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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

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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.

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