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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities          
Net Income (Loss) $ (99,179) $ (198,883) $ (190,755) $ (337,842)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     62,413 93,830  
Non-cash operating lease expense     4,472 5,674  
Non-cash royalty revenue related to sale of future royalties     (73,349) (29,059)  
Non-cash interest expense on liability related to sale of future royalties     102,340 37,753  
Intangible asset impairment   217,800   217,800  
Change in valuation of contingent consideration     5,000 (126,500)  
Tangible asset impairment 200   168    
Loss on sale of fixed assets     3,772    
Gain on lease terminations (2,200)   (2,179)    
Unrealized loss on ClearPoint Equity Investments     1,252 1,112  
Unrealized loss on ClearPoint convertible debt security     1,931 1,539  
Unrealized gain on marketable securities - equity investments     (1,111) (4,364)  
Realized loss for the sale of Clearpoint Equity Investment       782  
Non-cash stock consideration, milestone payment       29,570  
Disposal of asset       133  
Deferred income taxes     1 (50,907) $ (46,900)
Amortization of discounts on investments, net     (6,993) (88)  
Amortization of debt issuance costs     591 1,001  
Share-based compensation expense     37,621 58,186  
Unrealized foreign currency transaction gains, net     (198) (13,332)  
Changes in operating assets and liabilities:          
Inventory, net     (1,816) (9,795)  
Prepaid expenses and other current assets     99,791 63,951  
Trade and royalty receivables, net     (31,310) (18,022)  
Deposits and other assets     10,062 6,936  
Accounts payable and accrued expenses     (18,702) 32,437  
Other liabilities     (2,892) (3,055)  
Deferred revenue     (801) (1,351)  
Net cash provided by (used in) operating activities     (692) (43,611)  
Cash flows from investing activities          
Purchases of fixed assets     (2,213) (16,515)  
Proceeds from sale of fixed assets     28,038    
Purchases of marketable securities - available for sale     (291,734)    
Purchases of marketable securities - equity investments     (17,406) (18,159)  
Sale and redemption of marketable securities- available for sale     136,650 21,544  
Sale and redemption of marketable securities - equity investments     20,573 4,249  
Sale and redemption of ClearPoint Equity Investments       2,594  
Acquisition of product rights and licenses     (54,763) (46,436)  
Net cash used in investing activities     (180,855) (52,723)  
Cash flows from financing activities          
Proceeds from exercise of options     4,747 20,325  
Proceeds from employee stock purchase plan     1,973 3,805  
Proceeds from sales of future royalties     241,792    
Debt issuance costs related to secured term loan       (197)  
Payment of finance lease principal     (1,490) (1,379)  
Net cash provided by financing activities     247,022 22,554  
Effect of exchange rate changes on cash     (7,217) 2,351  
Net increase (decrease) in cash and cash equivalents     58,258 (71,429)  
Cash and cash equivalents, and restricted cash beginning of period     610,284 295,925 295,925
Cash and cash equivalents, and restricted cash end of period 668,542 224,496 668,542 224,496 $ 610,284
Supplemental disclosure of cash information          
Cash paid for interest     3,666 22,310  
Cash paid for income taxes     6,117 9,196  
Supplemental disclosure of non-cash investing and financing activity          
Unrealized (loss) gain on marketable securities, net of tax (112) 397 (556) 451  
Right-of-use assets obtained in exchange for operating lease obligations     1,723    
Acquisition of product rights and licenses     3,105 36,879  
Fixed asset additions through tenant improvement allowance     16,739    
Milestone payable $ 37,500 $ 2,500 $ 37,500 2,500  
Debt issuance costs related to senior secured term loan       38  
Capital expenditures unpaid at the end of period       $ 36