Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Summary of fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis

The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements are included, for assets and liabilities measured on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):

	Fair Value Measurements at March 31, 2025
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	204,758	$	—	$	—	$	204,758
U.S. Treasury bills	$	—	$	7,274	$	—	$	7,274
Contingent earn-out obligations	$	—	$	—	$	63,768	$	63,768
	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	549,939	$	—	$	—	$	549,939
Contingent earn-out obligations	$	—	$	—	$	140,156	$	140,156

Schedule of reconciliation of the fair value of contingent earn-out obligations that use significant unobservable inputs (Level 3)

The table below presents a reconciliation of the fair value of our contingent earn-out obligations that use significant unobservable inputs (Level 3) (in thousands):

	Three Months Ended		Year Ended
	March 31, 2025		December 31, 2024
Balance at beginning of period	$	140,156	$	44,222
Issuances		218		51,784
Settlements		(80,364)		(43,996)
Adjustments to fair value		3,758		88,146
Balance at end of period	$	63,768	$	140,156