XML 26 R6.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 59,005 $ (43,193) $ 14,084
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization expense 1,554 1,695 2,341
Share-based compensation expense 37,003 30,693 27,149
Non-cash lease expense 3,666 3,136 3,054
Net amortization (accretion) of discounts on short-term investments (916) 441 (1,068)
Net (gain) loss on disposal of property and equipment (120) (24) 179
Deferred income taxes 13,002 8,132 (33,788)
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (22,481) (2,710) (7,067)
Accounts receivable, net 26,130 (20,458) (8,606)
Inventory (28,531) 4,758 (9,523)
Contract asset     7,656
Other long-term assets (1,210) (9,735) 4,584
Accounts payable 142 (6,306) 347
Accrued expenses, accrued collaboration expenses and other current liabilities 37,497 43,729 16,940
Operating lease liabilities (3,455) (3,984) (3,261)
Deferred revenue   19,550 261
Other long-term liabilities 16,699 (35) 19
Net cash provided by operating activities 137,985 25,689 13,301
Cash flows from investing activities:      
Proceeds from sale of property and equipment   25  
Purchases of property and equipment (1,568) (277) (130)
Purchases of short-term investments (386,915) (202,014) (204,933)
Proceeds from the maturities of short-term investments 199,490 239,938 175,506
Net cash provided by (used in) investing activities (188,993) 37,672 (29,557)
Cash flows from financing activities:      
Proceeds from issuance of Class A ordinary shares under incentive award plans and employee share purchase plan 40,753 17,250 3,701
Payments in connection with ordinary stock tendered for employee tax obligations (7,730) (4,984) (2,206)
Net cash provided by financing activities 33,023 12,266 1,495
Net increase (decrease) in cash and cash equivalents (17,985) 75,627 (14,761)
Cash and cash equivalents at beginning of period 183,581 107,954 122,715
Cash and cash equivalents at end of period 165,596 183,581 107,954
Supplemental information:      
Cash paid for income taxes, net 3,012 2,003 5,605
Supplemental disclosure of non-cash investing and financing activities:      
Change in right-of-use asset as a result of new, modified, and terminated leases 3,097 1,581 9,600
Additions to property and equipment included in accrued expenses and other liabilities $ 83 $ 153 $ 54