v3.25.2
CONDENSED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Operating activities    
Net income (loss) $ 71,059 $ (9,277)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 6,600 7,662
Depreciation and amortization 1,211 1,013
Release of cost share liability (39,981)  
Net amortization of discount on short-term investments and term loans (440) (364)
Changes in assets and liabilities:    
Accounts receivable, net 1,708 1,646
Inventories (6,954) (4,505)
Prepaid and other current and non-current assets (6,589) (2,088)
Right-of-use assets (932) 301
Accounts payable 3,951 (1,012)
Accrued compensation (2,242) (2,303)
Accrued research and development 48 1,159
Revenue reserves and refund liability 3,062 2,863
Other accrued liabilities (1,803) 532
Lease liability 946 (338)
Net cash provided by (used in) operating activities 29,644 (4,711)
Investing activities    
Maturities of short-term investments 26,850 26,950
Purchases of short-term investments (60,678) (15,348)
Payments for acquisition of intangible assets   (360)
Net cash (used in) provided by investing activities (33,828) 11,242
Financing activities    
Net proceeds from issuance of common stock from equity plans 902 341
Cost share payments to a collaboration partner   (3,605)
Net cash provided by (used in) financing activities 902 (3,264)
Net (decrease) increase in cash, cash equivalents and restricted cash (3,282) 3,267
Cash and cash equivalents at beginning of period 56,746 32,786
Cash, cash equivalents, and restricted cash at end of period 53,464 36,053
Supplemental disclosure of cash flow information    
Interest paid 3,332 3,457
Increase in right-of-use assets and lease liability 1,220  
Acquisition-related liabilities $ 5,000 $ 15,000

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