v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
March 31, 2025
Level 1Level 2Level 3Total
Financial assets:
Money market funds$69,315 $— $— $69,315 
U.S. Treasury securities— 176,580 — 176,580 
U.S. government agency securities— 26,314 — 26,314 
Corporate debt securities— 35,897 — 35,897 
Marketable equity security
4 — — 4 
Total financial assets$69,319 $238,791 $— $308,110 
Financial liabilities:
Contingent consideration payable
$— $— $6,389 $6,389 
Success payment liabilities— — 286 286 
Total financial liabilities$— $— $6,675 $6,675 
December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Money market funds$73,975 $— $— $73,975 
U.S. Treasury securities— 226,271 — 226,271 
U.S. government agency securities— 36,815 — 36,815 
Corporate debt securities— 21,492 — 21,492 
Marketable equity security
30 — — 30 
Total financial assets$74,005 $284,578 $— $358,583 
Financial liabilities:
Contingent consideration payable
$— $— $7,600 $7,600 
Success payment liabilities— — 411 411 
Total financial liabilities$— $— $8,011 $8,011 
Schedule of Changes in the Estimated Fair Value of Level 3 Financial Liabilities
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):
Contingent Consideration Payable
Success Payment
Liabilities
Balance at December 31, 2024
$7,600 $411 
Change in fair value (1)
(1,211)(125)
Balance at March 31, 2025
$6,389 $286 
(1)The change in fair value of the contingent consideration payable and success payment liabilities are recorded in other income, net.