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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net (loss) income $ (447,508) $ 36,119
Adjustments to reconcile net loss to cash flows from operating activities:    
Loss (gain) on strategic investments 90,728 (931)
Stock-based compensation 41,428 40,692
Depreciation and amortization 9,978 8,744
Reduction in the carrying amounts of the right of use assets 3,934 3,952
Accretion of investment discount, net (1,912) (12,401)
Non-cash change in the fair value of derivatives 0 10,100
Other 1,692 1,260
Changes in operating assets and liabilities, net:    
(Increase) decrease in accounts receivable (57,383) 21,521
Decrease (increase) in manufacturing-related deposits and prepaids 71,136 (145,046)
Increase in inventory (177,359) (60,512)
Increase in other assets (15,067) (2,315)
Decrease in deferred revenue (85,397) (50,416)
Decrease in accounts payable, accrued expenses, lease liabilities and other liabilities (17,707) (92,843)
Net cash used in operating activities (583,437) (242,076)
Cash flows from investing activities:    
Purchase of property and equipment (43,651) (32,444)
Purchase of available-for-sale securities (44,658) (216,450)
Maturity and sales of available-for-sale securities 40,758 477,690
Purchase of intangible assets (2,238) (10,000)
Acquisition of strategic investments (241,388) 0
Net cash provided by investing activities (291,177) 218,796
Cash flows from financing activities:    
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program 15,681 22,140
Payments related to obtaining Revolving Credit Facility (3,210) 0
Net cash provided by financing activities 12,471 22,140
Decrease in cash, cash equivalents and restricted cash (862,143) (1,140)
Cash, cash equivalents and restricted cash:    
Beginning of period 1,118,589 444,009
End of period 256,446 442,869
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 240,867 427,290
Restricted cash in other assets 15,579 [1] 15,579
Total cash, cash equivalents and restricted cash 256,446 442,869
Supplemental disclosure of cash flow information:    
Cash paid during the period for income taxes 835 909
Cash paid during the period for interest 7,188 7,188
Supplemental schedule of non-cash activities:    
Intangible assets and property and equipment included in accounts payable and accrued expenses 29,225 22,929
Lease liabilities arising from obtaining right of use assets 5,232 275
Capitalized stock-based compensation and depreciation as inventory $ 7,285 $ 6,333
[1] The Company had $15.6 million in restricted cash included in other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of both March 31, 2025 and December 31, 2024. 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