v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 65,614 $ 54,301
Short-term investments 265,283 334,648
Accounts receivable, net 40,408 26,081
Inventory 30,517 25,753
Prepaid expenses and other current assets 24,741 26,133
Total current assets 426,563 466,916
Property and equipment, net 103 1,104
Right-of-use asset 2,817 3,049
Intangible assets, net 4,892 5,319
Restricted cash 603 522
Other long-term assets 2,288 3,286
Total assets 437,266 480,196
Current liabilities:    
Accounts payable 16,165 13,947
Accrued expenses and other current liabilities 94,016 83,855
Lease liability 703 650
Deferred revenue 0 194
Deferred royalty obligation, current 12,703 7,296
Total current liabilities 123,587 105,942
Long-term liabilities:    
Deferred royalty obligation 93,399 100,886
Lease liability, non-current 2,979 3,342
Total liabilities 219,965 210,170
Commitments and contingencies (Note 14)
Series A convertible preferred stock, $0.001 par value: 150,000 shares authorized; 132,500 and 132500 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. Liquidation preference of $132,500 and $132,500 as of March 31, 2026, and December 31, 2025, respectively. 114,318 130,957
Stockholders’ equity:    
Preferred stock, $0.001 par value: 9,850,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value: 120,000,000 shares authorized; 68,816,868 and 67,205,321 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 69 67
Additional paid-in capital 1,560,640 1,491,675
Accumulated other comprehensive loss (912) (796)
Accumulated deficit (1,456,814) (1,351,877)
Total stockholders’ equity 102,983 139,069
Total liabilities, convertible preferred stock and stockholders’ equity $ 437,266 $ 480,196