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 $ (322,446) $ (353,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 77,314 63,123
Net loss from equity method investments 24,718 35,745
Noncash interest expense on deferred royalty obligations [1],[2] 81,218 50,050
Change in fair value of the embedded derivative associated with the deferred royalty obligation (5,730) (5,499)
Amortization of debt discount and issuance costs 3,745 3,056
Depreciation and amortization 2,239 2,601
Noncash lease expense 3,094 2,230
Loss on extinguishment of debt 0 21,155
Dividend from investment in equity securities 0 (2,302)
Other noncash adjustments, net 1,502 35
Changes in operating assets and liabilities:    
Accounts receivable, net (115,040) (72,146)
Inventories (28,166) (16,582)
Prepaid expenses and other current assets (20,227) (22,745)
Other assets (3,283) (174)
Accounts payable (9,026) 16,516
Accrued compensation and benefits (25,755) (15,637)
Accrued research and development liabilities 23,032 (2,977)
Operating lease liabilities (3,674) (3,117)
Deferred revenue (4,300) (6,491)
Other liabilities [3] 52,405 26,609
Net cash used in operating activities (268,380) (279,916)
Investing activities:    
Purchases of marketable securities (63,937) (7,908)
Maturities of marketable securities 39,600 0
Payment for intangible assets 0 (6,095)
Purchases of property and equipment (512) (594)
Net cash used in investing activities (24,849) (14,597)
Financing activities:    
Proceeds from royalty obligation under Royalty Purchase Agreement (as described in Note 9) 0 300,000
Issuance costs associated with royalty obligation under Royalty Purchase Agreement 0 (2,012)
Repayment of term loans 0 (459,000)
Repayments of deferred royalty obligations [4] (33,082) (2,005)
Repurchase of common stock (210,003) (48,276)
Repurchase of RSU shares to satisfy tax withholding (8,341) (3,771)
Proceeds from stock option exercises, net of repurchases 27,812 9,680
Proceeds from common stock issuances under ESPP 5,466 3,237
Transactions with noncontrolling interests 0 1,550
Net cash provided by financing activities 401,125 362,369
Net increase in cash, cash equivalents, and restricted cash 107,896 67,856
Cash, cash equivalents, and restricted cash at beginning of period 572,140 683,244
Cash, cash equivalents, and restricted cash at end of period 680,036 751,100
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 20,316 23,271
Supplemental Disclosures of Noncash Investing and Financing Information:    
Transfers to noncontrolling interests (5,464) (1,640)
Recognized intangible asset recorded to “Other current liabilities” 0 2,400
Deferred and unpaid issuance costs recorded to “Other current liabilities” 1,355 998
Reconciliation of Cash, Cash Equivalents and Restricted Cash:    
Cash and cash equivalents 677,911 748,953
Restricted cash — Included in “Prepaid expenses and other current assets” 549 449
Restricted cash — Included in “Other assets” 1,576 1,698
Total cash, cash equivalents and restricted cash at end of periods shown on the condensed consolidated statements of cash flows 680,036 751,100
2033 Notes, net    
Financing activities:    
Proceeds from issuance of 2033 Notes /2031 Notes 632,500 0
Issuance costs and discounts associated with 2033 Notes/2031 Notes (13,227) 0
2031 Notes, net    
Financing activities:    
Proceeds from issuance of 2033 Notes /2031 Notes 0 575,000
Issuance costs and discounts associated with 2033 Notes/2031 Notes $ 0 $ (12,034)
[1] Including a related party amount of $10,936 for the six months ended June 30, 2026 (as described in Note 9).
[2] Including related party amounts of $(5,575) and $(10,936), respectively, for the three and six months ended June 30, 2026 (as described in Note 9)
[3] Including a related party amount of $5,626 for the six months ended June 30, 2026 (as described in Note 9).
[4] Including a related party amount of $(5,784) for the six months ended June 30, 2026 (as described in Note 9).