Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value of Financial Assets

The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis (in thousands):


As of December 31, 2025	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	17,219	$	17,219	$	—	$	—
Total cash equivalents	17,219		17,219		—		—
Marketable securities:
Commercial paper	12,877		—		12,877		—
U.S. Treasuries	29,650		—		29,650		—
U.S. Government agency bonds	13,594		—		13,594		—
Corporate bonds	32,272		—		32,272		—
Total marketable securities	88,393		—		88,393		—
Total financial assets	$	105,612	$	17,219	$	88,393	$	—

Financial liabilities:
Contingent liabilities (2)	$	5,684	$	—	$	—	$	5,684
Total financial liabilities	$	5,684	$	—	$	—	$	5,684


As of December 31, 2024	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	44,426	$	44,426	$	—	$	—
Total cash equivalents	44,426		44,426		—		—
Marketable securities:
Commercial paper	1,494		—		1,494		—
U.S. Treasuries	61,857		—		61,857		—
U.S. Government agency bonds	93,978		—		93,978		—
Corporate bonds	75,084		—		75,084		—
Total marketable securities	232,413		—		232,413		—
Total financial assets	$	276,839	$	44,426	$	232,413	$	—

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)The Company's recurring fair value measurements using Level 3 inputs related to the Company's contingent consideration liability from the acquisition of Emission and the contingent liability assumed in the acquisition of Akoya.

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis, which consist of contingent liabilities:


	Level 3 Liabilities
	Emission (1)		PKI License (2)		Total
Balance as of December 31, 2024	$	—	$	—	$	—
Acquisition	6,612		3,619		10,231
Change in fair value of contingent liabilities	(4,624)		77		(4,547)
Balance as of December 31, 2025	$	1,988	$	3,696	$	5,684

(1)Earnout 2 requires additional consideration to be paid to the selling shareholders based on the amount and timing of certain performance targets. Earnout 2 is measured and paid over a five year period ending December 2029.

(2)As part of Akoya's 2018 acquisition of the Quantitative Pathology Solutions division of Perkin Elmer, Inc., subsequently known as Revvity, Inc. ("PKI"), Akoya entered into a license agreement with PKI (the "PKI License") (refer to Note 16 - Commitments and Contingencies). The Company recognizes the assumed contingent liability at fair value in accordance with ASC 805. The PKI License is measured and paid over the remaining eight year period ending March 2033.