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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2024 | Mar. 31, 2023
Cash flows from operating activities: |  |
Net income | $ 86,139 | $ 41,949
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Change in estimated fair value of contingent liabilities | (33) | (670)
Depreciation and amortization of intangible assets | 8,765 | 9,499
Amortization of premium on investments, net | (157) | (282)
Amortization of debt discount and issuance fees | 84 | 95
Non-cash income from financial royalty assets | 0 | (379)
CECL adjustment to financial royalty assets | (2,841) | 0
Gain on derivative instruments | (196) | 0
Losses from equity method investment in Primrose Bio | 2,352 | 0
Share-based compensation | 7,334 | 5,931
Deferred income taxes | 19,546 | 8,754
Gain from short-term investments | (110,772) | (39,533)
Lease amortization expense | 478 | 447
Other | (210) | 240
Changes in operating assets and liabilities, net of acquisition: |  |
Accounts receivable | 3,462 | 1,099
Inventory | 2,632 | 2,035
Accounts payable and accrued liabilities | (1,382) | (435)
Income tax receivable and payable | 7,533 | 4,614
Deferred revenue | (540) | (98)
Other assets and liabilities | (3,462) | 682
Net cash provided by operating activities | 18,732 | 33,948
Cash flows from investing activities: |  |
Purchase of financial royalty assets | (2,443) | 0
Proceeds from financial royalty assets | 1,942 | 130
Purchase of short-term investments | (77,634) | (39,864)
Proceeds from sale of short-term investments | 60,919 | 44,232
Proceeds from maturity of short-term investments | 14,544 | 8,465
Purchase of property and equipment | (105) | (2,414)
Net cash (used in) provided by investing activities | (3,775) | 10,549
Cash flows from financing activities: |  |
Payments under finance lease obligations | (5) | (13)
Net proceeds from stock option exercises and ESPP | 15,304 | 3,393
Taxes paid related to net share settlement of equity awards | (3,076) | (4,155)
Cash paid for debt issuance costs | (41) | 0
Net cash provided by (used in) financing activities | 12,182 | (775)
Net increase in cash and cash equivalents | 27,139 | 43,722
Cash and cash equivalents at beginning of period | 22,954 | 45,006
Cash and cash equivalents at end of period | 50,093 | 88,728
Supplemental disclosure of cash flow information: |  |
Interest paid | 59 | 0
Supplemental schedule of non-cash activity: |  |
Accrued financial royalty asset purchases | 2,129 | 0
Accrued fixed asset purchases | 2 | 140
Unrealized gain (loss) on AFS investments, net of tax | (93) | 49
Primrose Bio |  |
Cash flows from investing activities: |  |
Cash paid for investment in Primrose Bio | $ (998) | $ 0

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