XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.26.1

FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amount and Fair Value of the Long-Term Debt | At June 30, 2026, the carrying values and fair values of the Company’s 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 |  | $ | 17,452 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,452 |
Financial Liabilities Measured at Amortized Cost: |  |  |  |  |  |  |  |
2.125% convertible senior notes due 2029 (1) |  | $ | 282,124 |  |  | $ | — |  |  | $ | 287,322 |  |  | $ | — |
Revolving Credit Facility |  | $ | 81,000 |  |  | $ | — |  |  | $ | 81,000 |  |  | $ | — |
(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $25.37 per share on June 30, 2026, compared to a conversion price of $39.56 per share. At June 30, 2026, as the conversion price was above the stock price, the requirements for conversion have not been met.
Schedule of Investments without Readily Determinable Fair Value | The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):
|  | Equity Investments |  | Convertible Notes Receivable |  | Total
Balance at December 31, 2024 |  | $ | 15,877 |  |  | $ | 11,898 |  |  | $ | 27,775 |
Purchases |  | — |  |  | 1,250 |  |  | 1,250 |
Impairments |  | (4,000) |  |  | (7,000) |  |  | (11,000) |
Realized gain of prior investments (1) |  | 4,189 |  |  | 1,674 |  |  | 5,863 |
Settled investments (1) |  | (8,277) |  |  | (5,322) |  |  | (13,599) |
Foreign currency adjustments |  | (39) |  |  | — |  |  | (39) |
Balance at December 31, 2025 |  | 7,750 |  |  | 2,500 |  |  | 10,250 |
— No activity for the six months ended June 30, 2026 — |  | — |  |  | — |  |  | — |
Balance at June 30, 2026 |  | $ | 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. These gains were included in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 within other net gains.
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, 2026
Discount rates |  | 7.6% to 8.1%
Probability of payment for remaining regulatory milestones |  | 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, 2024 |  | $ | 20,241 |
Fair value adjustments and accretion |  | (2,175) |
Balance at December 31, 2025 |  | 18,066 |
Fair value adjustments and accretion |  | (614) |
Balance at June 30, 2026 |  | $ | 17,452 |
Schedule of Short-Term and Noncurrent Available-for-Sale Investments | The following summarizes the Company’s available-for-sale investments at June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 27,158 |  |  | $ | — |  |  | $ | (24) |  |  |  |  | $ | 27,134 |
Corporate bonds |  | 18,027 |  |  | — |  |  | (5) |  |  |  |  | 18,022 |
Total |  | $ | 45,185 |  |  | $ | — |  |  | $ | (29) |  |  |  |  | $ | 45,156 |
December 31, 2025 Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value (Level 2)
Current: |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 54,971 |  |  | $ | 18 |  |  | $ | (13) |  |  |  |  | $ | 54,976 |
Corporate bonds |  | 24,881 |  |  | 22 |  |  | — |  |  |  |  | 24,903 |
Total |  | $ | 79,852 |  |  | $ | 40 |  |  | $ | (13) |  |  |  |  | $ | 79,879 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration