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FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of changes in fair value, inputs, level 3
The following table presents the changes in the CVR liability classified as Level 3 for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$6,000 $— $9,000 $— 
Change in fair value— — (3,000)— 
Ending balance$6,000 $— $6,000 $— 
The following table presents the changes in contingent consideration balances classified as Level 3 for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$11,655 $11,574 $10,854 $23,984 
Payment of Gross-Profit earn-out— — — (12,500)
Change in fair value917 359 1,718 449 
Ending balance$12,572 $11,933 $12,572 $11,933 
The following table presents the changes in accrued licensor payments classified as Level 3 balances for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Beginning balance$11,068 $— $20,961 $— 
Change in fair value360 — (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, 2025:
Payment TypeValuation TechniqueUnobservable InputAssumptions
Profit-based milestone paymentsProbability-weighted discounted cash flowDiscount rate11.0%
Projected fiscal years of payments2025-2034
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 June 30, 2025:
Payment TypeValuation TechniqueUnobservable InputAssumptions
Annual royalty payments for US net revenues of sales of YUTIQ and ILUVIENProbability-weighted discounted cash flowDiscount rate11.6%
Projected fiscal year of payment2027-2029
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis
The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, by level within the fair value hierarchy:
(in thousands)
Description		Fair Value at
June 30, 2025		Level 1Level 2Level 3
Assets
Money Market Fund$136,280 $136,280 $— $— 
Interest rate swap$2,812 $— $2,812 $— 
  CG Oncology - Investment in equity securities$5,718 $5,718 $— $— 
Liabilities    
Contingent consideration, Novitium$12,572 $— $— $12,572 
Contingent Value Rights, Alimera$6,000 $— $— $6,000 
Accrued licensor payment$11,428 $— $— $11,428 
DescriptionFair Value at
December 31, 2024		Level 1Level 2Level 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