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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net Income $ 36,145 $ 59,229
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes 533 5,984
Amortization of capitalized fees and depreciation of property and equipment 6,954 7,092
Amortization of acquired intangible assets 8,763 0
Inventory fair value step-up adjustment included in cost of products sold 13,750 0
Stock-based compensation 3,118 2,304
Amortization of debt discount and issuance costs 1,032 931
Changes in fair values of equity method investments, net 4,094 54,773
Changes in fair values of other equity and long-term investments, net 2,247 13,238
Loss on extinguishment of debt 0 20,662
Accrued interest income added to long-term investments (1,482) 0
Other non-cash items 1,061 857
Changes in operating assets and liabilities:    
Accounts receivable (5,874) 0
Receivables from collaboration arrangement (11,049) (965)
Inventory (4,699) 0
Prepaid expenses 9,024 2,968
Other assets 1,534 66
Accounts payable 1,653 2,713
Accrued personnel-related expenses and other accrued liabilities (3,260) 6,939
Accrued interest payable (937) 346
Income tax payable 99 0
Deferred revenue 1,160 0
Net cash provided by operating activities 63,866 177,137
Cash flows from investing activities    
Purchases of equity method investments 0 (45,000)
Purchases of equity and long-term investments (35,689) (13,726)
Purchases of equity investments managed by ISP Fund LP (17,784) (38,026)
Sales of equity investments managed by ISP Fund LP 2,482 24,281
Purchase and sales of other investments managed by ISP Fund LP, net 15,302 (96,255)
Purchases of property and equipment (33) (22)
Cash acquired through the consolidation of Entasis 0 23,070
Net cash used in investing activities (35,722) (145,678)
Cash flows from financing activities    
Distributions to noncontrolling interests 0 (16,054)
Repurchase of common stock (50,021) 0
Repurchase of shares to satisfy tax withholding (54) (59)
Proceeds from issuances of common stock, net 111 341
Payment for repurchase of convertible subordinated notes due 2023 (96,204) (165,131)
Purchases of capped call options associated with convertible senior notes due 2028 0 (21,037)
Proceeds from issuance of convertible senior notes due 2028, net of issuance costs 0 252,536
Net cash (used in) provided by financing activities (146,168) 50,596
Net (decrease) increase in cash and cash equivalents (118,024) 82,055
Cash and cash equivalents at beginning of period 291,049 201,525
Cash and cash equivalents at end of period 173,025 283,580
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 6,202 5,411
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Adoption of ASU 2020-06 0 28,123
Right-of-use asset obtained through the consolidation of Entasis Therapeutics Holdings, Inc. $ 0 $ 3,289