Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Financial Assets and Liabilities Measured on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets and financial liabilities measured at fair value on a recurring basis:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets:
Cash, cash equivalents and restricted cash (1)	$	1,087,932	$	—	$	—	$	1,087,932	$	1,076,140	$	—	$	—	$	1,076,140

Warrants	—		—		19,987		19,987		—		—		12,659		12,659
Total financial assets	$	1,087,932	$	—	$	19,987	$	1,107,919	$	1,076,140	$	—	$	12,659	$	1,088,799

Financial Liabilities:
Contingent consideration(2)	$	—	$	—	$	125,554	$	125,554					$	118,360	$	118,360
Total financial liabilities	$	—	$	—	$	125,554	$	125,554	$	—	$	—	$	118,360	$	118,360

(1)Cash equivalents includes money market deposits and liquid demand deposits.

(2)As of March 31, 2026, contingent consideration includes $22.4 million classified as current and $103.2 million classified as non-current. As of December 31, 2025, contingent consideration includes $21.6 million classified as current and $96.8 million classified as non-current.