Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Fair Value of Assets Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented (in thousands):


		Fair Value Measurements as of June 30, 2025
	Line Item in the Condensed Consolidated Balance Sheets	Level 1		Level 2		Level 3		Total
Assets
Money market funds	Cash and cash equivalents	$	269,504	$	—	$	—	$	269,504



Liabilities
Contingent consideration	Accrued expenses and other current liabilities	$	—	$	—	$	4,940	$	4,940


		Fair Value Measurements as of December 31, 2024
	Line Item in the Condensed Consolidated Balance Sheets	Level 1		Level 2		Level 3		Total
Assets
Money market funds	Cash and cash equivalents	$	321,985	$	—	$	—	$	321,985
Interest rate cap	Prepaid expenses and other current assets	—		1,375		—		1,375
Total assets		$	321,985	$	1,375	$	—	$	323,360

Summary of Business Acquisitions by Acquisition, Contingent Consideration

The following table provides a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented (in thousands):


	Contingent Consideration
Balance as of December 31, 2024	$	—
Contingent consideration related to the acquisition of Officinae (see Note 2)	4,800
Change in estimated fair value of contingent consideration	140

Balance as of June 30, 2025	$	4,940