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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Operating activities:      
Net loss $ (142,803) $ (124,323)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 2,547 2,604  
Amortization of right-of-use operating lease assets 2,465 2,395  
Amortization of other assets 639 607  
Amortization of discount on investments, net (9,257) (5,042)  
Amortization of debt issuance costs 1,667 1,486  
Non-cash royalty revenue related to sale of royalties (6,623) 0  
Non-cash interest related to sale of future royalties 17,806 15,363  
Stock-based compensation expense 31,340 26,948  
Loss (gain) on investments (2,332) 529  
Non-cash losses related to other assets 133 445  
Changes in operating assets and liabilities:      
Contracts receivable 92,638 11,624  
Inventories (1,834) (167)  
Other current and long-term assets 13,381 5,312  
Income taxes payable 59 11,037  
Accounts payable (13,869) (10,295)  
Accrued compensation (46,190) (31,018)  
Accrued liabilities and other current liabilities (42,887) (28,460)  
Deferred contract revenue (46,818) (13,037)  
Net cash used in operating activities (149,938) (133,992)  
Investing activities:      
Purchases of short-term investments (519,001) (688,278)  
Proceeds from sale of short-term investments 600,836 374,363  
Purchases of property, plant and equipment (4,493) (10,472)  
Acquisition of licenses and other assets, net (1,237) (1,253)  
Net cash provided by (used in) investing activities 76,105 (325,640)  
Financing activities:      
Proceeds from equity, net 23,609 2,560  
Proceeds from sale of future royalties 0 500,000  
Payments of transaction costs related to sale of future royalties 0 (10,434)  
Principal payments on mortgage debt (39) (39)  
Net cash provided by financing activities 23,570 492,087  
Effects of exchange rates on cash (114) 104  
Net increase (decrease) in cash and cash equivalents (50,377) 32,559  
Cash and cash equivalents at beginning of period 399,266 276,472 $ 276,472
Cash and cash equivalents at end of period 348,889 309,031 $ 399,266
Supplemental disclosures of cash flow information:      
Interest paid 95 89  
Income taxes paid 13 293  
Supplemental disclosures of non-cash investing and financing activities:      
Amounts accrued for capital and patent expenditures $ 924 $ 3,058