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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amount and Fair Value of the Long-Term Debt | At June 30, 2025, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):
|  | Carrying Value |  | Fair Value Measurements Using
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |
Equity investments |  | $ | 7,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,750 |
Convertible notes receivable |  | $ | 2,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,500 |
Financial Liabilities: |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  | $ | 17,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,209 |
Financial Liabilities Measured at Amortized Cost: |  |  |  |  |  |  |  |
Term loan A facility due March 2028 |  | $ | 97,828 |  |  | $ | — |  |  | $ | 98,256 |  |  | $ | — |
2.125% convertible senior notes due 2029 (1) |  | $ | 280,267 |  |  | $ | — |  |  | $ | 281,419 |  |  | $ | — |
0.750% convertible senior notes due 2025 (2) |  | $ | 202,397 |  |  | $ | — |  |  | $ | 201,113 |  |  | $ | — |
(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $23.90 per share on June 30, 2025, compared to a conversion price of $39.56 per share. At June 30, 2025, as the conversion price was above the stock price, the requirements for conversion have not been met. (2) The 0.750% Convertible senior notes matured and were repaid on August 1, 2025.
Schedule of Investments without Readily Determinable Fair Value | The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments as follows (in thousands):
|  | Equity Investments |  | Convertible Notes Receivable |  | Total
Balance at December 31, 2023 |  | $ | 15,877 |  |  | $ | 12,134 |  |  | $ | 28,011 |
Foreign currency adjustments |  | — |  |  | (236) |  |  | (236) |
Balance at December 31, 2024 |  | 15,877 |  |  | 11,898 |  |  | 27,775 |
Purchases |  | — |  |  | 1,250 |  |  | 1,250 |
Impairment |  | (4,000) |  |  | (7,000) |  |  | (11,000) |
Realized gain of prior investments (1) |  | 4,227 |  |  | 1,674 |  |  | 5,901 |
Settled investments (1) |  | (8,315) |  |  | (5,322) |  |  | (13,637) |
Foreign currency adjustments |  | (39) |  |  | — |  |  | (39) |
Balance at June 30, 2025 |  | $ | 7,750 |  |  | $ | 2,500 |  |  | $ | 10,250 |
(1) In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable were part of the fair value of consideration exchanged. Upon acquiring the remaining 81% ownership interest in GQ Bio, the Company remeasured its previously held equity interest to its acquisition-date fair value. The $4.2 million gain resulting from the equity investment was recognized as other, net within the condensed consolidated statement of operations. In settling the notes receivable, the Company recognized $1.7 million in interest income. See Note 3, GQ Bio Therapeutics Acquisition, for information on the GQ Bio Acquisition.
Schedule of Key Assumptions used in the Valuation of Contingent Consideration | The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:
Assumption |  | Ranges Utilized as of June 30, 2025
Discount rates |  | 7.6% to 8.2%
Probability of payment for remaining regulatory milestone |  | 0%
Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements | The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):
|  | Contingent Consideration Fair Value
Balance at December 31, 2023 |  | $ | 24,698 |
Fair value adjustments and accretion |  | (4,457) |
Balance at December 31, 2024 |  | 20,241 |
Fair value adjustments and accretion |  | (3,032) |
Balance at June 30, 2025 |  | $ | 17,209 |
Schedule of Short-Term and Noncurrent Available-for-Sale Investments | The following summarizes the Company’s short-term available-for-sale investments at June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 8,531 |  |  | $ | — |  |  | $ | (1) |  |  |  |  | $ | 8,530 |
Commercial paper |  | 106,793 |  |  | 4 |  |  | (26) |  |  |  |  | 106,771 |
Corporate bonds |  | 25,078 |  |  | 4 |  |  | (6) |  |  |  |  | 25,076 |
Yankee bond |  | 5,002 |  |  | 1 |  |  | — |  |  |  |  | 5,003 |
Total |  | $ | 145,404 |  |  | $ | 9 |  |  | $ | (33) |  |  |  |  | $ | 145,380 |
December 31, 2024 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 21,626 |  |  | $ | 43 |  |  | $ | — |  |  |  |  | $ | 21,669 |
Commercial paper |  | 142,556 |  |  | 120 |  |  | (55) |  |  |  |  | 142,621 |
Corporate bonds |  | 32,502 |  |  | 25 |  |  | (5) |  |  |  |  | 32,522 |
U.S. federal agency bonds |  | 5,996 |  |  | 8 |  |  | — |  |  |  |  | 6,004 |
Yankee bond |  | 5,012 |  |  | 13 |  |  | — |  |  |  |  | 5,025 |
Total |  | $ | 207,692 |  |  | $ | 209 |  |  | $ | (60) |  |  |  |  | $ | 207,841 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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