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Balance Sheet Details | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Details | Balance Sheet Details Fair Value Measurement The following table summarizes the financial assets measured at fair value on a recurring basis (in thousands):
|  | March 31, 2026
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash, cash equivalents and restricted cash |  | $ | 41,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,008 |
U.S. treasury bills |  | — |  |  | 250,546 |  |  | — |  |  | 250,546 |
U.S. treasury bonds |  | — |  |  | 82,625 |  |  | — |  |  | 82,625 |
Commercial paper |  | — |  |  | 4,604 |  |  | — |  |  | 4,604 |
Total |  | $ | 41,008 |  |  | $ | 337,775 |  |  | $ | — |  |  | $ | 378,783 |
|  | December 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash, cash equivalents and restricted cash |  | $ | 80,213 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,213 |
U.S. treasury bills |  | — |  |  | 255,034 |  |  | — |  |  | 255,034 |
U.S. treasury bonds |  | — |  |  | 61,654 |  |  | — |  |  | 61,654 |
Commercial paper |  | — |  |  | 1,096 |  |  | — |  |  | 1,096 |
Total |  | $ | 80,213 |  |  | $ | 317,784 |  |  | $ | — |  |  | $ | 397,997 |
The fair value of the Company’s investments classified within Level 2 is based upon observable inputs that may include benchmark yield curves, reported trades, issuer spreads, benchmark securities and reference data including market research publications. The carrying amount and related unrealized gains (losses) by type of investment consisted of the following (in thousands):
|  | March 31, 2026
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Cash, cash equivalents and restricted cash |  | $ | 41,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,008 |
U.S. treasury bills |  | 250,678 |  |  | — |  |  | (132) |  |  | 250,546 |
U.S. treasury bonds |  | 82,656 |  |  | — |  |  | (31) |  |  | 82,625 |
Commercial paper |  | 4,604 |  |  | — |  |  | — |  |  | 4,604 |
Total cash, cash equivalents, restricted cash and short-term investments |  | $ | 378,946 |  |  | $ | — |  |  | $ | (163) |  |  | $ | 378,783 |
|  | December 31, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Cash, cash equivalents and restricted cash |  | $ | 80,213 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,213 |
U.S. treasury bills |  | 254,875 |  |  | 159 |  |  | — |  |  | 255,034 |
U.S. treasury bonds |  | 61,608 |  |  | 46 |  |  | — |  |  | 61,654 |
Commercial paper |  | 1,096 |  |  | — |  |  | — |  |  | 1,096 |
Total cash, cash equivalents, restricted cash and short-term investments |  | $ | 397,792 |  |  | $ | 205 |  |  | $ | — |  |  | $ | 397,997 |
As of March 31, 2026 and December 31, 2025, accrued interest receivable from investments was $0.7 million and $0.7 million, respectively, which was included in other current assets on the condensed consolidated balance sheets. As of March 31, 2026, short-term investments mature at various dates through March 2027. As of March 31, 2026 and December 31, 2025, no allowance for credit losses was recorded. Inventory Inventory consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Raw materials |  | $ | 658 |  |  | $ | 658 |
Work in process |  | 41,418 |  |  | 44,653 |
Finished goods |  | 4,334 |  |  | 379 |
Total inventory |  | $ | 46,410 |  |  | $ | 45,690 |
Prepaid Expenses and Deposits Prepaid expenses and deposits consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Prepaid manufacturing and other deposits |  | $ | 405 |  |  | $ | 1,742 |
Prepaid insurance |  | 355 |  |  | 878 |
Other prepaid expenses |  | 3,359 |  |  | 3,126 |
Total prepaid expenses and deposits |  | $ | 4,119 |  |  | $ | 5,746 |
Intangible Assets, Net Intangible assets, net consisted of the following (in thousands):
|  | March 31, 2026
|  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Acquired intellectual property and reacquired right |  | $ | 15,126 |  |  | $ | (12,532) |  |  | $ | 2,594 |
Patents |  | 2,419 |  |  | (1,423) |  |  | 996 |
Internal-use software implementation costs |  | 2,873 |  |  | (2,873) |  |  | — |
Total intangible assets, net |  | $ | 20,418 |  |  | $ | (16,828) |  |  | $ | 3,590 |
|  | December 31, 2025
|  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Acquired intellectual property and reacquired right |  | $ | 15,126 |  |  | $ | (12,334) |  |  | $ | 2,792 |
Patents |  | 2,380 |  |  | (1,411) |  |  | 969 |
Internal-use software implementation costs |  | 2,873 |  |  | (2,873) |  |  | — |
Total intangible assets, net |  | $ | 20,379 |  |  | $ | (16,618) |  |  | $ | 3,761 |
For each of the three months ended March 31, 2026 and 2025, the Company recorded amortization expense of $0.2 million. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Leasehold improvements |  | $ | 3,243 |  |  | $ | 3,243 |
Furniture |  | 1,155 |  |  | 1,155 |
Office equipment |  | 631 |  |  | 631 |
Computer equipment |  | 235 |  |  | 235 |
Total gross property and equipment |  | 5,264 |  | 5,264
Less accumulated depreciation |  | (3,278) |  |  | (3,153) |
Property and equipment, net |  | $ | 1,986 |  |  | $ | 2,111 |
Accrued Expenses Accrued expenses consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Accrued sales rebates and fees |  | $ | 33,977 |  |  | $ | 30,832 |
Accrued payroll and related expenses |  | 8,617 |  |  | 18,869 |
Accrued research and development expenses |  | 4,791 |  |  | 6,127 |
Accrued corporate and excise taxes |  | 1,543 |  |  | 2,010 |
Accrued sales and marketing expenses |  | 1,270 |  |  | 1,648 |
Accrued other expenses |  | 7,998 |  |  | 7,135 |
Total accrued expenses |  | $ | 58,196 |  |  | $ | 66,621 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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