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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ (43,781) $ (37,265)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,548 930
Non-cash lease expense 2,973 2,690
Stock-based compensation 27,518 9,600
Non-cash interest expense 5,420 3,093
Non-cash royalty revenue related to the sale of future royalties (1,776) 0
Other, net (3,577) (1,483)
Changes in operating assets and liabilities:    
Accounts receivable (31,164) (35,530)
Inventory (35,671) (19,152)
Prepaid commercial manufacturing 6,497 (3,609)
Prepaid expenses and other assets (5,759) (2,671)
Accounts payable 3,686 (3,123)
Accrued compensation and benefits (1,056) 809
Operating lease liabilities (3,388) (2,880)
Accrued and other liabilities 19,695 6,466
Deferred revenue 4,216 1,126
Net cash used in operating activities (54,619) (80,999)
Investing activities    
Proceeds from maturities and redemptions of investments 120,354 36,264
Purchases of investments (96,634) (137,644)
Purchases of property and equipment (418) (301)
Net cash provided by (used in) investing activities 23,302 (101,681)
Financing activities    
Proceeds from 2022 Loan Agreement, net of issuance costs 49,750 0
Proceeds from issuance of common stock in at the market offering, net of issuance costs 0 119,248
Proceeds from issuance of common stock under equity incentive and stock purchase plans 7,526 1,059
Net cash provided by financing activities 57,276 120,307
Net increase (decrease) in cash and cash equivalents 25,959 (62,373)
Cash and cash equivalents at beginning of period 21,470 96,140
Cash and cash equivalents at end of period 47,429 33,767
Supplementary disclosure of cash flow information:    
Cash paid for interest 6,962 2,692
Cash paid for income taxes 272 19
Supplementary disclosure of non-cash activities:    
Right-of-use assets obtained in exchange for lease obligations 1,010 339
Issuance of common stock for services $ 257 $ 337