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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income (loss) $ (117,813) $ 47,417 $ 194,235
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Stock-based compensation expense 11,650 14,072 17,630
Non-cash interest expense on convertible senior notes 1,853 1,830 1,696
Depreciation and amortization 920 952 1,386
Remeasurement on OMIDRIA contract royalty asset (41,167) (14,457) 0
Interest on OMIDRIA contract royalty asset (15,315) (18,634) 0
Accretion on U.S. government treasury bills, net (8,714) 0 0
Gain on early extinguishment of convertible senior notes (4,112) 0 0
Gain on sale of OMIDRIA, gross 0 0 (310,563)
Non-cash interest expense on future royalty obligation 0 1,695 0
Changes in operating assets and liabilities:      
Receivables 205,125 (175,066) (34,314)
OMIDRIA contract royalty asset 40,595 65,439 0
Accounts payable and accrued expense 4,682 (10,665) 14,640
Prepaid expenses and other (2,978) 934 5,568
Net cash provided by (used in) operating activities 74,726 (86,483) (109,722)
Investing activities:      
Purchases of investments (1,018,602) (429,045) (32,006)
Proceeds from the sale and maturities of investments 1,046,482 301,594 100,000
Purchases of property and equipment (426) (113) (277)
Proceeds from Divestiture of Businesses 0 0 125,993
Net cash provided by (used in) investing activities 27,454 (127,564) 193,710
Financing activities:      
Payments on convertible senior notes (99,873) 0 0
Repurchases on common stock (4,654) 0 0
Principal payments (1,152) (417) 0
Payments on finance lease obligations (555) (750) (1,823)
Proceeds upon exercise of stock options 150 415 8,383
Proceeds upon entering into OMIDRIA royalty obligation 0 125,000 0
At the market offering costs 0 0 (241)
Net cash provided by (used in) financing activities (106,084) 124,248 6,319
Net increase (decrease) in cash and cash equivalents (3,904) (89,799) 90,307
Cash and cash equivalents at beginning of period 11,009 100,808 10,501
Cash and cash equivalents at end of period 7,105 11,009 100,808
Supplemental cash flow information      
Cash paid for interest 29,923 19,178 17,876
Equipment acquired under finance lease $ 952 $ 40 $ 289