Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:

	December 31, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	682,209	$	682,209	$	—	$	—
Investment securities	39,489		39,489		—		—
Total assets	$	721,698	$	721,698	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

	December 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	574,131	$	574,131	$	—	$	—
Total assets	$	574,131	$	574,131	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,700	$	—	$	—	$	2,700
Total liabilities	$	2,700	$	—	$	—	$	2,700

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs as of December 31, 2024 and 2023.

	Fair Value as of						Assumptions
(in thousands)	December 31, 2024		December 31, 2023		Valuation Technique	Unobservable Input	December 31, 2024		December 31, 2023
Contingent consideration liability:
1095 commercialization milestone	$	—	$	1,800	Probability adjusted discounted cash flow model
						Period of expected milestone achievement	N/A		2026
						Probability of success	—	%	40	%
						Discount rate	N/A		4.1	%
Net sales targets – AZEDRA and 1095	—		900		Monte Carlo simulation
						Probability of success and sales targets	—	%	0% - 40%
						Discount rate	N/A		15	%
Total	$	—	$	2,700

Schedule of Financial Instruments with Significant Level 3 Inputs

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:

	Financial Liabilities
(in thousands)	Years Ended December 31,
	2024		2023
Fair value, beginning of period	$	2,700	$	111,600
Changes in fair value included in net income	(1,194)		(9,275)
Gain on partial buyout of 2013 Milestone Rights	(1,505)		—
Cash Payments	(1)		(99,625)
Fair value, end of period	$	—	$	2,700