| Fair Value Assets and Liabilities Measured on Recurring Basis |
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy:
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June 30, 2025 |
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Valuation
Hierarchy |
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Amortized Cost |
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Gross
Unrealized
Holding Gains |
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Gross
Unrealized
Holding Losses |
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Estimated
Fair Value |
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(in thousands) |
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Financial assets: |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
57,295 |
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$ |
- |
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$ |
- |
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$ |
57,295 |
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Total cash equivalents |
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57,295 |
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- |
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- |
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57,295 |
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Short-term marketable securities: |
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Corporate debt securities |
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Level 2 |
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1,403 |
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- |
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- |
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1,403 |
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Total short-term marketable securities |
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1,403 |
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- |
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- |
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1,403 |
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Total financial assets |
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$ |
58,698 |
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$ |
- |
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$ |
- |
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$ |
58,698 |
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Financial liabilities: |
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Long-term financial liabilities: |
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Contingent consideration |
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Level 3 |
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117,132 |
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- |
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- |
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117,132 |
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Success payment liabilities |
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Level 3 |
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8,611 |
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- |
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- |
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8,611 |
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Total long-term financial liabilities |
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125,743 |
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- |
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- |
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125,743 |
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Total financial liabilities |
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$ |
125,743 |
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$ |
- |
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$ |
- |
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$ |
125,743 |
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December 31, 2024 |
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Valuation
Hierarchy |
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Amortized Cost |
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Gross
Unrealized
Holding Gains |
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Gross
Unrealized
Holding Losses |
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Estimated
Fair Value |
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(in thousands) |
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Financial assets: |
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Cash equivalents: |
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Money market funds |
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Level 1 |
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$ |
66,641 |
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$ |
- |
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$ |
- |
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$ |
66,641 |
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U.S. government and agency securities |
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Level 2 |
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25,237 |
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5 |
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- |
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25,242 |
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Total cash equivalents |
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91,878 |
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5 |
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- |
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91,883 |
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Short-term marketable securities: |
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U.S. government and agency securities |
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Level 2 |
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19,137 |
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7 |
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- |
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19,144 |
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Corporate debt securities |
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Level 2 |
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5,785 |
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2 |
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- |
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5,787 |
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Total short-term marketable securities |
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24,922 |
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9 |
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- |
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24,931 |
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Total financial assets |
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$ |
116,800 |
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$ |
14 |
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$ |
- |
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$ |
116,814 |
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Financial liabilities: |
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Long-term financial liabilities: |
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Contingent consideration |
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Level 3 |
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108,968 |
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- |
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- |
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108,968 |
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Success payment liabilities |
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Level 3 |
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4,556 |
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- |
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- |
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4,556 |
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Total long-term financial liabilities |
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113,524 |
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- |
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- |
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113,524 |
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Total financial liabilities |
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$ |
113,524 |
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$ |
- |
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$ |
- |
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$ |
113,524 |
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| Changes in 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:
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Contingent
Consideration |
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Cobalt
Success Payment
Liability |
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Harvard
Success Payment
Liability |
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(in thousands) |
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Balance as of December 31, 2024 |
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$ |
108,968 |
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$ |
4,236 |
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$ |
320 |
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Changes in fair value – expense (gain) |
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1,864 |
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|
105 |
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(12 |
) |
Balance as of March 31, 2025 |
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110,832 |
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4,341 |
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|
308 |
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Changes in fair value – expense |
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6,300 |
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3,611 |
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|
351 |
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Balance as of June 30, 2025 |
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$ |
117,132 |
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$ |
7,952 |
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$ |
659 |
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