Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2025 and December 31, 2024 are presented in the following tables (in thousands):

	Fair Value Measurements as of June 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,999	$	15,999	$	—	$	—
Government and agency notes		17,882		—		17,882		—
Total Assets	$	33,881	$	15,999	$	17,882	$	—
Liabilities:
Contingent consideration		59,147		—		—		59,147
Long-term debt		16,989		—		—		16,989
Common Warrants		11,846		—		—		11,846
Pre-Funded Warrants		3,298						3,298
Total	$	91,280	$	—	$	—	$	91,280

	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	3,702	$	3,702	$	—	$	—
Government and agency notes		34,572		—		34,572		—
Total Assets	$	38,274	$	3,702	$	34,572	$	—
Liabilities:
Contingent consideration		56,691		—		—		56,691
Long-term debt		14,321		—		—		14,321
Total	$	71,012	$	—	$	—	$	71,012

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reflects the changes in present value of acquisition related accrued earnouts of contingent consideration liability using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024:

	2025		2024
Beginning contingent consideration balance, December 31	$	56,691	$	57,706
Change in fair value of contingent consideration		2,456		4,765
Ending contingent consideration balance, June 30	$	59,147	$	62,471

The following table presents the changes in the fair value of the Level 3 EIB Loan for the six months ended June 30, 2025 and 2024:

	(in thousands)
Balance as of December 31, 2023	$	13,429
Change in fair value		803
Due to foreign currency translation		(398	)
Balance as of June 30, 2024	$	13,834
	(in thousands)
Balance as of December 31, 2024	$	14,321
Change in fair value		945
Interest payment		(117	)
Due to foreign currency translation		1,840
Balance as of June 30, 2025	$	16,989

The following table presents the changes in the fair value of the Level 3 liability classified warrants for the six months ended June 30, 2025:

	(in thousands)
Balance as of December 31, 2024	$	—
Issuance of warrants		10,680
Change in fair value of warrants		4,464
Balance as of June 30, 2025	$	15,144

Schedule of Quantitative Information About Fair Value Measurements

The following table summarizes the assumptions used in the valuation of the contingent consideration (in thousands except for percentages):

	June 30, 2025		December 31, 2024
Expected timing of milestones completion dates	2026 - 2038		2026 - 2038
Discount rate	14.6	%	14.5	%
Probability of achievement	1% - 56.5	%	1% - 56.5	%

The following table summarizes the assumptions including the unobservable inputs related to the Company's long-term debt (in thousands except for percentages):

	June 30, 2025			December 31, 2024
Discount rate		13	%		13	%

The following table summarizes key inputs used in the valuation of the liability classified warrants as of the issuance date and as of June 30, 2025:

	As of issuance date			As of June 30, 2025
Expected term	5.0 years			4.95 years
Common stock market price	$	1.20		$	1.65
Common warrants exercise price	$	1.20		$	1.20
Pre-Funded warrants exercise price	$	0.001		$	0.001
Risk-free interest rate		3.97	%		3.79	%
Expected volatility		108.35	%		108.78	%