Quarterly report [Sections 13 or 15(d)]

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 8,654 $ 11,446
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 3,456 3,324
Depreciation and amortization 597 604
Deferred income tax 2,573 0
Net amortization of discount on short-term investments and term loans (170) (190)
Changes in assets and liabilities:    
Accounts receivable, net 1,818 68
Inventories (581) 1,413
Prepaid and other current and non-current assets (3,792) (13,150)
Right-of-use assets 135 (1,059)
Accounts payable (2,705) 615
Accrued compensation (5,905) (4,115)
Accrued research and development 218 575
Revenue reserves and refund liability 364 1,495
Other accrued liabilities (1,792) (2,954)
Lease liabilities (145) 1,035
Net cash provided by (used in) operating activities 2,725 (893)
Investing activities    
Maturities of short-term investments 15,945 11,100
Purchases of short-term investments (23,920) (21,652)
Net cash used in investing activities (7,975) (10,552)
Financing activities    
Principal payments of term loans (7,500) 0
Net proceeds from issuance of common stock under equity plans 321 484
Repurchases of common stock in connection with employee tax withholding on RSU vesting (3,740) 0
Net cash (used in) provided by financing activities (10,919) 484
Net decrease in cash, cash equivalents and restricted cash (16,169) (10,961)
Cash, cash equivalents, and restricted cash at beginning of period 40,637 56,746
Cash, cash equivalents, and restricted cash at end of period 24,468 45,785
Supplemental disclosure of cash flow information    
Interest paid 1,320 1,653
Increase in right-of-use assets and lease liabilities 0 1,220
Acquisition-related liabilities $ 5,000 $ 5,000