Quarterly report [Sections 13 or 15(d)]

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Operating activities    
Net income (loss) $ 11,446 $ (8,247)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 3,324 5,134
Depreciation and amortization 604 400
Net amortization of discount on short-term investments and term loans (190) (205)
Changes in assets and liabilities:    
Accounts receivable, net 68 3,038
Inventories 1,413 (2,310)
Prepaid and other current and non-current assets (13,150) (2,584)
Right-of-use assets (1,059) 149
Accounts payable 615 2,134
Accrued compensation (4,115) (3,430)
Accrued research and development 575 614
Revenue reserves and refund liability 1,495 361
Other accrued liabilities (2,954) 101
Lease liability 1,035 (168)
Net cash used in operating activities (893) (5,013)
Investing activities    
Maturities of short-term investments 11,100 8,250
Purchases of short-term investments (21,652) (7,799)
Payments for acquisition of intangible assets   (138)
Net cash (used in) provided by investing activities (10,552) 313
Financing activities    
Net proceeds from issuance of common stock from equity plans 484 89
Cost share payments to a collaboration partner   (2,601)
Net cash provided by (used in) financing activities 484 (2,512)
Net decrease in cash, cash equivalents and restricted cash (10,961) (7,212)
Cash and cash equivalents at beginning of period 56,746 32,786
Cash, cash equivalents, and restricted cash at end of period 45,785 25,574
Supplemental disclosure of cash flow information    
Interest paid 1,653 1,684
Increase in right-of-use assets and lease liability 1,220  
Acquisition-related liabilities $ 5,000 $ 15,222