at beginning of period 23,695 14,811
Cash, cash equivalents and restricted cash at end of period 83,222 16,064
Supplemental cash flow information:    
Cash and cash equivalents 82,884 15,726
Restricted cash 338 338
Total cash, cash equivalents and restricted cash 83,222 16,064
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 1,319
Derivative and warrant additions associated with loan and security agreement 80 1,042
Reclassification of derivative and warrant liability to equity 4,911 1,135
Changes in accrued property and equipment 301 166
Cash paid for interest 1,988 1,980
Cash paid for taxes $ 7