v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (207,174) $ (23,387)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,734 4,494
Amortization of right-of-use operating lease assets 6,990 5,177
Amortization of other assets 1,361 1,180
Amortization of discount on investments, net (9,533) (12,978)
Amortization of debt issuance costs 4,150 3,288
Non-cash royalty revenue related to sale of royalties (22,387) (24,894)
Non-cash interest related to sale of future royalties 34,538 37,165
Stock-based compensation expense 88,870 59,408
Loss (gain) on investments, net (12,401) 20,471
Non-cash losses related to other assets 481 297
Changes in operating assets and liabilities:    
Contracts receivable 7,214 39,608
Inventories (24,626) (12,465)
Other current and long-term assets (38,265) (22,536)
Accounts payable 18,583 (20,309)
Income taxes 164 47
Accrued compensation (65,943) (23,050)
Accrued liabilities and other liabilities 12,851 3,535
Deferred contract revenue (28,895) (34,488)
Net cash provided by (used in) operating activities (227,288) 563
Investing activities:    
Purchases of short-term investments (513,005) (802,657)
Proceeds from sale of short-term investments 1,114,805 880,545
Purchases of property, plant and equipment (37,843) (24,882)
Acquisition of licenses and other assets, net (3,640) (2,615)
Net cash provided by investing activities 560,317 50,391
Financing activities:    
Proceeds from issuance of common stock through equity plans, net 77,560 3,528
Repayment of 0 percent convertible senior notes due 2026 (432,511) 0
Principal payments on mortgage debt (85) (82)
Net cash provided by (used in) financing activities (355,036) 3,446
Effects of exchange rates on cash (188) 827
Net increase (decrease) in cash and cash equivalents (22,195) 55,227
Cash and cash equivalents at beginning of period 372,260 242,077
Cash and cash equivalents at end of period 350,065 297,304
Supplemental disclosures of cash flow information:    
Interest paid 5,212 5,214
Income taxes paid (refunds received), net 1,200 (383)
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for lease obligations 0 7,253
Amounts accrued for capital and patent expenditures $ 1,042 $ 145