Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities That Are Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

	As of March 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	135,564	$	135,564	$	—	$	—
Commercial paper	39,526		—		39,526		—
U.S. Treasury securities	115,640		115,640		—		—
Corporate bonds	1,417		—		1,417		—
Marketable securities:
Commercial paper	23,462		—		23,462		—
U.S. Treasury securities	99,064		99,064		—		—
Corporate bonds	69,138		—		69,138		—
Marketable equity securities (1)	12,838		12,838		—		—
Investments:
Synlogic, Inc. warrants (2)	211		—		211		—
Marketable equity securities	2,899		2,899		—		—
Other non-current assets:
Notes receivable	8,901		—		—		8,901
Total assets	$	508,660	$	366,005	$	133,754	$	8,901
Liabilities:
Accrued expenses and other current liabilities:
Contingent consideration	$	5,438	$	—	$	—	$	5,438
Other non-current liabilities:
Contingent consideration	3,182		—		—		3,182
Total liabilities	$	8,620	$	—	$	—	$	8,620

	As of December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	521,457	$	521,457	$	—	$	—
Investments:
Synlogic, Inc. warrants (2)	238		—		238		—
Marketable equity securities	17,559		17,559		—		—
Other non-current assets:
Notes receivable	14,170		—		12,327		1,843
Total assets	$	553,424	$	539,016	$	12,565	$	1,843
Liabilities:
Accrued expenses and other current liabilities:
Contingent consideration	$	5,438	$	—	$	—	$	5,438
Other non-current liabilities:
Contingent consideration	4,484		—		—		4,484
Total liabilities	$	9,922	$	—	$	—	$	9,922

(1)These securities were previously reported within investments on the condensed consolidated balance sheet and, as of March 31, 2025, are classified as current assets, as they are considered to be available for use in current operations.

(2)The fair value of Synlogic, Inc. warrants is calculated as the quoted price of the underlying common stock, less the unpaid exercise price of the warrants.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below provides a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value using Level 3 significant unobservable inputs for the three months ended March 31 (in thousands):

	Notes Receivable		Private Placement Warrants		Contingent Consideration
Balance at January 1, 2025	$	1,843	$	—	$	9,922
Additions	75		—		—
Change in fair value	50		—		(1,302)
Settlements and payments	(50)		—		—
Transfers into Level 3	6,983		—		—
Balance at March 31, 2025	$	8,901	$	—	$	8,620
Balance at January 1, 2024	$	14,129	$	1,846	$	24,273
Additions	50		—		—
Change in fair value	961		(309)		(926)
Settlements and payments	—		—		(2,753)
Balance at March 31, 2024	$	15,140	$	1,537	$	20,594

Summary of Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 inputs used in the fair value measurements of contingent consideration liabilities as of the periods presented:

			March 31, 2025		December 31, 2024
Contingent Consideration Liability	Valuation Technique	Unobservable Input	Range		Range
Earnout payments (FGen and Dutch DNA acquisitions)	Probability-weighted present value	Probability of payment	5% - 25%		5% - 50%
		Discount rate	11.7%		9.3%
Earnout payments (Dutch DNA acquisition)	Discounted cash flow	Projected years of payments	2028 - 2031		2028 - 2031
		Discount rate	10.6	%	10.6	%