v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
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 1Level 2Level 3Total
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 
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(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.