v3.25.2
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets Measured at Fair Value
The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

Fair Value Measurements as of
June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$13,806 $— $— $13,806 
Total cash equivalents$13,806 $— $— $13,806 
Short-term investments:
Government securities
$23,334 $— $— $23,334 
Total short-term investments$23,334 $— $— $23,334 
Liabilities:
Current contingent liabilities$— $— $1,123 $1,123 
Long-term contingent liabilities— — 586 586 
Total contingent liabilities$— $— $1,709 $1,709 

Fair Value Measurements as of
December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$17,616 $— $— $17,616 
Total cash equivalents$17,616 $— $— $17,616 
Short-term investments:
Government and agency securities$30,429 $1,316 $— $31,745 
Asset-backed securities— 91 — 91 
Total short-term investments$30,429 $1,407 $— $31,836 
Liabilities:
Current contingent liabilities$— $— $531 $531 
Long-term contingent liabilities— — 953 953 
Total contingent liabilities$— $— $1,484 $1,484 
Summary of Liabilities Measured at Fair Value
The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

Fair Value Measurements as of
June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$13,806 $— $— $13,806 
Total cash equivalents$13,806 $— $— $13,806 
Short-term investments:
Government securities
$23,334 $— $— $23,334 
Total short-term investments$23,334 $— $— $23,334 
Liabilities:
Current contingent liabilities$— $— $1,123 $1,123 
Long-term contingent liabilities— — 586 586 
Total contingent liabilities$— $— $1,709 $1,709 

Fair Value Measurements as of
December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$17,616 $— $— $17,616 
Total cash equivalents$17,616 $— $— $17,616 
Short-term investments:
Government and agency securities$30,429 $1,316 $— $31,745 
Asset-backed securities— 91 — 91 
Total short-term investments$30,429 $1,407 $— $31,836 
Liabilities:
Current contingent liabilities$— $— $531 $531 
Long-term contingent liabilities— — 953 953 
Total contingent liabilities$— $— $1,484 $1,484 
Summary of Changes in the Fair Value of the Company's Level 3 Financial Instruments that are Measured at Fair Value
A reconciliation of the Level 3 financial instruments as of June 30, 2025 and December 31, 2024 is as follows:

(in thousands)
Icagen(1)
Taurus(2)
Total
Balance as of January 1, 2024
$4,106 $400 $4,506 
Payments of contingent liabilities
(75)(400)(475)
Fair value adjustments to contingent liabilities(2,547)— (2,547)
Balance as of December 31, 2024
$1,484 $— $1,484 
Payments of contingent liabilities
— — — 
Fair value adjustments to contingent liabilities225 — 225 
Balance as of June 30, 2025
$1,709 $— $1,709 
_____________
(1)Changes in the fair values of contingent liabilities in connection with the acquisition of Icagen are recognized in “Other operating income, net” in the condensed consolidated statements of operations and in the operating section of the statements of cash flows. Payments of contingent liabilities are disclosed in the financing section of the statements of cash flows.
(2)Changes in the fair values of contingent liabilities in connection with the acquisition of Taurus are recognized in “Intangible assets, net” in the condensed consolidated balance sheets. Payments of contingent liabilities are disclosed in the investing section of the statement of cash flows.