Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

Financial Instruments

A summary of financial instruments measured at fair value was as follows (in thousands):

June 30, 2026	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	36,351	$	—	$	—	$	36,351
Certificates of deposit	672		—		—		672
Total assets	$	37,023	$	—	$	—	$	37,023
Liabilities
Current portion of contingent consideration	$	—	$	—	$	25,000	$	25,000
Non-current contingent consideration	—		—		71,517		71,517
Total liabilities	$	—	$	—	$	96,517	$	96,517

December 31, 2025	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	20,725	$	—	$	—	$	20,725
Certificates of deposit	1,080		—		—		1,080
Endospan Loans	—		—		19,872		19,872
Total assets	$	21,805	$	—	$	19,872	$	41,677
Liabilities
Current portion of contingent consideration	$	—	$	—	$	20,690	$	20,690
Non-current contingent consideration	—		—		39,890		39,890
Total liabilities	$	—	$	—	$	60,580	$	60,580

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds and certificates of deposit. The estimated market value of all cash equivalents is equal to the cost basis as there were no gross realized gains or losses on cash equivalents for the three and six months ended June 30, 2026 and 2025.

The fair value of the contingent consideration component of the Ascyrus acquisition and Endospan acquisition were updated using Level 3 inputs. Changes in fair value of Level 3 assets and liabilities are listed in the tables below (in thousands):

	AMDS Contingent Consideration
Balance as of December 31, 2025	$	60,580
Change in valuation	9,710
Balance as of June 30, 2026	$	70,290

	Endospan Contingent Consideration
Balance as of December 31, 2025	$	—
Initial value	26,227
Balance as of June 30, 2026	$	26,227

In connection with the Endospan acquisition, we recognized contingent consideration related to the future performance of the NEXUS™ product at an acquisition-date fair value of $26.2 million, which remained materially unchanged through June 30, 2026. See Note 4 – “Acquisition of Endospan” for additional information.

The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Although we believe that the recorded fair values of our financial instruments are appropriate, these fair values may not be reflective of future fair values.