Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Our financial assets and (liabilities) carried at fair value and measured on a recurring basis as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | Total Fair | | Quoted prices in | | Significant other | | Significant | | | Value at | | active markets | | observable inputs | | unobservable inputs | | | June 30, 2025 | | (Level 1) | | (Level 2) | | (Level 3) | Money market funds (1) | | $ | 30,652 | | $ | 30,652 | | $ | — | | | — | United States treasury debt securities (2) | | $ | 7,718 | | $ | 7,718 | | $ | — | | | — | Foreign currency contract assets, current and long-term (3) | | $ | 5,271 | | $ | — | | $ | 5,271 | | $ | — | Foreign currency contract liabilities, current and long-term (4) | | $ | (5,288) | | $ | — | | $ | (5,288) | | $ | — | Contingent consideration liabilities | | $ | (2,027) | | $ | — | | $ | — | | $ | (2,027) |
| | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | Total Fair | | Quoted prices in | | Significant other | | Significant | | | Value at | | active markets | | observable inputs | | unobservable inputs | | | December 31, 2024 | | (Level 1) | | (Level 2) | | (Level 3) | Money market funds (1) | | $ | 10,034 | | $ | 10,034 | | $ | — | | | — | Marketable securities (5) | | $ | 92 | | $ | 92 | | $ | — | | | — | Foreign currency contract assets, current and long-term (3) | | $ | 7,430 | | $ | — | | $ | 7,430 | | $ | — | Foreign currency contract liabilities, current and long-term (4) | | $ | (2,907) | | $ | — | | $ | (2,907) | | $ | — | Contingent consideration liabilities | | $ | (3,486) | | $ | — | | $ | — | | $ | (3,486) |
| (1) | Our money market fund represents a bank-managed money market fund which permits daily redemptions. Amounts in the fund are recorded as cash equivalents in the consolidated balance sheets. |
| (2) | The fair value of U.S. treasury debt securities are determined using quoted prices for identical assets in active markets and is recorded as cash and cash equivalents in the consolidated balance sheets. |
| (3) | The fair value of the foreign currency contract assets (including those designated as hedging instruments and those not designated as hedging instruments) is determined using Level 2 fair value inputs and is recorded as a prepaid expense and other current asset or other long-term asset in the consolidated balance sheets. |
| (4) | The fair value of the foreign currency contract liabilities (including those designated as hedging instruments and those not designated as hedging instruments) is determined using Level 2 fair value inputs and is recorded as accrued expense or other long-term obligation in the consolidated balance sheets. |
| (5) | Our marketable securities, which consist entirely of available-for-sale equity securities, are valued using market prices in active markets. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
Changes in the fair value of our contingent consideration liabilities during the three and six-month periods ended June 30, 2025 and 2024 consisted of the following (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Beginning balance | | $ | 4,429 | | $ | 3,225 | | $ | 3,486 | | $ | 3,447 | Contingent consideration expense | | | 143 | | | 305 | | | 1,166 | | | 188 | Contingent payments made | | | (2,545) | | | (95) | | | (2,625) | | | (200) | Ending balance | | $ | 2,027 | | $ | 3,435 | | $ | 2,027 | | $ | 3,435 |
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| Fair Value Inputs, Liabilities, Quantitative Information |
The recurring Level 3 measurement of our contingent consideration liabilities included the following significant unobservable inputs at June 30, 2025 and December 31, 2024 (amounts in thousands): | | | | | | | | | | | | | | Fair value at | | | | | | | | | | | June 30, | | Valuation | | | | | | Weighted | Contingent consideration liability | | 2025 | | technique | | Unobservable inputs | | Range | | Average(1) | Revenue-based royalty payments contingent liability | | $ | 1,936 | | Discounted cash flow | | Discount rate | | 13.0% - 15.0% | | 13.5% | | | | | | | | Projected year of payments | | 2025-2034 | | 2029 | | | | | | | | | | | | | Revenue milestones contingent liability | | $ | 91 | | Monte Carlo simulation | | Discount rate | | 11.0% | | | | | | | | | | Projected year of payments | | 2025-2041 | | 2041 |
| | | | | | | | | | | | | | Fair value at | | | | | | | | | | | December 31, | | Valuation | | | | | | Weighted | Contingent consideration liability | | 2024 | | technique | | Unobservable inputs | | Range | | Average(1) | Revenue-based royalty payments contingent liability | | $ | 2,217 | | Discounted cash flow | | Discount rate | | 14.0% - 16.0% | | 14.6% | | | | | | | | Projected year of payments | | 2025-2034 | | 2028 | | | | | | | | | | | | | Revenue milestones contingent liability | | $ | 88 | | Monte Carlo simulation | | Discount rate | | 13.0% | | | | | | | | | | Projected year of payments | | 2025-2040 | | 2039 | | | | | | | | | | | | | Regulatory approval contingent liability | | $ | 1,181 | | Scenario-based method | | Discount rate | | 6.0% | | | | | | | | | | Probability of milestone payment | | 50.0% | | | | | | | | | | Projected year of payment | | 2025-2026 | | 2025 |
| (1) | Unobservable inputs were weighted by the relative fair value of the instruments. No weighted average is reported for contingent consideration liabilities without a range of unobservable inputs. |
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| Schedule of Rollforward of Allowance for Credit Losses |
The table below presents a roll-forward of the allowance for current expected credit losses on our notes receivable for the three and six-month periods ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Beginning balance | | $ | 1,634 | | $ | 1,388 | | $ | 1,366 | | $ | 568 | Provision for credit loss expense | | | 741 | | | 18 | | | 1,009 | | | 838 | Ending balance | | $ | 2,375 | | $ | 1,406 | | $ | 2,375 | | $ | 1,406 |
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