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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (23,387) $ (209,068)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 4,494 5,013
Amortization of right-of-use operating lease assets 5,177 4,957
Amortization of other assets 1,180 1,260
Amortization of discount on investments, net (12,978) (19,143)
Amortization of debt issuance costs 3,288 3,338
Non-cash royalty revenue related to sale of royalties (24,894) (16,236)
Non-cash interest related to sale of future royalties 37,165 35,949
Stock-based compensation expense 59,408 62,068
Loss on investments, net 20,471 1,201
Non-cash losses related to other assets 297 389
Changes in operating assets and liabilities:    
Contracts receivable 39,608 70,519
Inventories (12,465) (298)
Other current and long-term assets (22,536) (9,381)
Accounts payable (20,309) (17,064)
Income taxes 47 (1,867)
Accrued compensation (23,050) (32,709)
Accrued liabilities and other current liabilities 3,535 (39,201)
Deferred contract revenue (34,488) (109,545)
Net cash provided by (used in) operating activities 563 (269,818)
Investing activities:    
Purchases of short-term investments (802,657) (803,867)
Proceeds from sale of short-term investments 880,545 968,413
Purchases of property, plant and equipment (24,882) (10,727)
Acquisition of licenses and other assets, net (2,615) (15,264)
Net cash provided by investing activities 50,391 138,555
Financing activities:    
Proceeds from issuance of common stock through equity plans, net 3,528 26,205
Principal payments on mortgage debt (82) (78)
Net cash provided by financing activities 3,446 26,127
Effects of exchange rates on cash 827 (137)
Net increase (decrease) in cash and cash equivalents 55,227 (105,273)
Cash and cash equivalents at beginning of period 242,077 399,266
Cash and cash equivalents at end of period 297,304 293,993
Supplemental disclosures of cash flow information:    
Interest paid 5,214 5,569
Income taxes paid (refunds received), net (383) 1,992
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for lease obligations 7,253 0
Amounts accrued for capital and patent expenditures $ 145 $ 1,453