v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (176,805) $ (578,269)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,113 4,367
Amortization of intangible assets 4,162 2,526
Stock-based compensation expense 87,008 82,238
Amortization of debt issuance costs 2,811 3,498
Royalty financing non-cash interest expense 10,243 10,215
Accretion of discount on marketable securities, net (11,977) (15,910)
Finance lease amortization expense 1,356 1,356
Non-cash operating lease expense 1,386 1,574
Change in fair value of contingent consideration (146,721) 77,300
Changes in operating assets and liabilities:    
Accounts receivable (75,350) (781)
Inventory (14,860) (5,997)
Prepaid expenses and other current assets (25,049) (23,475)
Other assets (7,587) 12,515
Accounts payable and accrued liabilities 34,945 (35,832)
Other liabilities (1,241) (2,982)
Net cash used in operating activities (311,566) (467,657)
Investing activities    
Purchase of fixed assets (9,739) (13,554)
Payment of AZ milestone (15,000) 0
Purchase of marketable securities (399,228) (907,199)
Maturities of marketable securities 714,000 1,229,000
Net cash provided by investing activities 290,033 308,247
Financing activities    
Proceeds from exercise of stock options and ESPP 58,319 66,669
Proceeds from issuance of common stock, net 0 823,538
Payments of principal of 0.75% convertible senior notes due 2028 0 (1,965)
Payments of finance lease principal (1,626) (1,438)
Net cash provided by financing activities 56,693 886,804
Effect of exchange rates on cash and cash equivalents (840) 1,900
Net increase in cash and cash equivalents 34,320 729,294
Cash and cash equivalents at beginning of period 510,445 555,030
Cash and cash equivalents at end of period 544,765 1,284,324
Supplemental disclosures of cash flow information:    
Cash paid for interest 26,391 26,391
Cash paid for income taxes $ 3,636 $ 2,853