v3.25.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (948,290) $ (678,224)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,825 4,483
Amortization of intangible assets 4,064 3,789
Stock-based compensation expense 113,671 70,281
Amortization of debt issuance costs 4,840 5,136
Paid-in-kind interest capitalized 0 19,233
Royalty financing non-cash interest expense 15,344 14,979
Accretion of discount on marketable securities, net (27,951) (8,133)
Finance lease amortization expense 2,034 2,034
Non-cash operating lease expense 2,748 2,230
Change in fair value of deferred and contingent consideration liabilities 181,953 106,482
Change in fair value of interest rate swap 0 1,106
Changes in operating assets and liabilities:    
Accounts receivable (11,007) (1,115)
Inventory (19,755) (14,922)
Prepaid expenses and other current assets (27,207) (16,981)
Other assets 9,664 5,625
Accounts payable and accrued liabilities 9,727 3,462
Other liabilities (4,078) (7,368)
Net cash used in operating activities (687,418) (487,903)
Investing activities    
Purchase of fixed assets (15,972) (15,151)
Purchase of marketable securities (2,092,014) (999,782)
Maturities of marketable securities 1,654,000 300,000
Net cash used in investing activities (453,986) (714,933)
Financing activities    
Proceeds from exercise of stock options and ESPP 101,082 99,503
Proceeds from issuance of common stock, net 823,282 1,084,136
Payments of principal of 0.75% convertible senior notes due 2028 (1,965) 0
Payments of finance lease principal (2,185) (1,924)
Net cash provided by financing activities 920,214 1,181,715
Effect of exchange rates on cash and cash equivalents 924 198
Net decrease in cash and cash equivalents (220,266) (20,923)
Cash and cash equivalents at beginning of period 555,030 482,374
Cash and cash equivalents at end of period 334,764 461,451
Supplemental disclosures of cash flow information:    
Cash paid for interest 41,843 25,327
Cash paid for income taxes $ 4,030 $ 2,251