Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 71,183 $ (63,734)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 2,549 2,004
Stock-based compensation expense 10,779 6,628
Change in fair value of warrant and derivative liabilities (6,139) 755
Accretion and interest on short-term investments 889 276
Amortization of right-of-use lease assets 1,014 903
Non-cash interest 1,152 1,538
Gain on disposal of property and equipment (2)
Gain from sale of priority review voucher (152,366)
Change in operating assets and liabilities:    
Accounts receivable (6,147)
Inventory (5,493)
Other receivables 1,084 792
Prepaid expenses and other current assets (151) (564)
Other assets (685) 181
Accounts payable and accrued expenses 6,540 1,507
Accrued taxes 126
Lease liabilities (576) (1,315)
Change in payable to licensor (5,000)
Other current liabilities (85) 16
Net cash used in operating activities (76,326) (56,015)
Cash flows from investing activities:    
Proceeds from sale of priority review voucher, net of transaction costs of $2.6 million 152,366
Capital expenditures (7,975) (2,446)
Proceeds from disposal of property and equipment 18
Purchases of short-term investments (206,634) (157,010)
Proceeds from maturities of short-term investments 167,271 120,198
Net cash provided by (used in) investing activities 105,028 (39,240)
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 17,300 15,475
Payments related to net settlement of restricted share awards (37) (526)
Proceeds from underwritten sales of common stock, net of issuance costs 70,153
Proceeds from exercise of warrants 8,777
Proceeds from issuance of long-term debt 20,000
Payment of debt issuance costs (963)
Net cash provided by financing activities 26,040 104,139
Net increase in cash, cash equivalents and restricted cash 54,742 8,884
Cash, cash equivalents and restricted cash at beginning of period 23,695 14,811
Cash, cash equivalents and restricted cash at end of period 78,437 23,695
Supplemental cash flow information:    
Cash and cash equivalents 78,437 23,357
Restricted cash 338
Total cash, cash equivalents and restricted cash 78,437 23,695
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 1,424
Derivative and warrant additions associated with loan and security agreement 80 1,042
Reclassification of derivative and warrant liability to equity 7,053 1,135
Changes in accrued property and equipment (406) 471
Cash paid for interest 2,589 2,670
Cash paid for taxes $ 7