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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 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 June 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$36,295 $— $— $36,295 
Commercial paper2,487 — (1)2,486 
$38,782 $— $(1)$38,781 
Restricted cash:
Money market fund$1,597 $— $— $1,597 
Certificate of deposit273 — — 273 
$1,870 $— $— $1,870 
Marketable securities:
U.S. Treasury securities (due in less than one year)$22,763 $22 $— $22,785 
U.S. Treasury securities (due in 1 to 2 years)— — — — 
Government-sponsored enterprise securities (due in less than one year)4,000 — — 4,000 
Commercial paper (due in less than one year)121,546 4 (40)121,510 
Corporate notes (due in less than one year)161,837 133 (17)161,953 
Corporate notes (due in one to two years)42,701 49 (8)42,742 
$352,847 $208 $(65)$352,990 
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 paper4,978 — (1)4,977 
$50,193 $— $(1)$50,192 
Restricted cash:
Money market fund$1,587 $— $— $1,587 
Certificate of deposit273 — — 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)$422,069 
Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at June 30, 2025 and December 31, 2024 were as follows:
Less Than 12 Months 12 Months or Longer Total
(In thousands)Fair ValueGross
Unrealized
Losses 		Fair ValueGross
Unrealized
Losses
Fair Value		Gross
Unrealized
Losses
As of June 30, 2025:
Government-sponsored enterprise securities (due in less than one year)$— $— $— $— $— $— 
Commercial paper (due in less than one year)91,123 (40)— — 91,123 (40)
Corporate notes (due in less than one year)40,698 (18)— — 40,698 (18)
Corporate notes (due in one to two years)8,462 (8)— — 8,462 (8)
$140,283 $(66)$— $— $140,283 $(66)
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 June 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 six months ended June 30, 2025 and December 31, 2024 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 June 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 1Level 2Level 3Total
As of June 30, 2025:
Money market funds(1)(2)
$37,892 $— $— $37,892 
Certificate of deposit(2)
273 — — 273 
U.S. Treasury securities(3)
— 22,785 — 22,785 
Government-sponsored enterprise securities(3)
— 4,001 — 4,001 
Commercial paper(3)
— 123,995 — 123,995 
Corporate notes(3)(4)
— 204,695 — 204,695 
Total$38,165 $355,476 $— $393,641 
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 United States. 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. As of June 30, 2025, five customers accounted for 100% of our gross accounts receivable: McKesson Financial Center, which accounted for 44% of our gross accounts receivable; ASD Specialty Healthcare LLC, which accounted for 34% of our gross accounts receivable; Cardinal Health
Inc., which accounted for 20% of our gross accounts receivable; Biologics Inc, which accounted for 1% of our gross accounts receivable; and Sina Drug for 1% of our gross accounts receivable