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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss $ (138,885,000) $ (74,656,000) $ (190,098,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Bargain purchase gain (25,213,000) 0 0
Loss on forward sale of Series B Preferred Stock 0 0 60,081,000
Loss on Bridge Loans 0 0 13,719,000
Stock-based compensation expense 31,732,000 13,123,000 14,880,000
Amortization of acquired intangible assets 4,346,000 11,200,000 11,528,000
Depreciation and amortization 12,515,000 3,980,000 3,499,000
Accretion of discount on short-term investments, net (7,435,000) (1,261,000) (674,000)
Non-cash lease expense 5,766,000 3,864,000 3,561,000
Provision for excess and obsolete inventory 2,524,000 1,496,000 7,874,000
Change in fair value of warrants (632,000)    
Impairment of intangible assets 0 0 3,526,000
Other non-cash items 1,025,000 939,000 1,329,000
Changes in assets and liabilities:      
Accounts receivable, net 8,967,000 (2,991,000) 1,063,000
Inventory (9,879,000) (4,914,000) (8,470,000)
Prepaid expenses and other assets (1,935,000) 960,000 33,000
Accounts payable (12,975,000) 1,618,000 (2,776,000)
Accrued liabilities 815,000 6,183,000 4,113,000
Deferred revenue (4,143,000) 884,000 (3,467,000)
Operating lease liabilities (5,863,000) (3,759,000) (3,113,000)
Other liabilities (4,184,000) 47,000 (5,978,000)
Net cash used in operating activities (143,454,000) (43,287,000) (89,370,000)
Investing activities      
Cash and restricted cash acquired in the Merger 280,033,000    
Acquisition of business, net of cash acquired (1,385,000)    
Purchases of short-term investments (256,119,000) (94,896,000) (137,302,000)
Proceeds from sales and maturities of investments 349,000,000 117,964,000 53,000,000
Purchases of property and equipment (8,355,000) (2,831,000) (3,825,000)
Net cash provided by (used in) investing activities 363,174,000 20,237,000 (88,127,000)
Financing activities      
Proceeds from bridge loans     25,000,000
Proceeds from issuance of Series B Preferred Stock     225,000,000
Repayment of term loan and convertible notes (63,192,000) (2,083,000) (6,838,000)
Payment of term loan fee (545,000)    
Payment of debt and equity issuance costs     (12,547,000)
Repurchase of common stock (40,490,000) (5,414,000) (563,000)
Proceeds from ESPP stock issuance 918,000 723,000 820,000
Payments for taxes related to net share settlement of equity awards and other (459,000) (139,000) (211,000)
Proceeds from exercise of stock options 1,152,000 104,000 97,000
Net cash provided by (used in) financing activities (102,616,000) (6,809,000) 230,758,000
Effect of foreign exchange rate fluctuations on cash and cash equivalents (785,000) 34,000 (404,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 116,319,000 (29,825,000) 52,857,000
Cash, cash equivalents and restricted cash at beginning of period 52,499,000 82,324,000 29,467,000
Cash, cash equivalents and restricted cash at end of period 168,818,000 52,499,000 82,324,000
Supplemental disclosures of cash flow information      
Equity consideration transferred in connection with business combinations [1] 450,097,000    
Cash paid for interest 3,088,000 3,819,000 3,493,000
Cash paid for income taxes, net of refunds 607,000 801,000 309,000
Purchases of property and equipment included in accounts payable 1,814,000 2,831,000 3,825,000
Non-cash right-of-use assets and lease liabilities 220,000 629,000 651,000
Asset retirement obligations $ 788,000 $ 758,000 $ 718,000
[1] Equity consideration transferred in connection with the Merger (as defined below) included 26,367 shares of common stock that were issued to a related party. See Note 18, Related Parties.