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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Cash flows from operating activities:    
Net income $ 79,669 $ 27,056
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 1,475 993
Depreciation of fixed assets and amortization of intangible assets 25,561 26,612
Accretion of short-term investments (2,943) (725)
Amortization of debt discount and issuance fees 708 314
Non-cash income from financial royalty assets (1,248) (4,687)
CECL adjustment to financial royalty assets (724) (3,463)
Impairment loss of financial royalty assets 0 26,491
Gain on Pelthos Transaction (53,072) 0
Loss on derivative instruments 134 14,655
Loss from equity method investment in Primrose Bio 0 5,763
(Gain) loss from change in fair value of equity-method investments and other investments (75,887) 34,601
Share-based compensation 32,579 33,565
Deferred income taxes, net 12,113 (3,108)
Loss (gain) from short-term investments 3,630 (98,923)
Lease amortization expense 1,462 1,555
Other 1,941 123
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (19,650) (794)
Inventory 2,214 7,053
Accounts payable and accrued liabilities (1,463) 2,617
Income tax receivable and payable 3,622 (607)
Deferred revenue (578) (1,172)
Other assets and liabilities (6,099) 657
Net cash provided by operating activities 3,444 68,576
Cash flows from investing activities:    
Acquisition of financial royalty assets (10,212) (17,819)
Payments To Acquire Royalty Receivables (813) 0
Proceeds from financial royalty assets 8,766 4,892
Purchases of derivatives (8,679) 0
Purchases of property and equipment (443) (1,109)
Purchases of short-term investments (514,856) (133,629)
Proceeds from sale of short-term investments 38,599 189,563
Proceeds from maturity of short-term investments 136,505 27,751
Cash outflow on Pelthos Transaction (8,085) 0
Cash paid for investment in Primrose Bio 0 (998)
Cash paid for Palvella notes receivable 0 (2,500)
Cash paid for the Agenus Transaction 0 (75,000)
Cash paid for Apeiron Acquisition, net of cash received 0 (91,996)
Cash paid for InvIOs investment 0 (4,196)
Net cash used in investing activities (359,218) (105,041)
Cash flows from financing activities:    
Gross proceeds from issuance of 2030 Convertible Senior Notes 460,000 0
Debt discount and payment of debt issuance cost (14,911) (308)
Purchase of 2030 Convertible Senior Notes hedge (113,250) 0
Proceeds from issuance of warrants 67,390 0
Repurchase of common stock (15,000) 0
Proceeds from common stock issuance, net of commissions and fees 0 34,030
Payments under finance lease obligations (20) (19)
Payments to CVR holders (174) 0
Net proceeds from stock option exercises and ESPP 38,203 46,251
Taxes paid related to net share settlement of equity awards (9,255) (3,201)
Proceeds from Pelthos investors 6,910 0
Net cash provided by financing activities 419,893 76,753
Effect of exchange rate changes on cash and cash equivalents 2,950 377
Net increase in cash and cash equivalents 67,069 40,665
Cash and cash equivalents at beginning of period 72,307 22,954
Cash and cash equivalents at end of period 139,376 63,619
Supplemental disclosure of cash flow information:    
Interest paid 299 262
Taxes paid 5,175 17,346
Supplemental schedule of non-cash investing and financing activities:    
Pelthos shares received in exchange for LNHC, Inc. business 44,092 0
Pelthos shares received for a bridge loan cancellation 12,732 0
Addition of right-of-use assets and lease liabilities 2,315 1,769
Accrued debt issuance costs 634 8
Accrued fixed asset purchases 0 289
Unrealized gain on available-for-sale investments, net of tax $ 7 3
APEIRON    
Apeiron Acquisition:    
Fair value of tangible assets acquired, net of cash and restricted cash received   8,965
Financial royalty assets   106,156
Liabilities assumed   (23,125)
Cash paid for Apeiron Acquisition, net of cash received   $ 91,996