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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net loss $ (357,023) $ (217,292)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,748 11,301
Amortization of right-of-use operating lease assets 7,234 1,970
Amortization of other assets 1,904 1,805
Amortization of premium (discount) on investments, net (20,396) 9,072
Amortization of debt issuance costs 4,666 4,035
Non-cash royalty revenue related to sale of royalties (27,814) 0
Non-cash interest related to sale of future royalties 50,541 0
Stock-based compensation expense 79,473 74,575
Loss on investments 1,429 228
Gain on early retirement of debt (13,389) 0
Non-cash losses related to disposal of property, plant and equipment 14,646 528
Non-cash losses related to other assets 849 1,155
Changes in operating assets and liabilities:    
Contracts receivable (116,814) 55,251
Inventories (3,601) 4,161
Other current and long-term assets (18,325) (988)
Income taxes payable 24,821 (20)
Accounts payable (12,462) 5,607
Accrued compensation (15,397) (8,400)
Accrued liabilities and other current liabilities (24,219) 38,263
Deferred contract revenue 75,751 (55,426)
Net cash used in operating activities (340,378) (74,175)
Investing activities:    
Purchases of short-term investments (1,353,100) (1,223,791)
Proceeds from sale of short-term investments 1,193,724 764,101
Purchases of property, plant and equipment (24,624) (11,582)
Acquisition of licenses and other assets, net (3,414) (3,511)
Net cash used in investing activities (187,414) (474,783)
Financing activities:    
Proceeds from equity, net 8,680 6,030
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options 0 (10,217)
Proceeds from issuance of 1.75 percent convertible senior notes 575,000 0
1.75 percent convertible senior notes issuance costs (14,175) 0
Repurchase of $504.4 million principal amount of 0.125 percent convertible senior notes (487,943) 0
Proceeds from sale of future royalties 500,000 0
Payments of transaction costs related to sale of future royalties (10,434) 0
Proceeds from real estate transaction 32,352 0
Principal payments on mortgage debt (122) (89)
Net cash provided by (used in) financing activities 603,358 (4,276)
Effects of exchange rates on cash 22 (964)
Net increase (decrease) in cash and cash equivalents 75,588 (554,198)
Cash and cash equivalents at beginning of period 276,472 869,191
Cash and cash equivalents at end of period 352,060 314,993
Supplemental disclosures of cash flow information:    
Interest paid 952 2,204
Income taxes paid 714 2
Supplemental disclosures of non-cash investing and financing activities:    
Amounts accrued for capital and patent expenditures 341 3,032
Right-of-use assets obtained in exchange for lease liabilities $ 0 $ 657