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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net (loss) income $ (231,801) $ 1,604,715 $ (327,370)
Less: Net income from discontinued operations 0 1,961,225 1,935
Net loss from continuing operations (231,801) (356,510) (329,305)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 8,564 9,240 9,790
Stock-based compensation expense 49,296 53,508 61,602
Net (accretion of discount) amortization of premium on marketable securities (1,198) 6,949 3,022
Gain on sale of contingent payments (127,853) 0 0
(Gain) loss on disposal of property and equipment (48) 12 0
Non-cash operating lease expense 9,995 9,537 8,982
Changes in operating assets and liabilities:      
Accounts receivable, net (2,206) 0 0
Inventory (8,492) 0 0
Other receivables 447 (4,378) 0
Prepaid expenses and other current and non-current assets (176) (26,846) (3)
Accounts payable 3,436 1,863 3,330
Accrued expenses (1,617) 66 6,765
Operating lease liabilities (10,828) (7,527) (8,127)
Other liabilities 3,003 0 0
Net cash used in operating activities (309,478) (314,086) (243,944)
Net cash used in operating activities - discontinued operations 0 (93,234) (46,815)
Net cash used in operating activities (309,478) (407,320) (290,759)
Investing activities      
Purchases of marketable securities (1,030,781) (1,378,221) (557,030)
Proceeds from maturities and sales of marketable securities 1,146,175 829,804 647,685
Proceeds from sale of contingent payments 131,784 0 0
Purchases of property and equipment (4,881) (5,741) (14,106)
Proceeds from sale of equipment 964 0 0
Net cash provided by (used in) investing activities 243,261 (554,158) 76,549
Net cash provided by (used in) investing activities - discontinued operations 0 1,802,936 (803)
Net cash provided by investing activities 243,261 1,248,778 75,746
Financing activities      
Payments on financing lease obligations (331) (578) (336)
Purchase of treasury stock 0 (802,486) 0
Net proceeds from stock option exercises and employee stock purchase plan 2,681 37,296 11,317
Net cash provided by (used in) financing activities 2,350 (765,768) 10,981
Net cash provided by financing activities - discontinued operations 0 0 250,537
Net cash provided by (used in) financing activities 2,350 (765,768) 261,518
Net change in cash and cash equivalents (63,867) 75,690 46,505
Cash and cash equivalents at beginning of the period 203,126 127,436 80,931
Cash and cash equivalents at end of the period 139,259 203,126 127,436
Supplemental disclosure of non-cash investing and financing transactions:      
Additions to property and equipment in accounts payable and accrued expenses 158 1,678 465
Cash taxes paid 0 16,078 0
Financing lease liabilities arising from obtaining financing lease assets $ 0 $ 511 $ 0