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

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income (loss) $ 367,024 $ 17,485 $ (25,091)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation expense 12,711 12,393 8,806
(Gain) loss on sale and disposal of fixed assets 0 (79) 266
Depreciation and amortization 2,415 2,228 1,238
Deferred income tax benefit (245,852) 0 0
Release of cost share liability (39,981) 0 0
Net amortization of discount on short-term investments and term loans (1,150) (709) (479)
Changes in assets and liabilities:      
Accounts receivable, net (10,148) (11,065) 9,770
Inventories (5,635) 764 1,172
Prepaid and other current and non-current assets (11,848) (3,440) 2,054
Right-of-use assets (674) 615 1,069
Accounts payable 3,852 (3,803) (366)
Accrued compensation 1,775 1,463 (190)
Accrued research and development 1,451 560 (4,195)
Revenue reserves and refund liability 1,276 10,756 3,539
Other current and long-term liabilities (285) 4,995 (2,208)
Lease liability 724 (692) (1,128)
Net cash provided by (used in) operating activities 75,655 31,471 (5,743)
Investing activities      
Maturities of short-term investments 61,129 39,700 41,650
Purchases of short-term investments (153,494) (35,272) (31,206)
Capital expenditures 0 (36) 0
Payments for acquisition of intangible assets 0 (360) (15,000)
Proceeds from sale of property and equipment 0 98 259
Net cash (used in) provided by investing activities (92,365) 4,130 (4,297)
Financing activities      
Net proceeds from term loan financing 0 0 19,950
Principal payments of term loans (7,500) 0 0
Net proceeds from issuance of common stock from equity plans 8,101 1,964 1,049
Closing purchase price payment related to asset acquisition 0 (10,000) 0
Cost share payments to a collaboration partner 0 (3,605) (2,632)
Net cash provided by (used in) financing activities 601 (11,641) 18,367
Net (decrease) increase in cash, cash equivalents and restricted cash (16,109) 23,960 8,327
Cash and cash equivalents at beginning of period 56,746 32,786 24,459
Cash, cash equivalents, and restricted cash at end of period 40,637 56,746 32,786
Supplemental disclosure of cash flow information      
Interest paid 6,573 7,039 5,848
Income taxes paid 1,063 331 81
Increase in right-of-use assets and lease liability 1,220 0 0
Acquisition-related liabilities $ 5,000 $ 5,000 $ 0