v3.25.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Carrying Value
The following table shows assets and liabilities that are measured at fair value on a recurring basis and their carrying value (in millions):
As of September 30, 2025
Fair Value
Carrying ValueLevel 1Level 2Level 3
Assets
Cash and cash equivalents$334.8 $334.8 $— $— 
Marketable securities$1,345.2 $1,345.2 $— $— 
Liabilities
Contingent consideration$302.1 $— $— $302.1 
As of December 31, 2024
Fair Value
Carrying ValueLevel 1Level 2Level 3
Assets
Cash and cash equivalents$555.0 $555.0 $— $— 
Marketable securities$878.8 $878.8 $— $— 
Liabilities
Contingent consideration$168.9 $— $— $168.9 
Schedule of Unobservable Inputs in Valuation of Contingent Consideration Liabilities and Rollforward of Valuation of Deferred and Contingent Consideration Liabilities The following significant unobservable inputs were used in the valuation of the contingent consideration liabilities as of September 30, 2025 and December 31, 2024:
Fair Value as of September 30, 2025 (in millions)
Valuation TechniqueUnobservable InputsValues
Development and regulatory milestones$296.7Probability-adjustedProbabilities of success
14% - 80%
Fair Value as of December 31, 2024 (in millions)
Valuation TechniqueUnobservable InputsValues
Development and regulatory milestones$166.7Probability-adjustedProbabilities of success
14% - 97%
The following table is a summary of the changes in the fair value of the Company's valuations for the deferred and contingent consideration liabilities for the nine months ended September 30, 2025 and 2024 (in thousands):
Deferred
 Consideration
(Level 2 Liabilities)
Contingent Consideration
 (Level 3 Liabilities)
Balance as of December 31, 2023$5,700 $84,600 
Additions— — 
Change in fair value7,400 99,100 
Payments(13,100)— 
Balance as of September 30, 2024$— $183,700 
Balance as of December 31, 2024$— $168,900 
Additions— — 
Change in fair value— 181,953 
Milestone met and payable— (48,753)
Balance as of September 30, 2025$— $302,100