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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 75,881 $ 431,229
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 715 806
Loss on disposal of property and equipment   17
Share-based compensation expense 12,690 9,985
Change in fair value of note hedge warrants (1,164) (1,027)
Change in fair value of convertible note hedges 1,115 1,803
Non-cash interest expense 1,053 11,750
Deferred income taxes (including benefit from valuation allowance release) 29,594 (337,800)
Changes in assets and liabilities:    
Accounts receivable, net 21,394 19,794
Prepaid expenses and other current assets (1,264) (3,101)
Operating lease right-of-use assets 650 601
Other assets 128 64
Accounts payable and accrued expenses (10,765) (10,428)
Accrued research and development costs (9,558) (260)
Operating lease liabilities (978) (891)
Other liabilities 5,998 (280)
Net cash provided by operating activities 125,489 122,262
Cash flows from investing activities:    
Purchases of property and equipment (97)  
Net cash (used in) investing activities (97)  
Cash flows from financing activities:    
Proceeds from exercise of stock options and employee stock purchase plan 5,937 7,873
Payment on 2022 Convertible Notes (120,699)  
Repurchases of common stock (126,394)  
Net cash provided by (used in) financing activities (241,156) 7,873
Net increase in cash, cash equivalents and restricted cash (115,764) 130,135
Cash, cash equivalents and restricted cash, beginning of period 621,864 364,784
Cash, cash equivalents and restricted cash, end of period $ 506,100 $ 494,919