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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value of Financial Instruments  
Schedule of change in fair value as determined by Level 3 inputs for the contingent consideration liabilities

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​

​

​

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​

  ​ ​ ​

(in thousands)

Balance at December 31, 2025

​

$

10,004

Change in fair value

​

 

(185)

Balance at June 30, 2026

​

$

9,819

​

​

​

​

Contingent consideration, current portion

​

$

2,650

Contingent consideration, net of current portion

​

 

7,169

Balance at June 30, 2026

​

$

9,819

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​

​

​

​

​

  ​ ​ ​

(in thousands)

Balance at December 31, 2024

​

$

6,973

Change in fair value

​

 

9,031

Reclassification of amounts to accrued expenses due to milestone being achieved

​

 

(6,000)

Balance at December 31, 2025

​

$

10,004

​

​

​

​

Contingent consideration, current portion

​

$

—

Contingent consideration, net of current portion

​

 

10,004

Balance at December 31, 2025

​

$

10,004

Schedule of fair value of financial instruments measured on a recurring basis

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As of June 30, 2026

Description

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Contingent consideration

​

$

9,819

 

$

—

 

$

—

​

$

9,819

Total liabilities

​

$

9,819

 

$

—

 

$

—

​

$

9,819

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of December 31, 2025

Description

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Contingent consideration

​

$

10,004

 

$

—

 

$

—

​

$

10,004

Total liabilities

​

$

10,004

 

$

—

 

$

—

​

$

10,004

Schedule of fair value measurements of contingent consideration for which a liability is recorded

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​

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As of June 30, 2026

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Valuation

​

Significant

​

Weighted Average

​

  ​ ​ ​

Methodology

  ​ ​ ​

Unobservable Input

  ​ ​ ​

(range, if applicable)

Contingent Consideration

 

Discounted Cash Flows

 

Milestone dates

 

2026-2031

​

 

​

​

​

​

​

​

 

  ​

 

Discount rate

 

13.7% to 13.9%

​

 

  ​

 

Weighted Average Discount rate

 

13.9%

​

 

  ​

 

Probability of Occurrence (periodic for each Milestone)

 

11.7% to 92.0%

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  ​

 

Probability of occurrence (cumulative through each Milestone)

 

5.3% to 47.7%

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​

​

​

  ​ ​ ​

As of December 31, 2025

​

​

Valuation

​

Significant

​

Weighted Average

​

  ​ ​ ​

Methodology

  ​ ​ ​

Unobservable Input

  ​ ​ ​

(range, if applicable)

Contingent Consideration

 

Discounted Cash Flows

 

Milestone dates

 

2026-2031

​

​

​

​

​

​

​

​

 

​

 

Discount rate

​

12.3% to 12.6%

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​

​

​

Weighted Average Discount rate

​

12.6%

​

​

​

​

Probability of Occurrence (periodic for each Milestone)

​

11.7% to 92.0%

​

 

​

 

Probability of occurrence (cumulative through each Milestone)

​

5.3% to 48.8%

​