Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy:

		December 31, 2025
	Valuation Hierarchy	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
		(in thousands)
Financial assets:
Cash equivalents:
Money market funds	Level 1	$	63,000	$	-	$	-		$	63,000
U.S. government and agency securities	Level 2		6,528		-		-			6,528
Total cash equivalents			69,528		-		-			69,528
Short-term marketable securities:
U.S. government and agency securities	Level 2		65,082		29		-			65,111
Corporate debt securities	Level 2		1,402		-		(1	)		1,401
Total short-term marketable securities			66,484		29		(1	)		66,512
Total financial assets		$	136,012	$	29	$	(1	)	$	136,040
Financial liabilities:
Short-term financial liabilities:
Contingent consideration	Level 3	$	40,200	$	-	$	-		$	40,200
Total short-term financial liabilities			40,200		-		-			40,200
Long-term financial liabilities:
Contingent consideration	Level 3		83,518		-		-			83,518
Success payment liabilities	Level 3		19,238		-		-			19,238
Total long-term financial liabilities			102,756		-		-			102,756
Total financial liabilities		$	142,956	$	-	$	-		$	142,956

		December 31, 2024
	Valuation Hierarchy	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
		(in thousands)
Financial assets:
Cash equivalents:
Money market funds	Level 1	$	66,641	$	-	$	-	$	66,641
U.S. government and agency securities	Level 2		25,237		5		-		25,242
Total cash equivalents			91,878		5		-		91,883
Short-term marketable securities:
U.S. government and agency securities	Level 2		19,137		7		-		19,144
Corporate debt securities	Level 2		5,785		2		-		5,787
Total short-term marketable securities			24,922		9		-		24,931
Total financial assets		$	116,800	$	14	$	-	$	116,814
Long-term financial liabilities:
Contingent consideration	Level 3		108,968		-		-		108,968
Success payment liabilities	Level 3		4,556		-		-		4,556
Total long-term financial liabilities			113,524		-		-		113,524
Total financial liabilities		$	113,524	$	-	$	-	$	113,524

Changes in Estimated Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:

	Contingent Consideration			Cobalt Success Payment Liability		Harvard Success Payment Liability
	(in thousands)
Balance as of December 31, 2024	$	108,968		$	4,236	$	320
Changes in fair value – expense (gain)		1,864			105		(12	)
Balance as of March 31, 2025		110,832			4,341		308
Changes in fair value – expense		6,300			3,611		351
Balance as of June 30, 2025		117,132			7,952		659
Changes in fair value – expense (gain)		(1,991	)		4,822		293
Balance as of September 30, 2025		115,141			12,774		952
Changes in fair value – expense		8,577			5,101		411
Balance as of December 31, 2025	$	123,718		$	17,875	$	1,363

Success Payment Liabilities

Summary of Estimated Fair Value of Liabilities using Unobservable Inputs

The fair values of the Cobalt Success Payments and Harvard Success Payments were calculated using the following unobservable inputs:

	December 31, 2025		December 31, 2024
Unobservable Input	Cobalt	Harvard	Cobalt	Harvard
Expected stock price volatility	77.5%	77.5%	75.0%	75.0%
Expected term (years)	13.1	5.2	14.1	6.2

Cobalt Contingent Consideration

Summary of Estimated Fair Value of Liabilities using Unobservable Inputs

The fair value of the Cobalt Contingent Consideration was calculated using the following unobservable inputs:

	December 31, 2025		December 31, 2024
Unobservable Input	Range	Weighted-Average	Range	Weighted-Average
Discount rates	10.6% – 12.1%	11.6%	11.3% – 12.3%	11.9%
Probability of milestone achievement	1.0% – 60.0%	27.4%	5.0% –55.0%	25.7%