| Schedule of Fair Value of Financial Assets |
Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | Total | | Quoted prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs
(Level 3) | | Financial assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds (1) | $ | 22,475 | | | $ | 22,475 | | | $ | — | | | $ | — | | | Total cash equivalents | 22,475 | | | 22,475 | | | — | | | — | | | Marketable securities: | | | | | | | | | Commercial paper | 6,473 | | | — | | | 6,473 | | | — | | | U.S. Treasuries | 25,363 | | | — | | | 25,363 | | | — | | | U.S. Government agency bonds | 6,026 | | | — | | | 6,026 | | | — | | | Corporate bonds | 25,221 | | | — | | | 25,221 | | | — | | | Total marketable securities | 63,083 | | | — | | | 63,083 | | | — | | | Total financial assets | $ | 85,558 | | | $ | 22,475 | | | $ | 63,083 | | | $ | — | | | Financial liabilities: | | | | | | | | | Contingent liabilities (2) | $ | 4,183 | | | $ | — | | | $ | — | | | $ | 4,183 | | | Total financial liabilities | $ | 4,183 | | | $ | — | | | $ | — | | | $ | 4,183 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | Total | | Quoted prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs
(Level 3) | | Financial assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds (1) | $ | 17,219 | | | $ | 17,219 | | | $ | — | | | $ | — | | | Total cash equivalents | 17,219 | | | 17,219 | | | — | | | — | | | Marketable securities: | | | | | | | | | Commercial paper | 12,877 | | | — | | | 12,877 | | | — | | | U.S. Treasuries | 29,650 | | | — | | | 29,650 | | | — | | | U.S. Government agency bonds | 13,594 | | | — | | | 13,594 | | | — | | | Corporate bonds | 32,272 | | | — | | | 32,272 | | | — | | | Total marketable securities | 88,393 | | | — | | | 88,393 | | | — | | | Total financial assets | $ | 105,612 | | | $ | 17,219 | | | $ | 88,393 | | | $ | — | | | Financial liabilities: | | | | | | | | | Contingent liabilities (2) | $ | 5,684 | | | $ | — | | | $ | — | | | $ | 5,684 | | | Total financial liabilities | $ | 5,684 | | | $ | — | | | $ | — | | | $ | 5,684 | |
(1)Included in cash and cash equivalents on the Consolidated Balance Sheets. (2)The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability from the acquisition of Emission and the contingent liability assumed in the acquisition of Akoya.
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis |
The following tables present the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | Level 3 Liabilities | | Emission (1) | | PKI License (2) | | Total | | Balance as of December 31, 2025 | $ | 1,988 | | | $ | 3,696 | | | $ | 5,684 | | | Change in fair value of contingent liabilities | (322) | | | (1,179) | | | (1,501) | | | Balance as of March 31, 2026 | $ | 1,666 | | | $ | 2,517 | | | $ | 4,183 | |
| | | | | | | | | | | | | | | | | | | Level 3 Liabilities | | Emission (1) | | PKI License (2) | | Total | Balance as of December 31, 2024 | $ | — | | | $ | — | | | $ | — | | | Acquisition of Emission - Earnout 2 | 6,612 | | | — | | | 6,612 | | | Change in fair value of contingent liabilities | 379 | | | — | | | 379 | | Balance as of March 31, 2025 | $ | 6,991 | | | $ | — | | | $ | 6,991 | |
(1)Earnout 2 requires additional consideration to be paid to the selling shareholders based on the amount and timing of certain performance targets. Earnout 2 is measured and paid over a five year period ending December 2029. (2)As part of Akoya's 2018 acquisition of the Quantitative Pathology Solutions division of Perkin Elmer, Inc., subsequently known as Revvity, Inc. ("PKI"), Akoya entered into a license agreement with PKI (the "PKI License"). The Company recognizes the assumed contingent liability at fair value in accordance with ASC 805. The PKI License is measured and paid over the remaining eight year period ending March 2033.
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