CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 397,532	$ 304,964
Accounts receivable	20,925	20,392
Receivables from collaboration arrangement	67,336	65,974
Inventory	48,996	33,725
Prepaid expenses	16,610	21,063
Current portion of ISP Fund investments	100,198	107,532
Other current assets	181	656
Total current assets	651,778	554,306
Property and equipment, net	451	514
Equity method investments	51,826	52,293
Equity and long-term investments	297,284	341,664
Capitalized fees paid, net	63,049	69,961
Right-of-use assets	1,759	2,453
Goodwill	17,905	17,905
Intangible assets	195,411	208,433
Deferred tax assets, net	12,931	12,054
Other assets	41,178	41,477
Total assets	1,333,572	1,301,060
Current liabilities:
Accounts payable	5,382	2,132
Accrued personnel-related expenses	4,750	7,376
Accrued interest payable	3,418	3,422
Deferred revenue	3,125	1,126
Convertible subordinated notes due 2025, net of issuance costs	191,903	192,028
Other accrued liabilities	37,985	29,999
Total current liabilities	246,563	236,083
Long-term debt, net of discount and issuance costs	257,019	256,316
Other long-term liabilities	60,021	64,275
Income tax payable, long-term	55,148	53,227
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding	0	0
Common stock: $0.01 par value, 200,000 shares authorized, 63,011 and 62,665 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	630	627
Additional paid-in capital	698,884	692,329
Retained earnings (accumulated deficit)	15,307	(1,797)
Total stockholders' equity	714,821	691,159
Total liabilities and stockholders' equity	$ 1,333,572	$ 1,301,060