v3.26.1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of changes in contingent consideration
The following table presents the changes in the CVR liability balances classified as Level 3 for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Beginning balance$1,027 $6,000 $1,428 $9,000 
Change in fair value(509)— (910)(3,000)
Ending balance$518 $6,000 $518 $6,000 
The following table presents the changes in contingent consideration balances classified as Level 3 balances for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Beginning balance$8,566 $11,655 $8,348 $10,854 
Payment of 505(b)(2) Earn-Out(80)— (80)— 
Change in fair value(31)917 187 1,718 
Ending balance$8,455 $12,572 $8,455 $12,572 
The following table presents the changes in accrued licensor payments balances classified as Level 3 balances for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Beginning balance$— $11,068 $— $20,961 
Change in fair value— 360 — (9,533)
Ending balance$— $11,428 $— $11,428 
Schedule of recurring Level 3 fair value measurements of contingent consideration
The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs as of June 30, 2026:
Payment TypeValuation TechniqueUnobservable InputAssumptions
Profit-based milestone paymentsProbability-weighted discounted cash flowDiscount rate12.0%
Projected fiscal year of payment2026-2034
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis
The following table presents financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, by level within the fair value hierarchy:
(in thousands)Fair Value at
June 30, 2026
Level 1Level 2Level 3
Assets
Money Market Fund$269,466 $269,466 $— $— 
Interest rate swap$1,124 $— $1,124 $— 
  CG Oncology - Investment in equity securities$15,626 $15,626 $— $— 
Liabilities
Contingent consideration, Novitium$8,455 $— $— $8,455 
Contingent Value Rights, Alimera$518 $— $— $518 
(in thousands)Fair Value at
December 31, 2025
Level 1Level 2Level 3
Assets
Money Market Fund$209,891 $209,891 $— $— 
Interest rate swap$1,646 $— $1,646 $— 
CG Oncology - Investment in equity securities$9,131 $9,131 $— $— 
Liabilities
Contingent consideration, Novitium$8,348 $— $— $8,348 
Contingent Value Rights, Alimera$1,428 $— $— $1,428