| 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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March 31, 2026 |
|
|
|
Valuation
Hierarchy |
|
Amortized Cost |
|
|
Gross
Unrealized
Holding Gains |
|
|
Gross
Unrealized
Holding Losses |
|
|
Estimated
Fair Value |
|
|
|
|
|
(in thousands) |
|
Financial assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Level 1 |
|
$ |
71,740 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
71,740 |
|
U.S. government and agency securities |
|
Level 2 |
|
|
8,093 |
|
|
|
- |
|
|
|
- |
|
|
|
8,093 |
|
Total cash equivalents |
|
|
|
|
79,833 |
|
|
|
- |
|
|
|
- |
|
|
|
79,833 |
|
Short-term marketable securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
Level 2 |
|
|
15,926 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
15,925 |
|
Corporate debt securities |
|
Level 2 |
|
|
1,412 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
1,411 |
|
Total short-term marketable securities |
|
|
|
|
17,338 |
|
|
|
- |
|
|
|
(2 |
) |
|
|
17,336 |
|
Total financial assets |
|
|
|
$ |
97,171 |
|
|
$ |
- |
|
|
$ |
(2 |
) |
|
$ |
97,169 |
|
Financial liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term financial liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
Level 3 |
|
$ |
53,556 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
53,556 |
|
Total short-term financial liabilities |
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|
|
|
53,556 |
|
|
|
- |
|
|
|
- |
|
|
|
53,556 |
|
Long-term financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
Level 3 |
|
|
80,907 |
|
|
|
- |
|
|
|
- |
|
|
|
80,907 |
|
Success payment liabilities |
|
Level 3 |
|
|
16,926 |
|
|
|
- |
|
|
|
- |
|
|
|
16,926 |
|
Total long-term financial liabilities |
|
|
|
|
97,833 |
|
|
|
- |
|
|
|
- |
|
|
|
97,833 |
|
Total financial liabilities |
|
|
|
$ |
151,389 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
151,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Valuation
Hierarchy |
|
Amortized Cost |
|
|
Gross
Unrealized
Holding Gains |
|
|
Gross
Unrealized
Holding Losses |
|
|
Estimated
Fair Value |
|
|
|
|
|
(in thousands) |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Level 1 |
|
$ |
63,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
63,000 |
|
U.S. government and agency securities |
|
Level 2 |
|
|
6,528 |
|
|
|
- |
|
|
|
- |
|
|
|
6,528 |
|
Total cash equivalents |
|
|
|
|
69,528 |
|
|
|
- |
|
|
|
- |
|
|
|
69,528 |
|
Short-term marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
Level 2 |
|
|
65,082 |
|
|
|
29 |
|
|
|
- |
|
|
|
65,111 |
|
Corporate debt securities |
|
Level 2 |
|
|
1,402 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
1,401 |
|
Total short-term marketable securities |
|
|
|
|
66,484 |
|
|
|
29 |
|
|
|
(1 |
) |
|
|
66,512 |
|
Total financial assets |
|
|
|
$ |
136,012 |
|
|
$ |
29 |
|
|
$ |
(1 |
) |
|
$ |
136,040 |
|
Financial liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
Level 3 |
|
$ |
40,200 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
40,200 |
|
Total short-term financial liabilities |
|
|
|
|
40,200 |
|
|
|
- |
|
|
|
- |
|
|
|
40,200 |
|
Long-term financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
Level 3 |
|
|
83,518 |
|
|
|
- |
|
|
|
- |
|
|
|
83,518 |
|
Success payment liabilities |
|
Level 3 |
|
|
19,238 |
|
|
|
- |
|
|
|
- |
|
|
|
19,238 |
|
Total long-term financial liabilities |
|
|
|
|
102,756 |
|
|
|
- |
|
|
|
- |
|
|
|
102,756 |
|
Total financial liabilities |
|
|
|
$ |
142,956 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
142,956 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
Consideration |
|
|
Cobalt
Success Payment
Liability |
|
|
Harvard
Success Payment
Liability |
|
|
|
(in thousands) |
|
Balance as of December 31, 2025 |
|
$ |
123,718 |
|
|
$ |
17,875 |
|
|
$ |
1,363 |
|
Changes in fair value – expense (gain) |
|
|
10,745 |
|
|
|
(1,823 |
) |
|
|
(489 |
) |
Balance as of March 31, 2026 |
|
$ |
134,463 |
|
|
$ |
16,052 |
|
|
$ |
874 |
|
|