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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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