Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

•Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The table below presents activity within Level 3 of the fair value hierarchy and the Company’s liabilities carried at fair value for the year ended December 31, 2025:

	Level 3
(In thousands)	Contingent Liabilities
Balance at January 1, 2025	$	974
Change due to liability payment	(208)
Liability fair value adjustment	(4)
Total change in foreign exchange	102
Balance at December 31, 2025	$	864

Contingent liabilities are re-measured to fair value each reporting period using projected financial targets, discount rates, probabilities of payment, and projected payment dates.

Significant unobservable inputs in the valuation include:

•Probability of payment: 100%

•Discount rate: 3.75%

•Timing of expected payments: 0 - 2 years

Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected financial targets are based on the Company’s most recent internal operational budgets and may take into consideration alternate scenarios that could result in more or less profitability for the respective service line. Increases or decreases in projected financial targets and probabilities of payment may result in significant

changes in the fair value measurements. Increases in discount rates and the time to payment may result in lower fair value measurements. Increases or decreases in any of those inputs in isolation may result in immaterially lower or higher fair value measurement.

The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of December 31, 2025 and December 31, 2024 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.

	December 31, 2025
(In thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	2	$	—	$	—	$	2
U.S. government agency bonds			47,582		—		47,582
Total Assets	$	2.00	$	47,582	$	—	$	47,584
Liabilities:
Contingent Liability	$	—	$	—	$	864	$	864
Total Liabilities	$	—	$	—	$	864	$	864

	December 31, 2024
(In thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	9	$	—	$	—	$	9
U.S. government agency bonds	—		20,821		—		20,821
Total Assets	$	9	$	20,821	$	—	$	20,830
Liabilities:
Contingent Liability	$	—	$	—	$	974	$	974
Total Liabilities	$	—	$	—	$	974	$	974