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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities:          
Net loss $ (183,758) $ (75,544) $ (353,366) $ (111,704)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation     63,123 38,511  
Losses on extinguishments of debt 0 0 21,155 26,590  
Accretion of debt     53,106 3,683  
Depreciation and amortization     2,601 3,170  
Noncash lease expense     2,230 2,093  
Net loss from equity method investments 20,189 7,925 35,745 7,925  
Gain on deconsolidation of a subsidiary     0 (126,294)  
Gain from investment in equity securities, net     0 (8,136)  
Dividend from investment in equity securities     (2,302) 0  
Other noncash adjustments, net     (5,464) (1,911)  
Changes in operating assets and liabilities:          
Accounts receivable, net     (72,146) 1,091  
Inventories     (16,582) 0  
Prepaid expenses and other current assets     (22,745) (6,506)  
Other assets     (174) 942  
Accounts payable     16,516 8,858  
Accrued compensation and benefits     (15,637) (8,378)  
Accrued research and development liabilities     (2,977) 7,067  
Operating lease liabilities     (3,117) (2,981)  
Deferred revenue     (6,491) 22,236  
Other current liabilities     26,609 (1,090)  
Net cash used in operating activities     (279,916) (144,834)  
Investing activities:          
Purchases of marketable securities     (7,908) (93,811)  
Maturities of marketable securities     0 55,000  
Purchases of investments in equity securities     0 (20,271)  
Proceeds from sales of investments in equity securities     0 63,229  
Proceeds from special cash dividends received from investment in equity securities     0 25,682  
Payment for intangible assets     (6,095) (3,190)  
Purchases of property and equipment     (594) (749)  
Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries     0 (98)  
Net cash provided by (used in) investing activities     (14,597) 25,792  
Financing activities:          
Repurchases of common stock     (48,276) 0  
Proceeds from royalty obligation under Royalty Purchase Agreement (as described in Note 10)     300,000 0  
Issuance costs associated with royalty obligation under Royalty Purchase Agreement     (2,012) 0  
Repayment of term loans     (459,000) (473,417)  
Repayment of deferred royalty obligation     (2,005) 0  
Proceeds from issuance of common stock through public offerings, net     0 314,759  
Proceeds from common stock issuances under ESPP     3,237 2,364  
Proceeds from stock option exercises, net of repurchases     9,680 778  
Transactions with noncontrolling interests     1,550 0  
Repurchase of RSU shares to satisfy tax withholding     (3,771) (4,679)  
Net cash provided by financing activities     362,369 273,819  
Net increase in cash, cash equivalents and restricted cash     67,856 154,777  
Cash, cash equivalents and restricted cash at beginning of period     683,244 394,732 $ 394,732
Cash, cash equivalents and restricted cash at end of period 751,100 549,509 751,100 549,509 683,244
Supplemental Disclosure of Cash Flow Information:          
Cash paid for interest     23,271 49,046  
Cash paid for income taxes     1,153 0  
Supplemental Disclosures of Noncash Investing and Financing Information:          
Recognized intangible asset recorded to "Other current liabilities"     2,400 0  
Unpaid public offering issuance costs     0 18  
Deferred and unpaid issuance costs recorded to "Other current liabilities"     998 74  
Unpaid property and equipment     0 70  
Transfers to noncontrolling interests     (1,640) (1,929)  
Reconciliation of Cash, Cash Equivalents and Restricted Cash:          
Cash and cash equivalents 748,953 407,958 748,953 407,958 681,101
Restricted cash - Included in "Prepaid expenses and other current assets" $ 449 $ 139,409 $ 449 $ 139,409 $ 126
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Restricted cash - Included in "Other assets" $ 1,698 $ 2,142 $ 1,698 $ 2,142 $ 2,017
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] Other assets Other assets Other assets Other assets Other assets
Total cash, cash equivalents and restricted cash $ 751,100 $ 549,509 $ 751,100 $ 549,509 $ 683,244
2031 Notes          
Financing activities:          
Proceeds from issuance of 2031 Notes     575,000 0  
Issuance costs and discounts associated with term loan under Amended Financing Agreement     (12,034) 0  
Financing Agreement          
Financing activities:          
Proceeds from term loan under Amended Financing Agreement (as described in Note 9)     0 450,000  
Issuance costs and discounts associated with term loan under Amended Financing Agreement     $ 0 $ (15,986)