Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 33,966 $ (15,876)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 132 (1,378)
Depreciation and amortization of intangible assets 27,605 40,399
Amortization of premium on investments, net (938) 75
Amortization of debt discount and issuance fees 159 639
Amortization of commercial license rights (883) (163)
CECL adjustment to commercial license rights 3,190 0
Impairment loss of commercial license rights 924 0
Gain on sale of Pelican (2,121) 0
Gain on debt extinguishment 0 (4,192)
Share-based compensation 20,022 31,140
Deferred income taxes 6,761 (25,570)
(Gain) loss from short-term investments (30,340) 15,709
Lease amortization expense 1,231 4,535
Other 215 (45)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (5,436) 20,550
Inventory (11,577) 10,702
Accounts payable and accrued liabilities (7,461) (405)
Income tax receivable and payable 5,818 15,111
Deferred revenue 226 (5,182)
Other current assets 918 (17)
Other assets and liabilities (899) (1,654)
Net cash provided by operating activities 41,512 84,378
Cash flows from investing activities:    
Purchase of short-term investments (107,262) (39,052)
Proceeds from sale of short-term investments 96,318 202,552
Proceeds from maturity of short-term investments 37,941 24,830
Cash paid for Novan acquisition, net of restricted cash received (10,405) 0
Purchase of property and equipment (3,104) (15,792)
Payments to CVR Holders 0 (960)
Proceeds from commercial license rights 349 0
Other 0 80
Net cash (used in) provided by investing activities (1,398) 170,908
Cash flows from financing activities:    
Repayment at maturity/repurchase of 2023 Notes (76,854) (260,949)
Proceeds from convertible bond hedge settlement 0 202
Net proceeds from stock option exercises and ESPP 15,922 1,831
Taxes paid related to net share settlement of equity awards (4,290) (6,018)
Payments to CVR Holders 0 (1,545)
Payments for OmniAb transaction costs 0 (4,171)
Other (40) (42)
Net cash used in financing activities (65,262) (270,692)
Net decrease in cash, cash equivalents and restricted cash (25,148) (15,406)
Cash, cash equivalents and restricted cash at beginning of period 45,006 19,522
Cash, cash equivalents and restricted cash at end of period 19,858 4,116
Supplemental disclosure of cash flow information:    
Interest paid 288 1,139
Taxes paid 10 6,630
Restricted cash in other assets 583 0
Acquisition:    
Goodwill 103,770  
Supplemental schedule of non-cash activity:    
Accrued Primrose transaction costs 1,013 0
Accrued fixed asset purchases 409 3,626
Accrued inventory purchases 521 7,676
Unrealized gain (loss) on AFS investments, net of tax 40 (143)
Novan, Inc.    
Acquisition:    
Fair value of tangible assets acquired, net of cash and restricted cash received 17,101 0
Goodwill 2,229 0
Intangible assets 17,600 0
Liabilities assumed (26,525) 0
Net cash paid for Novan 10,405 0
Nucorion    
Cash flows from investing activities:    
Cash paid for equity method investment 0 (750)
Primrose Bio    
Cash flows from investing activities:    
Cash paid for equity method investment $ (15,235) $ 0