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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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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

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