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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 27,056,000 $ 33,966,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 993,000 132,000
Depreciation and amortization of intangible assets 26,612,000 27,605,000
Amortization of premium on investments, net (725,000) (938,000)
Amortization of debt discount and issuance fees 314,000 159,000
Non-cash income from financial royalty assets (4,687,000) (883,000)
CECL adjustment to financial royalty assets (3,463,000) 3,190,000
Impairment loss of financial royalty assets 26,491,000 924,000
Loss on derivative assets 14,655,000 0
Gain on sale of Pelican 0 (2,121,000)
Losses from equity method investment in Primrose Bio 11,576,000 0
Fair value adjustment to Primrose Bio securities investments 25,788,000 0
Share-based compensation 33,565,000 20,022,000
Deferred income taxes (3,108,000) 6,761,000
Gain from short-term investments (98,923,000) (30,340,000)
Lease amortization expense 1,555,000 1,231,000
Other 3,123,000 215,000
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (794,000) (5,436,000)
Inventory 7,053,000 (11,577,000)
Accounts payable and accrued liabilities 2,617,000 (7,461,000)
Income tax receivable and payable (607,000) 5,818,000
Deferred revenue (1,172,000) 226,000
Other assets and liabilities 657,000 19,000
Net cash provided by operating activities 68,576,000 41,512,000
Cash flows from investing activities:    
Acquisition of financial royalty assets (17,819,000) 0
Proceeds from financial royalty assets 4,892,000 349,000
Purchase of short-term investments (133,629,000) (107,262,000)
Proceeds from sale of short-term investments 189,563,000 96,318,000
Proceeds from maturity of short-term investments 27,751,000 37,941,000
Cash paid for investment in Primrose Bio (998,000) (15,235,000)
Cash paid for Palvella notes receivable (2,500,000) 0
Cash paid for Novan acquisition, net of restricted cash received 0 (10,405,000)
Cash paid for the Agenus transaction (75,000,000) 0
Cash paid for Apeiron acquisition, net of cash received (91,996,000) 0
Cash paid for InvIOs investment (4,196,000) 0
Purchase of property and equipment (1,109,000) (3,104,000)
Net cash (used in) provided by investing activities (105,041,000) (1,398,000)
Cash flows from financing activities:    
Proceeds from ATM sales, net of commissions and fees 34,030,000 0
Repayment at maturity/repurchase of 2023 Notes 0 (76,854,000)
Payments under finance lease obligations (19,000) (40,000)
Net proceeds from stock option exercises and ESPP 46,251,000 15,922,000
Taxes paid related to net share settlement of equity awards (3,201,000) (4,290,000)
Cash paid for debt issuance costs (308,000) 0
Net cash provided by (used in) financing activities 76,753,000 (65,262,000)
Effect of exchange rate changes on cash and cash equivalents 377,000 0
Net increase in cash and cash equivalents 40,665,000 (25,148,000)
Cash and cash equivalents at beginning of period 22,954,000 45,006,000
Cash and cash equivalents at end of period 63,619,000 19,858,000
Supplemental disclosure of cash flow information:    
Interest paid 262,000 288,000
Taxes paid 17,346,000 10,000
Restricted cash in other assets 0 583,000
Acquisitions:    
Goodwill 105,250,000  
Net cash paid for acquisitions 0 10,405,000
Supplemental schedule of non-cash activity:    
Accrued Primrose transaction costs 0 1,013,000
Addition of right-of-use assets and lease liabilities 1,769,000 0
Accrued fixed asset purchases 289,000 409,000
Accrued debt issuance costs 8,000 0
Unrealized gain on AFS investments, net of tax 3,000 40,000
Novan, Inc.    
Cash flows from investing activities:    
Cash paid for Novan acquisition, net of restricted cash received   (10,405,000)
Acquisitions:    
Fair value of tangible assets acquired, net of cash and restricted cash received   17,887,000
Goodwill   3,709,000
Financial royalty assets   0
Intangible assets   10,700,000
Liabilities assumed   (21,891,000)
Net cash paid for acquisitions   $ 10,405,000
APEIRON    
Cash flows from investing activities:    
Cash paid for Novan acquisition, net of restricted cash received (91,996,000)  
Acquisitions:    
Fair value of tangible assets acquired, net of cash and restricted cash received 8,965,000  
Goodwill 0  
Financial royalty assets 106,156,000  
Intangible assets 0  
Liabilities assumed (23,125,000)  
Net cash paid for acquisitions $ 91,996,000