FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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 December 31, 2024:

Payment Type	Valuation Technique	Unobservable Input	Assumptions
Profit-based milestone payments	Probability-weighted discounted cash flow	Discount rate	12.0%
		Projected fiscal year of payment	2025-2035

The recurring Level 3 fair value measurements of the EyePoint royalty for which a liability is recorded include the following significant unobservable inputs as of December 31, 2024:

Payment Type	Valuation Technique	Unobservable Input	Assumptions
Annual royalty payments for US net revenues of sales of YUTIQ and ILUVIEN	Probability-weighted discounted cash flow	Discount rate	12.0%
		Projected fiscal year of payment	2025-2029

Schedule of changes in contingent consideration

The CVR liability had an estimated fair value of approximately $9.0 million as of December 31, 2024, and is classified as non-current contingent consideration in the Company's consolidated balance sheet.

	Year Ended December 31,
(in thousands)	2024
Beginning balance	$	—
CVR Agreement	8,700
Change in fair value	300
Ending balance	$	9,000

The following table presents the changes in contingent consideration balances classified as Level 3 balances for the years ended December 31, 2024 and 2023:

	Year Ended December 31,
(in thousands)	2024		2023
Beginning balance	$	23,984	$	35,058
Payment of Gross-Profit and ANDA Filing earn-out	(12,500)		(12,500)
Change in fair value	(630)		1,426
Ending balance	$	10,854	$	23,984

The following table presents the changes in accrued licensor payments classified as Level 3 balances for the year ended December 31, 2024:

	Year Ended December 31,
(in thousands)	2024
Beginning balance	$	—
Accrued licensor payments	25,000
Payments during 2024	(3,750)
Change in fair value	(289)
Ending balance	$	20,961

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 December 31, 2024 and December 31, 2023, by level within the fair value hierarchy:

(in thousands) Description	Fair Value at December 31, 2024		Level 1		Level 2		Level 3
Assets
Money Market Fund	$	84,277	$	84,277	$	—	$	—
Interest rate swap	$	4,897	$	—	$	4,897	$	—
CG Oncology - Investment in equity securities	$	6,307	$	6,307	$	—	$	—
Liabilities
Contingent consideration, Novitium	$	10,854	$	—	$	—	$	10,854
Contingent Value Rights, Alimera	$	9,000	$	—	$	—	$	9,000
Accrued licensor payment	$	20,961	$	—	$	—	$	20,961

(in thousands) Description	Fair Value at December 31, 2023		Level 1		Level 2		Level 3
Assets
Money Market Fund	$	191,841	$	191,841	$	—	$	—
Interest rate swaps	$	6,236	$	—	$	6,236	$	—
Liabilities
Contingent consideration	$	23,984	$	—	$	—	$	23,984