v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
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.