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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ 872,132 $ (199,426) $ (278,017)
Less: Net income from discontinued operations (964,956) (65,645) (16,806)
Net loss from continuing operations (92,824) (265,071) (294,823)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 3,716 4,802 4,707
Amortization and accretion income, net (681) 10 (1,079)
Ampreloxetine interest accretion 974    
Share-based compensation 39,734 62,061 62,976
(Gain) loss on disposal of property and equipment (8) 39  
Gain on sale of Velusetrag (2,709)    
Amortization of right-of-use assets 3,989 3,786 3,344
Gain from lease modification   (1,863)  
Loss on extinguishment of debt 3,034    
Other   10 (95)
Changes in operating assets and liabilities:      
Receivables from collaborative and licensing arrangements (2,720) 1,803 6,128
Prepaid clinical and development services 8,733 10,129 (17,638)
Other prepaid and current assets (704) 2,867 (2,327)
Right-of-use lease assets (4,424)    
Other assets (3,802) (972) (1,110)
Accounts payable (1,612) (3,534) 3,658
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (14,086) (37,225) 5,983
Accrued interest payable (1,246)    
Deferred revenue (192) (11,463) (26,465)
Operating lease liabilities (1,024) (1,742) 1,600
Unrecognized tax benefits 63,952 (189) (8,542)
Other long-term liabilities (525) 777 936
Net cash used in operating activities - continuing operations (2,425) (235,775) (262,747)
Net cash (used in) provided by operating activities - discontinued operations (184,566) 27,917 12,344
Net cash used in operating activities (186,991) (207,858) (250,403)
Investing activities      
Purchases of property and equipment (572) (3,406) (6,616)
Purchases of marketable securities (103,145) (158,305) (401,987)
Maturities of marketable securities 158,000 286,199 399,318
Sale of short-term investments and marketable securities 17   19,942
Proceeds from the sale of Velusetrag 2,709    
Proceeds from the sale of property and equipment 1,866 6 64
Net cash provided by investing activities - continuing operations 58,875 124,494 10,721
Net cash provided by investing activities - discontinued operations 1,095,134    
Net cash provided by investing activities 1,154,009 124,494 10,721
Financing activities      
Ordinary share repurchases (128,830)    
Proceeds from the sale of ordinary shares, net   108,180 139,915
Proceeds from ampreloxetine funding, net 24,464    
Proceed from issuance of 2035 notes     380,000
Proceeds from ESPP purchases 802 3,466 3,701
Proceeds from option exercises   5 1,361
Repurchase of shares to satisfy tax withholding (3,450) (9,061) (9,749)
Net cash (used in) provided by financing activities - continuing operations (738,617) 91,860 279,881
Net cash used in financing activities - discontinued operations (20,189)   (16,796)
Net cash (used in) provided by financing activities (758,806) 91,860 263,085
Net increase in cash, cash equivalents, and restricted cash 208,212 8,496 23,403
Cash, cash equivalents, and restricted cash at beginning of period 90,796 82,300 58,897
Cash, cash equivalents, and restricted cash at end of period 299,008 90,796 82,300
Supplemental disclosure of cash flow information      
Cash paid for interest 22,244 39,029 24,024
Cash paid (received) for income taxes, net 117,966 (4,089) 14
2035 notes      
Financing activities      
Principal payment on notes (399,998) $ (10,730) $ (235,347)
2033 notes      
Financing activities      
Principal payment on notes $ (231,605)