v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities              
Net income $ (83,420) $ 186,595 $ 63,688 $ (46,584) $ 103,175 $ 17,104  
Adjustments to reconcile net income to net cash provided by operating activities:              
Deferred income taxes         4,946 (877)  
Amortization of capitalized fees and depreciation of property and equipment         7,011 6,976  
Amortization of acquired intangible assets 6,600   6,500   13,180 13,022  
Inventory fair value step-up adjustment included in cost of products sold         1,998 625  
Stock-based compensation         7,310 4,569  
Amortization of debt discount and issuance costs         723 1,078  
Changes in fair values of equity method investments, net 131,834   (13,082)   (25,816) 467  
Changes in fair values of equity and long-term investments, net         (4,422) 54,019  
Other non-cash items         1,223 423  
Changes in operating assets and liabilities:              
Accounts receivable         (15,860) (533)  
Receivable from collaboration arrangement         (1,439) (1,362)  
Inventory         (2,338) (17,146)  
Prepaid expenses         2,308 4,453  
Other assets         (6,031) 774  
Accounts payable         (950) 3,250  
Accrued personnel-related expenses and other accrued liabilities         (2,154) 1,932  
Accrued interest payable         0 (4)  
Income tax payable         2,645 1,921  
Deferred revenue         1,745 1,999  
Net cash provided by operating activities         87,254 92,690  
Cash flows from investing activities              
Purchases of trading securities         (34,999) (34,674)  
Purchases of equity and other long-term investments         (30,021) 0 $ (17,533)
Proceeds from trading securities         0 5,097  
Purchases of equity investments managed by ISP Fund LP         (3,275) 0  
Sales of equity investments managed by ISP Fund LP         44,110 19,939  
Purchases and sales of other investments managed by ISP Fund LP, net         6,665 8,086  
Purchases of property and equipment         (921) 0  
Sale of property and equipment         185 0  
Net cash used in investing activities         (18,256) (1,552)  
Cash flows from financing activities              
Repurchase of common stock         (51,314) 0  
Repurchase of shares to satisfy tax withholding         (252) (91)  
Proceeds from issuances of common stock, net         2,015 1,521  
Net cash provided by (used in) financing activities         (49,551) 1,430  
Net increase in cash and cash equivalents         19,447 92,568  
Cash and cash equivalents at beginning of period   $ 550,941   $ 304,964 550,941 304,964 304,964
Cash and cash equivalents at end of period $ 570,388   $ 397,532   570,388 397,532 $ 550,941
Supplemental Disclosure of Cash Flow Information:              
Cash paid for interest         2,773 5,179  
Cash paid for income taxes         12,364 11,944  
Supplemental Disclosure of Non-cash Investing Activities:              
2025 Notes converted to common stock         0 500  
Accrued interest income converted to long-term investments         $ 8,205 $ 0