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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue $ 100,283 $ 99,898 $ 188,915 $ 177,397
Amortization of acquired intangible assets 6,547 6,440 13,022 12,880
Gross profit 83,146 84,986 156,461 145,074
Operating expenses:        
Selling, general and administrative 26,412 27,740 53,903 58,145
Research and development 7,983 2,560 12,379 6,438
Total operating expenses 34,395 30,300 66,282 64,583
Income from operations 48,751 54,686 90,179 80,491
Changes in fair values of equity method investments, net 13,082 (60,108) (467) (24,766)
Changes in fair values of equity and long-term investments, net 11,280 (30,556) (54,019) (43,891)
Interest and dividend income 4,925 3,474 9,463 7,873
Interest expense (4,663) (5,802) (9,374) (11,653)
Other expense, net (777) (973) (1,773) (2,209)
Income (loss) before income taxes 72,598 (39,279) 34,009 5,845
Income tax benefit (expense), net (8,910) 4,594 (16,905) (3,998)
Net income (loss) and comprehensive income (loss) $ 63,688 $ (34,685) $ 17,104 $ 1,847
Net income (loss) per share:        
Basic $ 1.01 $ (0.55) $ 0.27 $ 0.03
Diluted $ 0.77 $ (0.55) $ 0.24 $ 0.03
Shares used to compute net income (loss) per share:        
Basic 62,865 62,526 62,787 62,856
Diluted 84,452 62,526 84,342 63,064
Royalty Revenue        
Revenue:        
Total revenue $ 63,880 $ 63,742 $ 121,687 $ 122,157
Net product sales        
Revenue:        
Total revenue 35,493 21,651 65,772 40,735
Cost of products sold (inclusive of amortization of inventory fair value adjustments) 10,590 8,472 19,432 19,443
License and other revenue        
Revenue:        
Total revenue $ 910 $ 14,505 $ 1,456 $ 14,505