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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash Equivalents and Marketable Securities Cash equivalents, restricted cash and marketable securities by security type at September 30, 2025 were as follows:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Included in cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 30,264 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,264 |
Commercial paper |  | 4,964 |  |  | — |  |  | — |  |  | 4,964 |
|  | $ | 35,228 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,228 |
Restricted cash: |  |  |  |  |  |  |  |
Money market fund |  | $ | 1,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,602 |
Certificate of deposit |  | 274 |  |  | — |  |  | — |  |  | 274 |
|  | $ | 1,876 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,876 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 22,836 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 22,881 |
U.S. Treasury securities (due in 1-2 years) |  | — |  |  | — |  |  | — |  |  | — |
Municipal securities (due in 1 to 2 years) |  | 5,041 |  |  | 13 |  |  | — |  |  | 5,054 |
Government-sponsored enterprise securities (due in 1-2 years) |  | 5,000 |  |  | — |  |  | — |  |  | 5,000 |
Commercial paper (due in less than one year) |  | 118,244 |  |  | 34 |  |  | (4) |  |  | 118,274 |
Corporate notes (due in less than one year) |  | 161,050 |  |  | 218 |  |  | (8) |  |  | 161,260 |
Corporate notes (due in one to two years) |  | 28,945 |  |  | 80 |  |  | (16) |  |  | 29,009 |
|  | $ | 341,116 |  |  | $ | 390 |  |  | $ | (28) |  |  | $ | 341,478 |
Cash equivalents, restricted cash and marketable securities by security type at December 31, 2024 were as follows:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Included in cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 45,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,215 |
Commercial paper |  | 4,978 |  |  | — |  |  | (1) |  |  | 4,977 |
|  | $ | 50,193 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 50,192 |
Restricted cash: |  |  |  |  |  |  |  |
Money market fund |  | $ | 1,587 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,587 |
Certificate of deposit |  | 273 |  |  | — |  |  | — |  |  | 273 |
|  | $ | 1,860 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,860 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 7,937 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 7,959 |
U.S. Treasury securities (due in one to two years) |  | 22,620 |  |  | 1 |  |  | (11) |  |  | 22,610 |
Government-sponsored enterprise securities (due in less than one year) |  | 8,741 |  |  | 7 |  |  | — |  |  | 8,748 |
Commercial paper (due in less than one year) |  | 180,131 |  |  | 150 |  |  | (56) |  |  | 180,225 |
Corporate notes (due in less than one year) |  | 130,361 |  |  | 284 |  |  | (27) |  |  | 130,618 |
Corporate notes (due in one to two years) |  | 72,000 |  |  | 6 |  |  | (97) |  |  | 71,909 |
|  | $ | 421,790 |  |  | $ | 470 |  |  | $ | (191) |  |  | $ | 422,069 |
Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at September 30, 2025 and December 31, 2024 were as follows:
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
As of September 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper (due in less than one year) |  | 27,555 |  |  | (5) |  |  | — |  |  | — |  |  | 27,555 |  |  | (5) |
Corporate notes (due in less than one year) |  | 10,887 |  |  | (7) |  |  | 1,980 |  |  | (2) |  |  | 12,867 |  |  | (9) |
Corporate notes (due in one to two years) |  | 9,893 |  |  | (17) |  |  | — |  |  | — |  |  | 9,893 |  |  | (17) |
|  | $ | 48,335 |  |  | $ | (29) |  |  | $ | 1,980 |  |  | $ | (2) |  |  | $ | 50,315 |  |  | $ | (31) |
As of December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 18,593 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 18,593 |  |  | $ | (10) |
Commercial paper (due in less than one year) |  | 66,076 |  |  | (56) |  |  | — |  |  | — |  |  | 66,076 |  |  | (56) |
Corporate notes (due in less than one year) |  | 31,549 |  |  | (26) |  |  | 1,993 |  |  | (1) |  |  | 33,542 |  |  | (27) |
Corporate notes (due in one to two years) |  | 53,506 |  |  | (98) |  |  | — |  |  | — |  |  | 53,506 |  |  | (98) |
|  | $ | 169,724 |  |  | $ | (190) |  |  | $ | 1,993 |  |  | $ | (1) |  |  | $ | 171,717 |  |  | $ | (191) |
The gross unrealized losses related to U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of September 30, 2025 and December 31, 2024 were due to changes in interest rates and not credit risk. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the three and nine months ended September 30, 2025 as we have not identified any unrealized losses for these securities attributable to credit factors. Our exposure to unrealized losses may increase in the future due to the economic pressures or uncertainties associated with macroeconomic or other global economic conditions, including those resulting from inflation, fluctuations in interest rates, prospects of a recession, bank failures and other disruptions to financial systems, civil or political unrest, military conflicts, pandemics or other health crises. Fair Value on a Recurring Basis We categorize financial instruments recorded at fair value on our condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:
| Level 1 | — | Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
| Level 2 | — | Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
| Level 3 | — | Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Money market funds are categorized as Level 1 within the fair value hierarchy as their fair values are based on quoted prices available in active markets. U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper, and corporate notes are categorized as Level 2 within the fair value hierarchy as their fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Below is a description of the valuation methodologies used for financial instruments measured at fair value on our consolidated balance sheets, including the category for such financial instruments. Money market funds and certificates of deposit are categorized as Level 1 within the fair value hierarchy as their fair values are based on quoted prices available in active markets. Commercial paper, U.S. Treasury securities, municipal securities, government-sponsored enterprise securities and corporate notes are categorized as Level 2 within the fair value hierarchy as their fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The embedded derivatives are classified within Level 3 of the fair value hierarchy. See Note 6 on Debt. Liability Related to the Sale of Future Royalties We will utilize the prospective method to account for subsequent changes in the estimated future payments to be made to Royalty Pharma and will update the effective interest rate on a quarterly basis. We determined the fair value of the liability related to the sale of future royalties based on our current estimates of future royalties expected to be paid to Royalty Pharma over the life of the arrangement, which are considered Level 3. See Note 6 on Debt. There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicates the fair value category assigned.
|  | Fair Value Measurements at Reporting Date Using
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
As of September 30, 2025: |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 31,867 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,867 |
Certificate of deposit(2) |  | 274 |  |  | — |  |  | — |  |  | 274 |
Municipal securities(4) |  | — |  |  | 5,054 |  |  | — |  |  | 5,054 |
U.S. Treasury securities(3) |  | — |  |  | 22,881 |  |  | — |  |  | 22,881 |
Government-sponsored enterprise securities(4) |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |
Commercial paper(1) (3) |  | — |  |  | 123,238 |  |  | — |  |  | 123,238 |
Corporate notes(3)(4) |  | — |  |  | 190,268 |  |  | — |  |  | 190,268 |
Total |  | $ | 32,140 |  |  | $ | 346,441 |  |  | $ | — |  |  | $ | 378,581 |
As of December 31, 2024: |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 46,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,802 |
Certificate of deposit(2) |  | 273 |  |  | — |  |  | — |  |  | 273 |
U.S. Treasury securities(3)(4) |  | — |  |  | 30,570 |  |  | — |  |  | 30,570 |
Government-sponsored enterprise securities(3) |  | — |  |  | 8,748 |  |  | — |  |  | 8,748 |
Commercial paper(3) |  | — |  |  | 185,201 |  |  | — |  |  | 185,201 |
Corporate notes(3)(4) |  | — |  |  | 202,527 |  |  | — |  |  | 202,527 |
Total |  | $ | 47,075 |  |  | $ | 427,046 |  |  | $ | — |  |  | $ | 474,121 |
_______________________________ (1)Included in cash and cash equivalents on our condensed consolidated balance sheets. (2)Included in restricted cash on our condensed consolidated balance sheets. (3)Included in current portion of marketable securities on our condensed consolidated balance sheets. (4)Included in noncurrent portion of marketable securities on our condensed consolidated balance sheets. Credit Risk We currently place our cash, restricted cash, cash equivalents and marketable securities with multiple institutions in the U.S. Generally, these deposits may be redeemed upon demand and therefore, bear minimal risk. Deposits with banks may exceed the amount of insurance provided on such deposits. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and marketable securities. Cash equivalents and marketable securities currently consist of money market funds, government-sponsored enterprise securities, U.S. Treasury securities, municipal securities, commercial paper and corporate notes. Our investment policy, approved by the audit committee of our board of directors, limits the amount we may invest in any one type of investment issuer, thereby reducing credit risk concentrations. However, we are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents to the extent recorded in our consolidated balance sheets. We have not experienced any losses in such accounts and we believe that we are not exposed to significant credit risk of our financial position at the depository institutions in which those deposits are held. Concentration of Credit Risk As of September 30, 2025, seven customers accounted for 100% of our gross accounts receivable: McKesson Financial Center, which accounted for 47% of our gross accounts receivable; ASD Specialty Healthcare LLC, which accounted for 30% of our gross accounts receivable; Cardinal Health Inc., which accounted for 21% of our gross accounts receivable; Biologics Inc, which accounted for 1% of our gross accounts receivable; and Sina Drug, which accounted for 1% of our gross accounts receivable; and Tannergap, Inc, which accounted for 1% of our gross accounts receivable

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + 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 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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