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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (125,457) $ (108,745)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,067 8,959
Depreciation and amortization 649 715
Non-cash interest earned on OMIDRIA contract royalty asset (12,824) (11,484)
Remeasurement of OMIDRIA contract royalty asset (7,384) (14,924)
Accretion on U.S. government treasury bills, net (4,295) (7,280)
Non-cash interest on royalty obligation (1,553) 0
Changes in operating assets and liabilities:    
OMIDRIA contract royalty asset 29,586 29,900
Prepaid expenses and other 1,790 876
Receivables 1,702 206,343
Accounts payable and accrued expense (11,305) 3,741
Net cash provided by (used in) operating activities (119,823) 109,551
Investing activities:    
Proceeds from the sale and maturities of investments 969,221 751,114
Purchases of investments (921,819) (839,595)
Purchases of property and equipment (139) (308)
Net cash provided by (used in) investing activities 47,263 (88,789)
Financing activities:    
Proceeds from sale of future royalties 115,525 0
Proceeds upon exercise of stock options 52 150
Cash paid to repurchase 2026 convertible senior notes (21,179) 0
Principal payments on OMIDRIA royalty obligation (15,125) (854)
Repurchases of common stock (11,851) 0
Principal payments on finance lease obligations (446) (427)
Net cash provided by (used in) financing activities 66,976 (1,131)
Net increase (decrease) in cash and cash equivalents (5,584) 19,631
Cash and cash equivalents at beginning of period 7,105 11,009
Cash and cash equivalents at end of period 1,521 30,640
Supplemental cash flow information    
Cash paid for interest 28,122 23,801
Cash paid (received) for income taxes, net (109) 3,776
Equipment acquired under finance lease 509 632
Convertible Debt [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount and issuance costs 713 1,450
Loans Payable [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount and issuance costs $ 488 $ 0