v3.26.1
CONDENSED 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) $ 35,163 $ (37,604)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Change in estimated fair value of contingent liabilities (492) 1,931
Depreciation of fixed assets and amortization of intangible assets 16,431 17,292
Accretion of short-term investments (2,701) (1,605)
Amortization of debt discount and issuance fees 1,626 261
Non-cash income from financial royalty assets 2,728 (888)
CECL adjustment to financial royalty assets (201) (750)
(Gain) loss on derivative instruments (532) 245
Loss from change in fair value of equity-method investments and other investments 13,502 0
Share-based compensation 24,249 17,833
Deferred income taxes, net (549) (9,169)
(Gain) loss from short-term investments (15,623) 11,428
Lease amortization expense 959 983
Other (735) 1,736
Changes in operating assets and liabilities:    
Accounts receivable (7,441) (3,341)
Inventory (1,137) (1,375)
Accounts payable and accrued liabilities 5,960 (2,556)
Income tax receivable and payable 522 2,758
Deferred revenue 0 (578)
Other assets and liabilities 980 (6,247)
Net cash provided by (used in) operating activities 72,709 (9,646)
Cash flows from investing activities:    
Acquisition of financial royalty assets (2,640) (1,821)
Proceeds from financial royalty assets 9,500 5,179
Purchases of derivatives (2,672) (7,620)
Proceeds from sale of derivatives 1,045 0
Purchases of property and equipment (254) (428)
Purchases of short-term investments (259,327) (122,717)
Proceeds from sale of short-term investments 242,563 38,414
Proceeds from maturity of short-term investments 239,805 83,220
Purchases of other investments (1,250) 0
Net cash provided by (used in) investing activities 226,770 (5,773)
Cash flows from financing activities:    
Gross proceeds from issuance of Convertible Senior Notes 700,000 0
Debt discount and payment of debt issuance cost (20,175) (73)
Purchase of Convertible Senior Notes hedge (195,790) 0
Proceeds from issuance of warrants 114,100 0
Repurchase of common stock (60,000) 0
Payments under finance lease obligations (14) (14)
Net proceeds from stock option exercises and ESPP 16,255 12,461
Taxes paid related to net share settlement of equity awards (22,075) (9,036)
Proceeds from Pelthos investors 0 6,910
Net cash provided by financing activities 532,301 10,248
Effect of exchange rate changes on cash and cash equivalents (5) 3,350
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale 831,775 (1,821)
Less: net increase in cash and cash equivalents classified within assets held for sale 0 (2,817)
Net increase (decrease) in cash, cash equivalents and restricted cash 831,775 (4,638)
Cash, cash equivalents and restricted cash at beginning of period 174,927 72,307
Cash, cash equivalents and restricted cash at end of period 1,006,702 67,669
Supplemental disclosure of cash flow information:    
Interest paid 2,369 201
Taxes paid 3,313 4,554
Supplemental schedule of non-cash investing and financing activities:    
Addition of right-of-use assets and lease liabilities 0 2,315
Accrued debt issuance costs 906 0
Accrued fixed asset purchases 44 9
Unrealized loss on available-for-sale investments, net of tax $ (754) $ (71)