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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 96,018,000 $ 102,246,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 261,000 350,000
Intangible amortization 17,883,000 17,884,000
Acquired in-process research & development (IPR&D) expense 42,595,000  
Stock-based and employee stock purchase compensation expense 32,530,000 22,842,000
Stock appreciation rights market adjustment 315,000 (531,000)
Debt issuance costs amortization 531,000 2,089,000
Deferred taxes (22,586,000) (14,542,000)
Amortization of premiums and accretion of discounts on Investment securities (1,770,000) (2,031,000)
Loss on debt extinguishment   9,766,000
Other non-cash expenses 1,619,000 1,258,000
Change in operating assets and liabilities:    
Trade receivables (7,362,000) (12,524,000)
Inventory (1,552,000) (790,000)
Prepaid expenses and other assets (4,851,000) (1,759,000)
Trade payables (8,596,000) 2,753,000
Other liabilities (776,000) 15,711,000
Net cash provided by operating activities 144,259,000 142,722,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment securities (69,604,000) (105,856,000)
Proceeds from maturities and sales of investment securities 68,516,000 95,687,000
Purchase of property and equipment (640,000) (205,000)
Acquisition of Epygenix Therapeutics, Inc., net of cash acquired (33,069,000)  
Payment of license fee (25,500,000)  
Net cash used in investing activities (60,297,000) (10,374,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt   200,000,000
Debt issuance costs   (2,997,000)
Extinguishment of debt   (196,500,000)
Extinguishment of debt exit fees   (5,846,000)
Principal repayment of long term debt (11,250,000) (1,000,000)
Repurchase of common stock   (50,000,000)
Payments of employee withholding taxes related to stock-based awards (269,000) (514,000)
Proceeds from exercised options 3,264,000 4,828,000
Net cash (used in) provided by financing activities (8,255,000) (52,029,000)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 75,707,000 80,319,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-Beginning of period 311,930,000 244,534,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-End of period 387,637,000 324,853,000
Supplemental Disclosure of Cash Flow Information:    
Cash paid during the year for interest 13,170,000 15,653,000
Cash paid during the year for taxes $ 58,549,000 $ 36,543,000