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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 476,513 $ 304,964
Accounts receivable 30,167 20,392
Receivables from collaboration arrangement 63,352 65,974
Inventory 38,363 33,725
Prepaid expenses 19,415 21,063
Current portion of ISP Fund investments 56,589 107,532
Other current assets 171 656
Total current assets 684,570 554,306
Property and equipment, net 1,529 514
Equity method investments 82,577 52,293
Equity and long-term investments 343,794 341,664
Capitalized fees paid, net 59,593 69,961
Right-of-use assets 1,402 2,453
Goodwill 17,905 17,905
Intangible assets 188,793 208,433
Deferred tax assets, net 7,982 12,054
Other assets 40,961 41,477
Total assets 1,429,106 1,301,060
Current liabilities:    
Accounts payable 6,243 2,132
Accrued personnel-related expenses 6,819 7,376
Accrued interest payable 231 3,422
Deferred revenue 13,571 1,126
Convertible subordinated notes due 2025, net of issuance costs 0 192,028
Other accrued liabilities 21,607 29,999
Total current liabilities 48,471 236,083
Long-term debt, net of discount and issuance costs 257,377 256,316
Other long-term liabilities 57,431 64,275
Income tax payable, long-term 55,876 53,227
Commitments and contingencies (Note 12)
Stockholders' equity:    
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding 0 0
Common stock: $0.01 par value, 200,000 shares authorized, 74,769 and 62,665 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 748 627
Additional paid-in capital 903,988 692,329
Retained earnings (accumulated deficit) 105,215 (1,797)
Total stockholders' equity 1,009,951 691,159
Total liabilities and stockholders' equity $ 1,429,106 $ 1,301,060