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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (136,117) $ (82,717)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,059 5,130
Accretion of discount on marketable debt securities (10,037) (4,345)
Stock-based compensation 28,611 26,162
Equity received in connection with license agreements 0 (10,000)
Abandonment of capitalized intangible assets 784 594
Gain on sale of marketable debt securities (3) 0
Change in fair value of equity securities 9,702 2,610
Impairment on equity securities 20,430 0
Non-cash interest expense 1,900 0
Loss on disposal of assets 6 1,379
Changes in operating assets and liabilities:    
Accounts receivable (10,783) 8,978
Interest receivable from marketable debt securities (1,705) 420
Prepaid expenses and other assets (5,691) 1,127
Accounts payable 1,924 4,009
Accrued expenses (4,007) (288)
Income taxes (5,782) 0
Lease liabilities and ROU assets 426 582
Deferred revenue 0 (22,455)
Deferred income (16,312) 0
Net cash used in operating activities (120,595) (68,814)
Cash flows from investing activities    
Purchase of marketable securities (259,130) (276,715)
Sale of equity securities 4,236 0
Purchase of patents, licenses, and other intangible assets (1,549) (1,490)
Purchase of property and equipment (3,158) (14,636)
Proceeds from maturities of marketable securities 347,966 339,580
Proceeds from sale of marketable securities 9,969 0
Net cash provided by investing activities 98,334 46,739
Cash flows from financing activities    
Proceeds from issuance of common stock upon exercise of stock awards 1,927 1,601
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 930 1,242
Reduction of liability for sale of future royalties (3,614) 0
Net cash (used in) provided by financing activities (757) 2,843
Net decrease in cash, cash equivalents, and restricted cash (23,018) (19,232)
Cash, cash equivalents, and restricted cash, beginning of period 54,170 53,942
Cash, cash equivalents, and restricted cash, end of period 31,152 34,710
Cash paid during the period for:    
Interest 21 14
Income taxes 6,100 0
Supplemental disclosures of non-cash activities    
Unrealized (loss) gain on marketable securities (1,942) 5,093
ROU assets obtained 7,166 0
Cash and cash equivalents 30,768 34,710
Restricted cash $ 384 $ 0