Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:


		March 31,
(In thousands)		2026				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	7,960			$	7,960			$	—			$	—
U.S. government and agency debt securities			83,035				78,676				4,359				—
Corporate debt securities			103,494				—				102,994				500
Total		$	194,489			$	86,636			$	107,353			$	500
Liabilities:
Contingent consideration		$	109,494				—				—				109,494
Total		$	109,494			$	—			$	—			$	109,494


		December 31,
		2025				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	18,583			$	18,583			$	—			$	—
U.S. government and agency debt securities			101,371				94,246				7,125				—
Corporate debt securities			98,274				—				97,774				500
Total		$	218,228			$	112,829			$	104,899			$	500

Summary of Fair value of Assets Determined Using Level 3 Inputs

The following table is a rollforward of the fair value of the Company’s assets with fair values that were determined using Level 3 inputs at March 31, 2026:


		Fair Value
(In thousands)		Assets				Liabilities
Balance, January 1, 2026		$	500			$	—
Addition of contingent consideration related to CVR Milestone for consideration transferred			—				107,713
Addition of contingent consideration related to CVR Milestone for post-combination expense			—				1,781
Balance, March 31, 2026		$	500			$	109,494

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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