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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
[1]
Sep. 30, 2025
Sep. 30, 2024
[1]
Revenue:        
Total revenue $ 11,790 $ 24,124 $ 33,425 $ 69,252
Operating costs and expenses:        
Cost of goods sold 0 4,435 0 22,709
Research and development (including $421 and $0 for the three months ended September 30, 2025 and 2024, respectively, from a related party; and $1,242 and $0 for the nine months ended September 30, 2025 and 2024, respectively, from a related party) 27,252 35,031 87,618 92,163
General and administrative 16,070 18,957 57,488 59,616
Restructuring and impairment 140 46 756 14,310
Total operating costs and expenses 43,462 58,469 145,862 188,798
Loss from operations (31,672) (34,345) (112,437) (119,546)
Non-operating income (expense):        
Non-cash interest expense on liabilities related to the sales of future royalties (6,047) (6,020) (16,415) (17,959)
Interest income 2,819 3,437 7,662 11,558
Other income (expense), net (including income of $190 and $0 for the three months ended September 30, 2025 and 2024, respectively, from a related party; and income of $1,051 and $0 for the nine months ended September 30, 2025 and 2024, respectively, from a related party) (121) (120) 405 (255)
Total non-operating income (expense), net (3,349) (2,703) (8,348) (6,656)
Loss before provision (benefit) for income taxes and equity method investment (35,021) (37,048) (120,785) (126,202)
Provision (benefit) for income taxes (33) 9 (169) 20
Loss before equity method investment (34,988) (37,057) (120,616) (126,222)
Loss from equity method investment (534) 0 (7,381) 0
Net loss $ (35,522) $ (37,057) $ (127,997) $ (126,222)
Basic net loss per share (in dollars per share) $ (1.87) $ (2.66) $ (8.14) $ (9.27)
Diluted net loss per share (in dollars per share) $ (1.87) $ (2.66) $ (8.14) $ (9.27)
Weighted average shares outstanding used in computing basic net loss per share (in shares) 18,946,559 13,949,851 15,716,396 13,619,270
Weighted average shares outstanding used in computing diluted net loss per share (in shares) 18,946,559 13,949,851 15,716,396 13,619,270
Product sales        
Revenue:        
Total revenue $ 0 $ 8,015 $ 0 $ 20,689
Non-cash royalty revenue related to the sales of future royalties        
Revenue:        
Total revenue 11,490 15,731 33,125 48,029
License, collaboration and other revenue        
Revenue:        
Total revenue $ 300 $ 378 $ 300 $ 534
[1] All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split (see Note 6).