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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 4,765 $ (43,789)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,008 2,013
Share-based compensation expense 14,429 16,261
Acquired in-process research & development expense 20,000 0
Other adjustments (1,048) (1,052)
Net changes in assets and liabilities    
Accounts receivable (8,347) (24,999)
Inventories (4,042) (5,255)
Prepaid expenses and other current assets (1,562) (1,615)
Accounts payable & other current liabilities 5,067 (3,516)
Accrued expenses (1,495) 9,680
Other assets and liabilities (4,105) (2,508)
Net cash provided by (used in) operating activities 26,670 (54,780)
Cash flows from investing activities:    
Purchases of property and equipment (190) 0
Proceeds from sales of marketable securities 57,738 298,829
Purchases of marketable securities (46,918) (261,962)
Upfront license payment for acquired in-process research & development (15,000) 0
Net cash (used in) provided by investing activities (4,370) 36,867
Cash flows from financing activities:    
Proceeds from issuance of shares off the at-the-market offering program 0 9,250
Proceeds from stock option exercises and employee share purchase plan 4,179 5,840
Net cash provided by financing activities 4,179 15,090
Effect of foreign currency exchange rate changes on cash and cash equivalents 1,963 238
Net change in cash and cash equivalents 28,442 (2,585)
Cash and cash equivalents at January 1, 51,371 31,167
Cash and cash equivalents at September 30, 79,813 28,582
Supplemental disclosures of cash flow information:    
Interest paid $ 6,414 $ 3,305