FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Carrying Amount and Fair Value of the Long-Term Debt

At June 30, 2026, the carrying values and fair values of the Company’s financial assets and liabilities were as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments	$	7,750	$	—	$	—	$	7,750
Convertible notes receivable	$	2,500	$	—	$	—	$	2,500
Financial Liabilities:
Acquisition-related contingent consideration	$	17,452	$	—	$	—	$	17,452

Financial Liabilities Measured at Amortized Cost:
2.125% convertible senior notes due 2029 (1)	$	282,124	$	—	$	287,322	$	—
Revolving Credit Facility	$	81,000	$	—	$	81,000	$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $25.37 per share on June 30, 2026, compared to a conversion price of $39.56 per share. At June 30, 2026, as the conversion price was above the stock price, the requirements for conversion have not been met.

Schedule of Investments without Readily Determinable Fair Value

The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2024	$	15,877	$	11,898	$	27,775
Purchases	—		1,250		1,250
Impairments	(4,000)		(7,000)		(11,000)
Realized gain of prior investments (1)	4,189		1,674		5,863
Settled investments (1)	(8,277)		(5,322)		(13,599)
Foreign currency adjustments	(39)		—		(39)
Balance at December 31, 2025	7,750		2,500		10,250
— No activity for the six months ended June 30, 2026 —	—		—		—
Balance at June 30, 2026	$	7,750	$	2,500	$	10,250

(1) In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable were part of the fair value of consideration exchanged. Upon acquiring the remaining 81% ownership interest in GQ Bio, the Company remeasured its previously held equity interest to its acquisition-date fair value. The $4.2 million gain resulting from the equity investment was recognized as other, net within the condensed consolidated statement of operations. In settling the notes receivable, the Company recognized $1.7 million in interest income. These gains were included in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 within other net gains.

Schedule of Key Assumptions used in the Valuation of Contingent Consideration

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:


Assumption						Ranges Utilized as of June 30, 2026
Discount rates						7.6% to 8.1%
Probability of payment for remaining regulatory milestones						0%

Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2024	$	20,241
Fair value adjustments and accretion	(2,175)
Balance at December 31, 2025	18,066
Fair value adjustments and accretion	(614)

Balance at June 30, 2026	$	17,452

Schedule of Short-Term and Noncurrent Available-for-Sale Investments

The following summarizes the Company’s available-for-sale investments at June 30, 2026 and December 31, 2025 (in thousands):


June 30, 2026 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:

Commercial paper	$	27,158	$	—	$	(24)	$	27,134
Corporate bonds	18,027		—		(5)		18,022










Total	$	45,185	$	—	$	(29)	$	45,156


December 31, 2025 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:

Commercial paper	$	54,971	$	18	$	(13)	$	54,976
Corporate bonds	24,881		22		—		24,903










Total	$	79,852	$	40	$	(13)	$	79,879

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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