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FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, All Other Investments [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis:
| March 31, 2025 |  | December 31, 2024
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 42,952 |  |  | $ | 15,555 |  |  | $ | — |  |  | $ | 58,507 |  |  | $ | 55,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,370 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 38,790 |  |  | — |  |  | 38,790 |  |  | — |  |  | 46,905 |  |  | — |  |  | 46,905 |
U.S. government & agency securities | — |  |  | 245,813 |  |  | — |  |  | 245,813 |  |  | — |  |  | 287,656 |  |  | — |  |  | 287,656 |
Total investments | — |  |  | 284,603 |  |  | — |  |  | 284,603 |  |  | — |  |  | 334,561 |  |  | — |  |  | 334,561 |
Short-term restricted cash | 690 |  |  | — |  |  | — |  |  | 690 |  |  | 690 |  |  | — |  |  | — |  |  | 690 |
Long-term restricted cash | 1,532 |  |  | — |  |  | — |  |  | 1,532 |  |  | 1,532 |  |  | — |  |  | — |  |  | 1,532 |
Total assets measured at fair value | $ | 45,174 |  |  | $ | 300,158 |  |  | $ | — |  |  | $ | 345,332 |  |  | $ | 57,592 |  |  | $ | 334,561 |  |  | $ | — |  |  | $ | 392,153 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,700 |  |  | $ | 18,700 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,700 |  |  | $ | 18,700 |
Schedule of Changes in the Estimated Fair Value of Contingent Consideration Liability | Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2025 were as follows:
(In thousands) | Level 3
Beginning balance as of December 31, 2024 | $ | 18,700 |
Change in estimated fair value | (18,700) |
Ending balance as of March 31, 2025 | $ | — |
Schedule of Cash, Cash Equivalents, Restricted Cash and Investments | The following tables summarize our cash, cash equivalents, restricted cash, and investments:
| As of March 31, 2025
(In thousands) | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents | $ | 58,507 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 58,507 |
Investments: |  |  |  |  |  |  |
Corporate debt securities | 38,635 |  |  | 169 |  |  | (14) |  |  | 38,790 |
U.S. government & agency securities | 245,587 |  |  | 283 |  |  | (57) |  |  | 245,813 |
Total investments | 284,222 |  |  | 452 |  |  | (71) |  |  | 284,603 |
Total cash, cash equivalents and investments | $ | 342,729 |  |  | $ | 453 |  |  | $ | (72) |  |  | $ | 343,110 |
Short-term restricted cash | $ | 690 |  |  | $ | — |  |  | $ | — |  |  | $ | 690 |
Long-term restricted cash | $ | 1,532 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,532 |
| As of December 31, 2024
(In thousands) | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents | $ | 55,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,370 |
Investments: |  |  |  |  |  |  |
Corporate debt securities | 46,746 |  |  | 184 |  |  | (25) |  |  | 46,905 |
U.S. government & agency securities | 287,393 |  |  | 418 |  |  | (155) |  |  | 287,656 |
Total investments | 334,139 |  |  | 602 |  |  | (180) |  |  | 334,561 |
Total cash, cash equivalents and investments | $ | 389,509 |  |  | $ | 602 |  |  | $ | (180) |  |  | $ | 389,931 |
Short-term restricted cash | $ | 690 |  |  | $ | — |  |  | $ | — |  |  | $ | 690 |
Long-term restricted cash | $ | 1,532 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,532 |
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2025:
(In thousands) | Fair Value
Due in one year or less | $ | 227,680 |
Due after one year through five years | 72,478 |
Total | $ | 300,158 |

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- 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 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: 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 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
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