Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

(4) Fair Value Measurements

The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements:

	As of
	December 31, 2025		Level 1	Level 2		Level 3
	(In thousands)
Assets:
Money market funds and cash equivalents	$	19,115	—	$	19,115		—
Marketable securities		489,702	—		489,702		—
	$	508,817	—	$	508,817		—

	As of
	December 31, 2024		Level 1	Level 2		Level 3
	(In thousands)
Assets:
Money market funds and cash equivalents	$	9,927	—	$	9,927		—
Marketable securities		696,925	—		696,925		—
	$	706,852	—	$	706,852		—

The Company’s financial assets consist mainly of cash equivalents and marketable securities and are classified as Level 2 within the valuation hierarchy. The Company values its marketable securities utilizing independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

Contingent consideration liabilities measured at fair value using Level 3 inputs were $0.0 million as of December 31, 2025 and December 31, 2024. The valuation technique used to measure fair value of the Company’s Level 3 liabilities, which consist of contingent consideration related to the acquisition of Kolltan Pharmaceuticals, Inc. (“Kolltan”) in 2016, is primarily an income approach. The significant unobservable inputs used in the fair value measurement of the contingent consideration are estimates including probability of success, discount rates and amount of time until the conditions of the milestone payment are met.

The Company did not have any transfers of assets or liabilities between the fair value measurement classifications during the years ended December 31, 2025 and 2024.