v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ 80,687 $ 801,713
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31,287 14,804
Non-cash operating lease expense 3,553 3,634
Non-cash royalty revenue related to sale of future royalties (117,940) (85,099)
Non-cash interest expense on liability related to sale of future royalties 131,008 99,329
Change in valuation of contingent consideration   (800)
Tangible asset impairment and losses on transactions, net 927 176
Inducement expense related to repurchase of 2026 Convertible Notes 3,386  
Unrealized loss on ClearPoint Equity Investments   3,078
Unrealized gain on marketable securities - equity investments (1,914) (1,538)
Amortization of discounts on investments, net (8,270) (6,869)
Amortization of debt issuance costs 689 601
Share-based compensation expense 46,712 36,603
Unrealized foreign currency transaction losses, net 458 4,939
Changes in operating assets and liabilities:    
Inventory, net (13,217) (8,591)
Prepaid expenses and other current assets 9,544 (12,197)
Trade and royalty receivables, net (60,118) (25,891)
Deposits and other assets (579) (827)
Accounts payable and accrued expenses (31,213) 6,864
Other liabilities (4,125) (17,320)
Deferred revenue (804) 3,845
Payments on contingent consideration   (4,684)
Net cash provided by operating activities 70,071 811,770
Cash flows from investing activities    
Purchases of fixed assets (3,389) (2,971)
Purchases of marketable securities- available for sale (921,643) (847,164)
Purchases of marketable securities- equity investments (32,976) (17,029)
Sale of marketable securities- available for sale 709,325 247,151
Sale of marketable securities- equity investments 37,499 17,129
Acquisition of product rights and licenses (5,108) (3,485)
Net cash used in investing activities (216,292) (606,369)
Cash flows from financing activities    
Proceeds from exercise of options 19,637 16,885
Proceeds from employee stock purchase plan 3,163 2,827
Repurchase of the 2026 Convertible Notes (327,890)  
Conversion of the 2026 Convertible Notes (12,879)  
Debt issuance costs related to 2031 Convertible Notes (13,750)  
Proceeds from issuance of 2031 Convertible Notes 550,000  
Payments on contingent consideration obligation   (6,341)
Net cash provided by financing activities 218,281 13,371
Effect of exchange rate changes on cash (4,062) 18,981
Net increase in cash and cash equivalents 67,998 237,753
Cash and cash equivalents, and restricted cash beginning of period 998,334 795,316
Cash and cash equivalents, and restricted cash end of period 1,066,332 1,033,069
Supplemental disclosure of cash information    
Cash paid for interest 3,017 2,156
Foreign:    
Income tax paid, Foreign 487  
Total income taxes paid, net of refunds received 6,110 39,188
Supplemental disclosure of non-cash investing and financing activity    
Unrealized loss on marketable securities, net of tax (2,150) (274)
Right-of-use assets obtained in exchange for operating lease obligations   850
Decrease in right-of-use assets related to lease modifications and termination 1,466  
Decrease in operating lease liabilities due to lease modifications and termination 1,547  
Acquisition of product rights and licenses 4,566 2,285
Fixed asset additions through tenant improvement allowance   385
Accrued debt issuance fees for 2031 Convertible Notes 850  
Capital expenditures unpaid at the end of the period 593  
Milestone payable 30,000 $ 25,150
Illinois    
State:    
Income tax paid, State 4,270  
Florida    
State:    
Income tax paid, State 1,300  
Other State    
State:    
Income tax paid, State $ 53