FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value of Company's Financial Assets and Liabilities |
The following tables present the fair value of the Company’s financial assets determined using the inputs defined above (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Money market funds | $ | 150,761 | | | $ | — | | | $ | — | | | $ | 150,761 | | | U.S. government securities | — | | | 344,595 | | | — | | | 344,595 | | | Strategic investments | — | | | — | | | 73,682 | | | 73,682 | | | Total | $ | 150,761 | | | $ | 344,595 | | | $ | 73,682 | | | $ | 569,038 | | | Liabilities | | | | | | | | | Contingent consideration | — | | | — | | | 21,002 | | | 21,002 | | | Total | $ | — | | | $ | — | | | $ | 21,002 | | | $ | 21,002 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Money market funds | $ | 142,423 | | | $ | — | | | $ | — | | | $ | 142,423 | | | U.S. government securities | — | | | 347,751 | | | — | | | 347,751 | | | Strategic investments | — | | | — | | | 69,913 | | | 69,913 | | | Total | $ | 142,423 | | | $ | 347,751 | | | $ | 69,913 | | | $ | 560,087 | | | Liabilities | | | | | | | | | Contingent consideration | — | | | — | | | 20,407 | | | 20,407 | | | Total | $ | — | | | $ | — | | | $ | 20,407 | | | $ | 20,407 | |
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| Schedule of Long-term Strategic Investments |
The aggregate carrying amount of the Company's strategic investments were comprised of the following (in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Long-term strategic investments | | | | | Strategic loan investments | $ | 65,333 | | | $ | 66,064 | | | Strategic equity investments | 8,349 | | | 3,849 | | | Total | $ | 73,682 | | | $ | 69,913 | | | Short-term strategic investments (within other current assets) | | | | Strategic loan investments | $ | 500 | | | $ | — | | | Total | $ | 74,182 | | | $ | 69,913 | |
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| Schedule of Changes in Estimated Fair Value of Strategic Investments Measured on Recurring Basis |
The following table sets forth the changes in the estimated fair value of the Company's strategic investments measured (in thousands): | | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2026 | | Year Ended
December 31, 2025 | | Six Months Ended
June 30, 2025 | | Balance, beginning of period | $ | 69,913 | | | $ | 61,902 | | | $ | 61,902 | | | Additions during the period | 2,000 | | | 2,300 | | | — | | | Changes in estimated fair value | 2,269 | | | 5,711 | | | 2,995 | | | Balance, end of period | $ | 74,182 | | | $ | 69,913 | | | $ | 64,897 | |
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| Schedule of The Recurring Level 3 Fair Value Measurements of Contingent Consideration Liabilities |
The following table sets forth the recurring Level 3 fair value measurements of the loan investments including the significant unobservable inputs: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Discount rate | | 10.8 | % | | 10.8 | % | | Equity volatility | | 85.0 | % | | 85.0 | % | | Expected years (range) | | 2026-2029 | | 2026-2029 |
The following table sets forth the recurring Level 3 fair value measurements of contingent consideration liabilities associated with the development agreement milestones including the significant unobservable inputs: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Probability of achievement (range) | 79.0% - 100.0% | | 79.0% - 100.0% | | Expected years | 2026 | | 2026 |
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| Schedule of Changes in Estimated Fair Value of Contingent Consideration Liabilities Measured on a Recurring Basis Using Significant Unobservable Inputs Level 3 |
The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration liabilities measured on a recurring basis (Level 3) (in thousands): | | | | | | | | | | | | | Six Months Ended
June 30, 2026 | | Year Ended
December 31, 2025 | | Balance, beginning of period | $ | 20,407 | | | $ | 17,371 | | | Additions during the period | — | | | — | | | Changes in estimated fair value | 595 | | | 3,036 | | | Balance at end of period | $ | 21,002 | | | $ | 20,407 | |
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| Schedule of Fair Value of Senior Convertible Notes |
The fair value, based on a quoted market price (Level 1), of the Company’s senior convertible notes due 2029 (the “2029 Notes”) is as follows (in thousands): | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | Senior Convertible Notes due 2029 | $ | 721,176 | | | $ | 924,097 | | | |
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