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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net (loss) income $ (55,193) $ 872,132
Less: Net income from discontinued operations   (964,956)
Net loss from continuing operations (55,193) (92,824)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,001 3,716
Amortization and accretion income, net (1,897) (681)
Future royalty payment contingency interest accretion 2,350 974
Share-based compensation 25,371 39,734
Gain on sale of Velusetrag   (2,709)
(Gain) loss on disposal of property and equipment 1,352 (8)
Amortization of right-of-use assets 4,152 3,989
Deferred income taxes 3,207  
Loss on extinguishment of debt   3,034
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements (689) (2,720)
Prepaid clinical and development services (526) 8,733
Other prepaid and current assets (3,921) (704)
Right-of-use lease assets (314) (4,424)
Other assets (1,233) (3,802)
Accounts payable 6 (1,612)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (7,095) (14,086)
Accrued interest payable   (1,246)
Deferred revenue (216) (192)
Operating lease liabilities (3,001) (1,024)
Unrecognized tax benefits 1,102 63,952
Other long-term liabilities 7,547 (525)
Net cash used in operating activities - continuing operations (26,997) (2,425)
Net cash used in operating activities - discontinued operations   (184,566)
Net cash used in operating activities (26,997) (186,991)
Investing activities    
Purchases of property and equipment (2,488) (572)
Purchases of marketable securities (134,534) (103,145)
Maturities of marketable securities 31,435 158,000
Sale of short-term investments and marketable securities 71,377 17
Proceeds from the sale of Velusetrag   2,709
Proceeds from the sale of property and equipment 1,513 1,866
Net cash (used in) provided by investing activities - continuing operations (32,697) 58,875
Net cash provided by investing activities - discontinued operations   1,095,134
Net cash (used in) provided by investing activities (32,697) 1,154,009
Financing activities    
Ordinary share repurchases (197,051) (128,830)
Proceeds from ampreloxetine funding, net   24,464
Proceeds from ESPP purchases 618 802
Repurchase of shares to satisfy tax withholding (2,500) (3,450)
Net cash used in financing activities - continuing operations (198,933) (738,617)
Net cash used in financing activities - discontinued operations   (20,189)
Net cash used in financing activities (198,933) (758,806)
Net (decrease) increase in cash, cash equivalents, and restricted cash (258,627) 208,212
Cash, cash equivalents, and restricted cash at beginning of period 299,008 90,796
Cash, cash equivalents, and restricted cash at end of period 40,381 299,008
Supplemental disclosure of cash flow information    
Cash paid for interest   22,244
Cash paid for income taxes, net 24 117,966
Supplemental disclosure of non-cash investing and financing activities    
Recognition of tenant improvement allowance assigned to sublease 6,838 8,900
Sublease    
Supplemental disclosure of non-cash investing and financing activities    
Recognition of tenant improvement allowance assigned to sublease $ 6,490  
2035 notes    
Financing activities    
Principal payment on notes   (399,998)
2023 notes    
Financing activities    
Principal payment on notes   $ (231,605)