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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating activities:          
Net loss $ (66,265) $ (85,290) $ (209,068) $ (209,613)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation     5,013 5,225  
Amortization of right-of-use operating lease assets     4,957 4,826  
Amortization of other assets     1,260 1,244  
Amortization of discount on investments, net     (19,143) (12,481)  
Amortization of debt issuance costs     3,338 2,966  
Non-cash royalty revenue related to sale of royalties     (16,236) (12,562)  
Non-cash interest related to sale of future royalties     35,949 32,915  
Stock-based compensation expense     62,068 53,510  
Loss (gain) on investments     1,201 (301)  
Gain on early retirement of debt     0 (11,292)  
Non-cash losses related to other assets     389 775  
Changes in operating assets and liabilities:          
Contracts receivable     70,519 (2,254)  
Inventories     (298) (3,505)  
Other current and long-term assets     (9,381) (19,696)  
Income taxes     (1,867) 18,483  
Accounts payable     (17,064) 5,517  
Accrued compensation     (32,709) (19,856)  
Accrued liabilities and other current liabilities     (39,201) (37,562)  
Deferred contract revenue     (109,545) (27,695)  
Net cash used in operating activities     (269,818) (231,356)  
Investing activities:          
Purchases of short-term investments     (803,867) (932,362)  
Proceeds from sale of short-term investments     968,413 701,034  
Purchases of property, plant and equipment     (10,727) (22,483)  
Acquisition of licenses and other assets, net     (15,264) (2,314)  
Net cash provided by (used in) investing activities     138,555 (256,125)  
Financing activities:          
Proceeds from equity, net     26,205 4,950  
Proceeds from issuance of 1.75 percent convertible senior notes     0 575,000  
1.75 percent convertible senior notes issuance costs     0 (13,658)  
Repurchase of $434.1 million principal amount of 0.125 percent convertible senior notes     0 (420,158)  
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     (78) (75)  
Net cash provided by financing activities     26,127 635,625  
Effects of exchange rates on cash     (137) 174  
Net increase (decrease) in cash and cash equivalents     (105,273) 148,318  
Cash and cash equivalents at beginning of period     399,266 276,472 $ 276,472
Cash and cash equivalents at end of period $ 293,993 $ 424,790 293,993 424,790 $ 399,266
Supplemental disclosures of cash flow information:          
Interest paid     5,569 529  
Income taxes paid     1,992 510  
Supplemental disclosures of non-cash investing and financing activities:          
Amounts accrued for capital and patent expenditures     $ 1,453 $ 251