v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 6,678 $ 79,669
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 5,775 1,475
Depreciation of fixed assets and amortization of intangible assets 26,754 25,561
Accretion of short-term investments (3,308) (2,943)
Amortization of debt discount and issuance fees 3,540 708
Non-cash income from financial royalty assets (10,882) (1,248)
CECL adjustment to financial royalty assets 6,440 (724)
Gain on Pelthos Transaction 0 53,072
(Gain) loss on derivative instruments (9,076) 134
Loss (gain) from change in fair value of equity-method investments and other investments 49,229 (75,887)
Share-based compensation 42,430 32,579
Deferred income taxes, net (13,036) 12,113
(Gain) loss from short-term investments (11,806) 3,630
Lease amortization expense 2,081 1,462
Other (997) 1,941
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (23,715) (19,650)
Inventory (5,382) 2,214
Accounts payable and accrued liabilities 1,568 (1,463)
Income tax receivable and payable (21,299) 3,622
Deferred revenue (4) (578)
Other assets and liabilities 128 (6,099)
Net cash provided by operating activities 45,118 3,444
Cash flows from investing activities:    
Cash paid for XOMA acquisition, net of cash and restricted cash received (782,852) 0
Settlement of XOMA deferred consideration (53,478) 0
Settlement of receivable from RemainCo 21,662 0
Acquisition of financial royalty assets (32,504) (10,212)
Acquisition of royalty receivables 200 813
Proceeds from financial royalty assets 31,393 8,766
Purchases of derivatives (5,742) (8,679)
Proceeds from sale of derivatives 1,045 0
Purchases of property and equipment (396) (443)
Purchases of short-term investments (393,750) (514,856)
Proceeds from sale of short-term investments 274,689 38,599
Proceeds from maturity of short-term investments 297,515 136,505
Purchases of other investments (8,603) 0
Cash outflow on Pelthos Transaction (Note 3) 0 (8,085)
Net cash used in investing activities (651,221) (359,218)
Cash flows from financing activities:    
Gross proceeds from issuance of Convertible Senior Notes 700,000 460,000
Debt discount and payment of debt issuance cost (21,696) (14,911)
Purchase of Convertible Senior Notes hedge (195,790) (113,250)
Proceeds from issuance of warrants 114,100 67,390
Repurchase of common stock (60,000) (15,000)
Proceeds from common stock issuance, net of commissions and fees 0 0
Payments under finance lease obligations (20) (20)
Payments to CVR holders 0 174
Net proceeds from stock option exercises and ESPP 21,878 38,203
Taxes paid related to net share settlement of equity awards (22,110) (9,255)
Proceeds from Pelthos investors 0 6,910
Net cash provided by financing activities 536,362 419,893
Effect of exchange rate changes on cash and cash equivalents (1,795) 2,950
Net (decrease) increase in cash, cash equivalents and restricted cash (71,536) 67,069
Cash, cash equivalents and restricted cash at beginning of period 174,927 72,307
Cash, cash equivalents and restricted cash at end of period 103,391 139,376
Supplemental disclosure of cash flow information:    
Interest paid 2,439 299
Taxes paid 5,442 5,175
Supplemental schedule of non-cash investing and financing activities:    
Settlement of receivable from RemainCo against vendor invoices 178 0
Pelthos shares received in exchange for LNHC, Inc. business 0 44,092
Pelthos shares received for a bridge loan cancellation 0 12,732
Addition of right-of-use assets and lease liabilities 0 2,315
Accrued debt issuance costs 181 634
Accrued fixed asset purchases 333 0
Unrealized (loss) gain on available-for-sale investments, net of tax $ (1,575) $ 7