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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 42,579 $ (540,695)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation and amortization 17,463 22,097
Reduction in the carrying amounts of the right of use assets 7,964 6,811
Non-cash interest expense 2,501 2,688
Stock-based compensation 91,174 88,627
Accretion of investment discount, net (22,859) (20,245)
Non-cash change in the fair value of contingent consideration 10,100 (800)
Loss on debt extinguishment 0 387,329
Gain from sale of Priority Review Voucher 0 (102,000)
Other (1,067) 645
Changes in operating assets and liabilities, net:    
Net decrease (increase) in accounts receivable, net 40,330 (22,180)
Net (increase) decrease in manufacturing-related deposits and prepaids (203,344) 1,378
Net increase in inventory (162,972) (26,998)
Net decrease in other assets 6,627 9,637
Net decrease in deferred revenue (40,380) (44,255)
Net decrease in accounts payable, accrued expenses, lease liabilities and other liabilities (15,250) (93,669)
Net cash used in operating activities (227,134) (331,630)
Cash flows from investing activities:    
Purchase of property and equipment (61,611) (27,394)
Purchase of available-for-sale securities (547,282) (829,799)
Maturity and sale of available-for-sale securities 739,161 864,458
Purchase of intangible assets (10,000) (139)
Proceeds from sale of Priority Review Voucher 0 102,000
Net cash provided by investing activities 120,268 109,126
Cash flows from financing activities:    
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program 62,058 33,898
Partial settlement of capped call share options for 2024 Notes 0 80,645
Debt conversion costs for 2024 Notes 0 (6,887)
Net cash provided by financing activities 62,058 107,656
Decrease in cash, cash equivalents and restricted cash (44,808) (114,848)
Cash, cash equivalents and restricted cash:    
Beginning of period 444,009 985,801
End of period 399,201 870,953
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 383,622 851,929
Restricted cash in other assets 15,579 [1] 19,024
Total cash, cash equivalents and restricted cash 399,201 870,953
Supplemental disclosure of cash flow information:    
Cash paid during the period for income taxes 7,990 5,991
Cash paid during the period for interest 7,981 7,817
Supplemental schedule of non-cash activities:    
Intangible assets and property and equipment included in accounts payable and accrued expenses 30,483 20,928
Lease liabilities arising from obtaining right of use assets 2,018 75,875
Common stock issued for exchange of 2024 Notes 14,184 693,377
Capitalized stock-based compensation and depreciation as inventory $ 13,287 $ 0
[1]

* The Company had approximately $15.6 million in restricted cash included in other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of both June 30, 2024 and December 31, 2023. Restricted cash for both periods relates to (i) letters of credit established under the Company’s various property leases that serve as security for potential future default of lease payments, (ii) a letter of credit established under a certain commercial supply agreement and (iii) collateralized cash for the Company’s credit cards. The restricted cash is unavailable for withdrawal or use for general obligations.