v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026, is as follows (in thousands):

Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$31,033 $— $— $31,033 
Short-term available-for-sale investments:
Government and government agency— 416,246 — 416,246 
Corporate bonds— 112,363 — 112,363 
Other long-term assets:
Equity securities14,755 — 11,217 25,972 
Total assets$45,788 $528,609 $11,217 $585,614 
Liabilities
Earn-out liabilities, long-term$— $— $10,492 $10,492 
Total liabilities$— $— $10,492 $10,492 
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025, is as follows (in thousands):

Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$90,594 $— $— $90,594 
Short-term available-for-sale investments:
U.S. Treasury bills9,815 — — 9,815 
Government and government agency— 180,537 — 180,537 
Corporate bonds— 158,524 — 158,524 
Prepaid expenses and other current assets:
Short-term indemnification assets
— — 3,730 3,730 
Long-term available-for-sale investments:
Government and government agency— 271,175 — 271,175 
Corporate bonds— 80,088 — 80,088 
Other long-term assets:
Equity securities24,437 — — 24,437 
Long-term indemnification assets
— — 3,047 3,047 
Total assets$124,846 $690,324 $6,777 $821,947 
Liabilities
Earn-out liabilities, long-term$— $— $50,745 $50,745 
Other long-term liabilities:
Long-term indemnification liabilities
— — 6,086 6,086 
Other contingent consideration— — 2,003 2,003 
Total liabilities$— $— $58,834 $58,834 
Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used to determine the fair value at inception:
Risk-free rate1.9 %
Revenue volatility21.0 %
Revenue risk-adjusted discount rate9.0 %
Counterparty discount rate6.0 %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The change in the fair value of the earn-out liabilities related to the Zava and YourBio business combinations is as follows (in thousands):
Balance at December 31, 2025$50,745 
YourBio business combination10,573 
Change in fair value(1)
17,646 
Reclassification to short-term earn-out payable(40,096)
Reclassification to long-term earn-out payable(26,944)
Foreign currency translation adjustments(1,432)
Balance at March 31, 2026$10,492 
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(1)Primarily driven by the impact of the amendment to the Zava share purchase agreement.