XML 139 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities      
Net Income (Loss) $ (363,295) $ (626,604) $ (559,017)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 75,663 236,590 128,836
Non-cash operating lease expense 7,752 9,827 9,884
Non-cash royalty revenue related to sale of future royalties (181,507) (93,460) (48,738)
Non-cash interest expense on liability related to sale of future royalties 207,394 104,790 72,639
Intangible asset impairment 159,548 217,800 33,384
Change in valuation of contingent consideration (4,475) (127,700) (25,900)
Tangible asset impairment 4,095    
Loss on sale of fixed assets 4,298    
Gain on lease terminations (2,179)    
Gain on lease modification (5,464)    
Gain on sale of priority review voucher (99,900)    
Unrealized (gain) loss on ClearPoint Equity Investments (7,685) 1,515 3,560
Unrealized loss on ClearPoint convertible debt security 1,931 2,678 5,740
Unrealized (gain) loss on marketable securities - equity investments (2,572) (2,517) 7,992
Realized loss for the sale of ClearPoint Equity Investment   782  
Realized loss on ClearPoint convertible debt security 622    
Realized gain on redemption of marketable securities- equity investments   (4,383)  
Non-cash stock consideration, milestone payment   29,570  
Disposal of asset 345 806 80
Deferred income taxes (55,912) (46,930) (34,276)
Amortization of (discounts) premiums on investments, net (12,529) (2,200) 1,713
Amortization of debt issuance costs 1,198 1,873 1,901
Loss on extinguishment of debt   55,625  
Share-based compensation expense 74,615 101,636 110,333
Unrealized foreign currency transaction (gains) losses, net (10,374) (14,113) 13,263
Non cash foreign currency remeasurement loss on intercompany loan     16,887
Changes in operating assets and liabilities:      
Inventory, net 6,164 (8,183) (6,668)
Prepaid expenses and other current assets 98,763 (44,992) (51,621)
Trade and royalty receivables, net 1,732 (1,539) (48,468)
Deposits and other assets 12,459 5,222 (2,913)
Accounts payable and accrued expenses (33,322) 48,346 27,542
Other liabilities 11,830 (2,307) (4,558)
Deferred revenue 4,917 (550) 1,351
Payments on contingent consideration (1,800)   (9,600)
Net cash used in operating activities (107,688) (158,418) (356,654)
Cash flows from investing activities      
Purchases of fixed assets (6,502) (28,438) (32,016)
Proceeds from sale of fixed assets 28,056    
Proceeds from sale of priority review voucher 150,000    
Purchases of marketable securities - available for sale (607,984) (174,086) (52,764)
Purchases of marketable securities - equity investments (59,377) (38,398) (22,787)
Sale and redemption of marketable securities- available for sale 549,609 21,544 405,234
Sale and redemption of marketable securities - equity investments 48,127 132,228 112,958
Sale and redemption of ClearPoint Equity Investments   2,594  
Proceeds from settlement of Clearpoint convertible debt security 10,000    
Acquisition of product rights and licenses (67,747) (92,181) (120,444)
Net cash provided by (used in) investing activities 44,182 (176,737) 290,181
Cash flows from financing activities      
Proceeds from exercise of options 28,565 24,040 14,632
Proceeds from employee stock purchase plan 5,199 5,954 6,450
Repayment of senior secured term loan   (300,000)  
Debt extinguishment costs related to senior secured term loan   (81,933)  
Cash consideration received from A&R Royalty Purchase Agreement 241,792 1,000,000  
Debt issuance costs related to secured term loan   (282) (11,454)
Proceeds from issuance of senior secured term loan     300,000
Repayment of Convertible Notes     (150,000)
Payments on contingent consideration obligation (18,200)   (40,400)
Payment of finance lease principal (1,490) (1,379) (1,276)
Proceeds from stock purchase agreement     50,000
Net cash provided by financing activities 255,866 646,400 167,952
Effect of exchange rate changes on cash (7,328) 3,114 (2,772)
Net increase in cash and cash equivalents 185,032 314,359 98,707
Cash and cash equivalents, and restricted cash beginning of period 610,284 295,925 197,218
Cash and cash equivalents, and restricted cash end of period 795,316 610,284 295,925
Supplemental disclosure of cash information      
Cash paid for interest 5,823 36,131 18,463
Cash paid for income taxes 17,550 14,155 4,922
Supplemental disclosure of non-cash investing and financing activity      
Unrealized (loss) gain on marketable securities, net of tax (57) 820 108
Right-of-use assets obtained in exchange for operating lease obligations 6,462   35,817
Acquisition of product rights and licenses 420 54,618 33,239
Fixed asset additions through tenant improvement allowance 18,848    
Accrued brokerage fees in connection with sale of priority review voucher 2,000    
Milestone payable 11,025 $ 2,500  
Debt issuance costs related to senior secured term loan     159
Capital expenditures unpaid at the end of period $ 70   $ 308