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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (453,897) $ (366,286) $ (269,722)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 9,614 10,292 14,328
Amortization of right-of-use operating lease assets 10,040 9,647 5,362
Amortization of other assets 2,336 2,559 2,415
Amortization of premium (discount) on investments, net (37,733) (28,885) 7,389
Amortization of debt issuance costs 6,690 6,330 5,373
Non-cash royalty revenue related to sale of royalties (44,981) (44,628) 0
Non-cash interest related to sale of future royalties 72,846 68,238 0
Stock-based compensation expense 130,200 105,809 100,264
Gain on early retirement of debt 0 (13,389) 0
Non-cash losses related to disposal of property, plant and equipment 7,404 16,649 531
Loss (gain) on sale of real estate assets 0 161 (150,135)
Loss on investments 2,892 1,589 224
Non-cash losses related to other assets 3,032 1,661 2,030
Changes in operating assets and liabilities:      
Contracts receivable 5,590 (72,059) 36,358
Inventories (5,071) (2,469) 5,326
Other current and long-term assets (25,857) (33,763) (27,235)
Accounts payable 15,990 8,119 1,094
Income taxes (2,117) (4,098) 6,213
Accrued compensation 1,887 18,549 10,368
Accrued liabilities and other current liabilities (42,993) (5,506) 46,695
Deferred contract revenue (156,819) 13,967 (71,248)
Net cash used in operating activities (500,947) (307,513) (274,370)
Investing activities:      
Purchases of short-term investments (1,852,858) (1,770,814) (1,485,772)
Proceeds from sale of short-term investments 1,769,172 1,584,676 989,152
Purchases of property, plant and equipment (45,280) (23,805) (15,721)
Proceeds from sale of real estate assets 0 22 254,083
Acquisition of licenses and other assets, net (5,061) (4,206) (4,378)
Net cash used in investing activities (134,027) (214,127) (262,636)
Financing activities:      
Proceeds from issuance of common stock through equity plans, net 33,609 49,442 6,373
Proceeds from issuance of common stock in public offering, net 489,120 0 0
Repayment of 0.125 percent convertible senior notes (44,504) (487,943) 0
Proceeds from issuance of 1.75 percent convertible senior notes 0 575,000 0
1.75 percent convertible senior notes issuance costs 0 (14,175) 0
Proceeds from sale of future royalties 0 500,000 0
Payments of transaction costs related to sale of future royalties 0 (10,434) (29)
Proceeds from real estate transaction 0 32,352 0
Principal payments on mortgage debt (167) (160) (50,686)
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options 0 0 (10,953)
Net cash provided by (used in) financing activities 478,058 644,082 (55,295)
Effects of exchange rates on cash (273) 352 (418)
Net increase (decrease) in cash and cash equivalents (157,189) 122,794 (592,719)
Cash and cash equivalents at beginning of year 399,266 276,472 869,191
Cash and cash equivalents at end of year 242,077 399,266 276,472
Supplemental disclosures of cash flow information:      
Interest paid 10,869 6,512 2,898
Income taxes paid (refunds received) (5,620) 48,334 5,010
Supplemental disclosures of non-cash investing and financing activities:      
Right-of-use assets obtained in exchange for lease liabilities 0 0 168,931
Amounts accrued for capital and patent expenditures $ 947 $ 172 $ 4,767