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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating activities          
Net loss     $ (92,025) $ (51,052)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Acquired in-process research and development       10,000  
Stock-based compensation     13,777 7,538  
Depreciation and amortization     1,679 1,672  
Non-cash lease expense     361 289  
Loss (gain) on disposal of property and equipment     3 (2)  
Loss on extinguishment of debt $ (7,215) $ 11,500 4,268 2,311 $ 2,300
Accretion and non-cash interest expense     8,114 4,133  
Changes in operating assets and liabilities:          
Accounts receivable, net     (141) 1,679  
Inventory     (38)    
Prepaid expenses and other current assets     (3,445) (2,056)  
Other noncurrent assets     (7,471) 20  
Accounts payable     (222) (556)  
Accrued expenses and other current liabilities     3,291 1,102  
Operating lease liabilities     (760) (660)  
Net cash used in operating activities     (72,609) (25,582)  
Investing activities          
Purchase of in-process research and development       (10,000)  
Purchases of property, plant and equipment     (3,661) (1,084)  
Proceeds from the sale of property, plant and equipment     0 2  
Net cash used in investing activities     (3,661) (11,082)  
Financing activities          
Proceeds from revenue interest financing, net     57,460 41,744  
Principal payments on long-term debt       (20,000)  
Payments for debt prepayment and extinguishment costs       (2,190)  
Payments on revenue interest financing liability     (2,731) (1,000)  
Principal payments on finance leases     (80) (155)  
Receipts from litigation financing     489 109  
Proceeds from sale of common stock, net of issuance costs     138,893    
Proceeds from issuance of common stock under stock incentive plans     2,928 1,098  
Net cash provided by financing activities     196,959 19,606  
Net increase (decrease) in cash and cash equivalents     120,689 (17,058)  
Cash and cash equivalents, beginning of period   $ 83,679 83,679 93,283 93,283
Cash and cash equivalents, end of period $ 204,368   204,368 76,225 $ 83,679
Supplemental disclosure of cash flow information          
Cash paid for interest     0 360  
Cash paid for operating lease liabilities     985 956  
Offering costs incurred, but not paid included in accrued expenses     348    
Right of use assets obtained through lease liabilities     28    
Non-cash increase in property, plant and equipment through accounts payable     625    
Non-cash increase in indemnification asset through accounts payable     $ 499 $ 111