v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net loss $ (382,942) $ (538,303)
Adjustments to reconcile net loss to net cash used in operating activities:    
Noncash interest expense on deferred royalty obligations [1],[2] 123,500 86,460
Stock-based compensation 117,171 98,385
Net loss from equity method investments 32,030 51,579
Change in fair value of the embedded derivative associated with the deferred royalty obligation (7,098) (11,062)
Amortization of debt discount and issuance costs 5,670 4,515
Depreciation and amortization 3,308 3,999
Noncash lease expense 4,714 3,443
Loss on extinguishment of debt 0 21,155
Noncash income from an equity method investment 0 (7,769)
Other noncash adjustments, net 2,233 (1,217)
Changes in operating assets and liabilities:    
Accounts receivable, net (235,646) (111,796)
Inventories (35,641) (23,356)
Prepaid expenses and other current assets (26,872) (17,527)
Other assets (5,849) 568
Accounts payable 51,993 9,084
Accrued compensation and benefits (9,049) 3,212
Accrued research and development liabilities 13,583 347
Operating lease liabilities (5,494) (4,757)
Deferred revenue (6,558) (9,480)
Other liabilities [3] 48,397 53,030
Net cash used in operating activities (312,550) (389,490)
Investing activities:    
Purchases of marketable securities (63,937) (10,876)
Maturities of marketable securities 76,500 8,000
Proceeds from special cash dividends received from an investment in equity securities 0 2,302
Payment for intangible assets 0 (8,495)
Purchases of property and equipment (802) (1,064)
Net cash provided by (used in) investing activities 11,761 (10,133)
Financing activities:    
Repayment of term loans 0 (459,000)
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 (3,010)
Repayments of deferred royalty obligations [4] (62,507) (6,896)
Proceeds from issuance of preferred stock 933,900 0
Issuance costs associated with preferred stock (1,342) 0
Payment of preferred stock dividends (2,694) 0
Repurchase of common stock (252,502) (48,276)
Proceeds from stock option exercises, net of repurchases 33,712 14,523
Proceeds from common stock issuances under ESPP 9,728 6,414
Repurchase of RSU shares to satisfy tax withholding (13,431) (6,796)
Transactions with noncontrolling interests 0 1,550
Net cash provided by financing activities 1,264,137 361,475
Net increase (decrease) in cash, cash equivalents, and restricted cash 963,348 (38,148)
Cash, cash equivalents, and restricted cash at beginning of period 572,140 683,244
Cash, cash equivalents, and restricted cash at end of period 1,535,488 645,096
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 43,135 43,670
Supplemental Disclosures of Noncash Investing and Financing Information:    
Accretion of preferred stock 9,920 0
Accrued cash dividends on preferred stock 13,679 0
Accrual for repurchase of common stock 4,997 0
Transfers to noncontrolling interests (8,765) (4,734)
Reconciliation of Cash, Cash Equivalents and Restricted Cash:    
Cash and cash equivalents 1,533,363 642,951
Restricted cash — Included in “Prepaid expenses and other current assets” 550 126
Restricted cash — Included in “Other assets” 1,575 2,019
Total cash, cash equivalents and restricted cash at end of periods shown on the condensed consolidated statements of cash flows 1,535,488 645,096
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 related party amounts of $13,878 and $5,560 for the period from January 1, 2026 to August 16, 2026 and for the nine months ended September 30, 2025, respectively (as described in Note 9).
[2] Including related party amounts of $(2,942) and $(13,878) for the period from July 1, 2026 to August 16, 2026 and for the period from January 1, 2026 to August 16, 2026, respectively, and $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 9)
[3] Including related party amounts of nil and $1,647 for the period from January 1, 2026 to August 16, 2026 and for the nine months ended September 30, 2025, respectively (as described in Note 9).
[4] Including related party amounts of $(5,784) and $(665) for the period from January 1, 2026 to August 16, 2026 and for the nine months ended September 30, 2025, respectively (as described in Note 9).