v3.25.2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (578,269) $ (457,700)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,367 3,024
Amortization of intangible assets 2,526 2,526
Stock-based compensation expense 82,238 44,736
Amortization of debt issuance costs 3,498 3,651
Paid-in-kind interest capitalized 0 12,571
Royalty financing non-cash interest expense 10,215 9,715
Accretion of discount on marketable securities, net (15,910) (1,963)
Finance lease amortization expense 1,356 1,356
Non-cash operating lease expense 1,574 1,611
Change in fair value of deferred and contingent consideration liabilities 77,300 91,800
Change in fair value of interest rate swap 0 (2,746)
Changes in operating assets and liabilities:    
Accounts receivable (781) (1,080)
Inventory (5,997) (8,353)
Prepaid expenses and other current assets (23,475) (17,823)
Other assets 12,515 15,699
Accounts payable and accrued liabilities (35,832) 2,737
Other liabilities (2,982) (6,748)
Net cash used in operating activities (467,657) (306,987)
Investing activities    
Purchase of fixed assets (13,554) (11,462)
Purchase of marketable securities (907,199) 0
Maturities of marketable securities 1,229,000 300,000
Net cash provided by investing activities 308,247 288,538
Financing activities    
Proceeds from exercise of stock options and ESPP 66,669 72,623
Proceeds from issuance of common stock, net 823,538 713,158
Payments of principal of 0.75% convertible senior notes due 2028 (1,965) 0
Payments of finance lease principal (1,438) (1,266)
Net cash provided by financing activities 886,804 784,515
Effect of exchange rates on cash and cash equivalents 1,900 (1,641)
Net increase in cash and cash equivalents 729,294 764,425
Cash and cash equivalents at beginning of period 555,030 482,374
Cash and cash equivalents at end of period 1,284,324 1,246,799
Supplemental disclosures of cash flow information:    
Cash paid for interest 26,391 16,695
Cash paid for income taxes $ 2,853 $ 1,562