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

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 40,580 $ 56,746
Short-term investments 114,375 20,575
Accounts receivable, net 51,763 41,615
Inventories 11,506 6,002
Prepaid and other current assets 21,942 10,165
Total current assets 240,166 135,103
Intangible assets, net 24,748 27,100
Deferred income tax asset 245,852 0
Operating lease right-of-use assets 920 246
Other assets 1,908 1,527
Total assets 513,594 163,976
Current liabilities:    
Accounts payable 7,191 3,339
Accrued compensation 11,914 10,139
Accrued research and development 5,524 4,073
Acquisition related liabilities 5,000 0
Revenue reserves and refund liability 27,716 26,440
Loans payable, net, current portion 29,812 7,272
Other current liabilities 11,466 11,751
Lease liabilities, current portion 614 285
Total current liabilities 99,237 63,299
Acquisition-related liabilities 0 5,000
Long-term portion of lease liabilities 395 0
Long-term portion of loans payable, net 22,482 52,408
Other long-term liabilities 0 39,981
Total liabilities 122,114 160,688
Commitments
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock, $0.001 par value; 400,000,000 shares authorized; 18,310,934 and 17,710,216 shares issued and outstanding as of December 31, 2025 and 2024, respectively 18 18
Additional paid-in capital 1,414,322 1,393,325
Accumulated other comprehensive income 181 10
Accumulated deficit (1,023,041) (1,390,065)
Total stockholders’ equity 391,480 3,288
Total liabilities and stockholders’ equity $ 513,594 $ 163,976