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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 550,941 $ 304,964
Accounts receivable 34,966 20,392
Receivable from collaboration arrangements 58,351 65,974
Inventory 39,172 33,725
Prepaid expenses 26,721 21,063
Current portion of ISP Fund investments 15,727 107,532
Other current assets 1,637 656
Total current assets 727,515 554,306
Property and equipment, net 1,555 514
Equity method investments 193,726 52,293
Equity and long-term investments 404,497 341,664
Capitalized fees paid, net 56,138 69,961
Right-of-use assets 10,929 2,453
Goodwill 17,905 17,905
Intangible assets 182,156 208,433
Deferred tax assets, net 0 12,054
Other assets 40,744 41,477
Total assets 1,635,165 1,301,060
Current liabilities:    
Accounts payable 4,966 2,132
Accrued personnel-related expenses 9,100 7,376
Accrued interest payable 1,618 3,422
Deferred revenue 4,270 1,126
Income tax payable 274 0
Convertible notes, due 2025, net of issuance costs 0 192,028
Other accrued liabilities 29,468 29,999
Total current liabilities 49,696 236,083
Long-term debt, net of discount and issuance costs 257,731 256,316
Other long-term liabilities 66,091 64,275
Deferred tax liabilities, net 31,793 0
Income tax payable, long-term 57,013 53,227
Commitments and contingencies (Note 13)
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, 74,636 and 62,665 issued and outstanding as of December 31, 2025 and 2024 respectively 747 627
Additional paid-in capital 902,726 692,329
Retained earnings (accumulated deficit) 269,368 (1,797)
Total stockholders' equity 1,172,841 691,159
Total liabilities and stockholders' equity $ 1,635,165 $ 1,301,060