v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ (10,831) $ 41,256
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 748 822
Amortization and accretion on investment securities, net (1,539) (749)
Future royalty payment contingency interest accretion   1,306
Share-based compensation 10,494 9,420
Loss on disposal of property and equipment   35
Amortization of right-of-use assets 2,132 1,906
Deferred income taxes (3,217) (12,543)
Other 68 (73)
Changes in operating assets and liabilities:    
Receivables from collaborative and licensing arrangements 25,158 (3,479)
Receivables from milestones and royalty assets 50,000 50,000
Prepaid clinical and development services   73
Other prepaid and current assets 414 (1,367)
Right-of-use lease assets 313 (45)
Future contingent milestone and royalty assets   144,200
Other assets 1,356 (915)
Accounts payable (1,916) (567)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities (183) 1,678
Operating lease liabilities (4,134) (3,363)
Unrecognized tax benefits 2,807 2,606
Income tax payable (5,287) 20,843
Other long-term liabilities (69) 69
Net cash provided by operating activities 66,314 251,113
Investing activities    
Purchases of property and equipment   (34)
Purchases of marketable securities (145,306) (58,542)
Maturities of marketable securities 137,496 52,950
Net cash used in investing activities (7,810) (5,626)
Financing activities    
Proceeds from the sale of ordinary shares   20
Proceeds from option exercises 1,378  
Repurchase of shares to satisfy tax withholding (7,922) (1,377)
Net cash used in financing activities (6,544) (1,357)
Net increase in cash, cash equivalents, and restricted cash 51,960 244,130
Cash, cash equivalents, and restricted cash at beginning of period 168,642 38,633
Cash, cash equivalents, and restricted cash at end of period 220,602 282,763
Supplemental disclosure of cash flow information    
Cash paid (received) for income taxes, net $ 5,572 $ 8,905