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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating activities:            
Net loss   $ (140,480) $ (147,410) $ (349,548) $ (357,023)  
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation       7,374 7,748  
Amortization of right-of-use operating lease assets       7,472 7,234  
Amortization of other assets       1,877 1,904  
Amortization of discount on investments, net       (28,283) (20,396)  
Amortization of debt issuance costs       5,016 4,666  
Non-cash royalty revenue related to sale of royalties       (30,422) (27,814)  
Non-cash interest related to sale of future royalties       54,330 50,541  
Stock-based compensation expense       94,052 79,473  
Loss on investments       320 1,429  
Gain on early retirement of debt       0 (13,389)  
Non-cash losses related to disposal of property, plant and equipment       114 14,646  
Non-cash losses related to other assets       895 849  
Changes in operating assets and liabilities:            
Contracts receivable       79,850 (116,814)  
Inventories       (27) (3,601)  
Other current and long-term assets       (8,155) (18,325)  
Income taxes       (2,110) 24,821  
Accounts payable       (19,215) (12,462)  
Accrued compensation       (27,169) (15,397)  
Accrued liabilities and other current liabilities       (28,661) (24,219)  
Deferred contract revenue       (142,518) 75,751  
Net cash used in operating activities       (384,808) (340,378)  
Investing activities:            
Purchases of short-term investments       (1,519,227) (1,353,100)  
Proceeds from sale of short-term investments       1,339,284 1,193,724  
Purchases of property, plant and equipment       (19,783) (24,624)  
Acquisition of licenses and other assets, net       (2,514) (3,414)  
Net cash used in investing activities       (202,240) (187,414)  
Financing activities:            
Proceeds from issuance of common stock through equity plans, net       33,207 8,680  
Proceeds from issuance of common stock in public offering, net $ 489,100     489,093 0  
Proceeds from issuance of 1.75 percent convertible senior notes       0 575,000  
1.75 percent convertible senior notes issuance costs       0 (14,175)  
Repurchase of $504.4 million principal amount of 0.125 percent convertible senior notes       0 (487,943)  
Proceeds from sale of future royalties       0 500,000  
Payments of transaction costs related to sale of future royalties       0 (10,434)  
Proceeds from real estate transaction       0 32,352  
Principal payments on mortgage debt       (126) (122)  
Net cash provided by financing activities       522,174 603,358  
Effects of exchange rates on cash       213 22  
Net increase (decrease) in cash and cash equivalents       (64,661) 75,588  
Cash and cash equivalents at beginning of period       399,266 276,472 $ 276,472
Cash and cash equivalents at end of period $ 334,605 $ 334,605 $ 352,060 334,605 352,060 $ 399,266
Supplemental disclosures of cash flow information:            
Interest paid       5,714 952  
Income taxes paid       2,072 714  
Supplemental disclosures of non-cash investing and financing activities:            
Amounts accrued for capital and patent expenditures       $ 2,240 $ 341