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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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. 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 7 on Debt. 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 7 on Debt. There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. In addition, there have been no changes to our valuation techniques as of March 31, 2026 and December 31, 2025. The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 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 March 31, 2026: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 45,337 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,337 |
Certificate of deposit(2) |  | 274 |  |  | — |  |  | — |  |  | 274 |
Municipal securities(3)(4) |  | — |  |  | 12,038 |  |  | — |  |  | 12,038 |
U.S. Treasury securities(3) |  | — |  |  | 14,985 |  |  | — |  |  | 14,985 |
Government-sponsored enterprises(3) |  | — |  |  | 2,959 |  |  | — |  |  | 2,959 |
Commercial paper(1)(3) |  | — |  |  | 71,557 |  |  | — |  |  | 71,557 |
Corporate notes(3) |  | — |  |  | 173,648 |  |  | — |  |  | 173,648 |
Total |  | $ | 45,611 |  |  | $ | 275,187 |  |  | $ | — |  |  | $ | 320,798 |
Liabilities: |  |  |  |  |  |  |  |
Sale of future royalties(5)(6) |  | — |  |  | — |  |  | 129,773 |  |  | 129,773 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 129,773 |  |  | $ | 129,773 |
As of December 31, 2025: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 50,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,557 |
Certificate of deposit(2) |  | 274 |  |  | — |  |  | — |  |  | 274 |
Municipal securities(3) |  | — |  |  | 10,041 |  |  | — |  |  | 10,041 |
U.S. Treasury securities(3)(4) |  | — |  |  | 22,951 |  |  | — |  |  | 22,951 |
Commercial paper(3) |  | — |  |  | 84,382 |  |  | — |  |  | 84,382 |
Corporate notes(3)(4) |  | — |  |  | 209,253 |  |  | — |  |  | 209,253 |
Total |  | $ | 50,831 |  |  | $ | 326,627 |  |  | $ | — |  |  | $ | 377,458 |
Liabilities: |  |  |  |  |  |  |  |
Sale of future royalties(5)(6) |  | — |  |  | — |  |  | 129,582 |  |  | 129,582 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 129,582 |  |  | $ | 129,582 |
_______________________________ (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. (5)Included in current portion of liabilities related to sale of future royalties on our consolidated balance sheets. (6)Included in noncurrent portion of liabilities related to sale of future royalties on our consolidated balance sheets.

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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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