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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income $ 163,889 $ 71,410 $ 83,079
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 397 316 141
Stock-based compensation 22,251 14,250 7,907
Amortization of intangible assets 37,377 32,565 1,098
Deferred taxes (9,388) (17,818) 4,937
Accretion of discount (835) 1,320 17
Reduction in the carrying amount of right-of-use asset 278 262 247
Realized loss on sale of available-for-sale securities 0 0 762
Acquired research and development inventory expensed from asset acquisition 0 0 4,130
Acquired inventory samples expensed from asset acquisition 0 130 0
Acquired in-process research and development 0 81,513 0
Change in fair value of equity securities (5,075) (3,024) 0
(Increase) decrease in:      
Accounts receivable, net (11,962) (43,075) (3,820)
Inventory (3,897) (4,739) 1,065
Prepaid expenses and other current assets (8,504) (5,792) (807)
Increase (decrease) in:      
Accounts payable 1,798 10,820 1,207
Accrued expenses and other liabilities 53,848 5,800 16,391
Operating lease liability (369) (338) (307)
Net cash provided by (used in) operating activities 239,808 143,600 116,047
Investing Activities:      
Purchases of property and equipment (556) (231) (29)
Proceeds from sale of available-for-sale securities 0 0 19,238
Payments in connection with asset acquisitions 0 (198,293) (10,000)
Acquisition of in-process research and development 0 (81,513) 0
Purchase of equity securities 0 (13,465) 0
Net cash provided by (used in) investing activities (556) (293,502) 9,209
Financing Activities:      
Payment of employee withholding tax related to stock-based compensation (668) (982) (230)
Proceeds from exercise of stock options 13,515 2,792 9,569
Repurchase of common stock 0 0 (6,907)
Payment of liabilities arising from asset acquisition (12,886) (12,667) (738)
Proceeds from issuance of common stock 141,000    
Payment of fees in connection with issuance of common stock (296)    
Net cash provided by (used in) financing activities 140,665 (10,857) 1,694
Net increase (decrease) in cash and cash equivalents 379,917 (160,759) 126,950
Cash and cash equivalents – beginning of period 137,636 298,395 171,445
Cash and cash equivalents – end of period 517,553 137,636 298,395
Supplemental disclosures of cash flow information:      
Cash paid for income taxes, net 68,451 50,458 7,667
Cash paid for interest 1,395 705 0
Non-cash investing and financing activities:      
Liabilities arising from asset acquisition $ 0 $ 1,915 $ 27,699