In fact, net cash from operating activities increased from $105.1 million in 2022 to$145.5 million in 2024. In the first six months of 2025, the company's net cash from operating activities stood at $50.7 million compared to$36.6 million in the year-ago period. However, the company closed the June quarter with a cash balance of $222.6 million, which was much less than its commercial obligations of$587.7 million, which should be paid in less than a year. Thus, the IPO and its proceeds were necessary for A ...