| Fair Value of Financial Assets and Liabilities |
3. Fair Value of Financial Assets and Liabilities The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring and non-recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values: | | | | | | | | | | | | | | | June 30, 2026 | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | | | | | Cash equivalents | | $ | 18,505 | | $ | — | | $ | — | | $ | 18,505 | Marketable securities | | | — | | | 151,454 | | | — | | | 151,454 | Total assets | | $ | 18,505 | | $ | 151,454 | | $ | — | | $ | 169,959 | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Contingent consideration | | $ | — | | $ | — | | $ | 11,300 | | $ | 11,300 | Total liabilities | | $ | — | | $ | — | | $ | 11,300 | | $ | 11,300 |
| | | | | | | | | | | | | | | December 31, 2025 | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | | | | | Cash equivalents | | $ | 16,302 | | $ | — | | $ | — | | $ | 16,302 | Marketable securities | | | — | | | 131,403 | | | — | | | 131,403 | Total assets | | $ | 16,302 | | $ | 131,403 | | $ | — | | $ | 147,705 | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Contingent consideration | | $ | — | | $ | — | | $ | 11,000 | | $ | 11,000 | Total liabilities | | $ | — | | $ | — | | $ | 11,000 | | $ | 11,000 |
As of June 30, 2026 and December 31, 2025, the Company’s cash equivalents consisted of money market funds, which were valued based upon Level 1 inputs. The Company’s marketable securities as of June 30, 2026 consisted of corporate debt securities, commercial paper, treasury bills, and U.S. government debt securities, which were all valued based upon Level 2 inputs. The Company’s marketable securities as of December 31, 2025 consisted of corporate debt securities and U.S. government debt securities, which were all valued based upon Level 2 inputs. In determining the fair value of its Level 2 investments, the Company relies on quoted prices for identical securities in markets that are not active. These quoted prices are obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities. During the three and six months ended June 30, 2026 and 2025, there were no transfers into or out of Level 3. The $0.3 million increase in the fair value of the contingent consideration liability during the six months ended June 30, 2026 was primarily due to changes in estimated sales levels and the passage of time, partially offset by changes to market rates. As of June 30, 2026 and December 31, 2025, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows: | | | | | | | | | | | | | | | June 30, 2026 | | | | | | Gross | | Gross | | | | | | Book | | Unrealized | | Unrealized | | Fair | (In thousands) | | Value | | Gain | | Loss | | Value | Marketable securities: | | | | | | | | | | | | | Corporate debt securities(1) | | $ | 94,298 | | $ | 53 | | $ | (300) | | $ | 94,051 | Commercial paper | | | 4,945 | | | — | | | (1) | | | 4,944 | Treasury bills | | | 4,997 | | | — | | | — | | | 4,997 | U.S. government debt securities(2) | | | 47,518 | | | 30 | | | (86) | | | 47,462 | Total marketable securities | | $ | 151,758 | | $ | 83 | | $ | (387) | | $ | 151,454 |
| (1) | Included in Corporate debt securities is $63.9 million with maturity dates between one and three years. |
| (2) | Included in U.S. government debt securities is $15.1 million with maturity dates between one and three years. |
| | | | | | | | | | | | | | | December 31, 2025 | | | | | | Gross | | Gross | | | | | | Book | | Unrealized | | Unrealized | | Fair | (In thousands) | | Value | | Gain | | Loss | | Value | Marketable securities: | | | | | | | | | | | | | Corporate debt securities(1) | | $ | 85,222 | | $ | 373 | | $ | — | | $ | 85,595 | U.S. government debt securities(2) | | | 45,571 | | | 237 | | | — | | | 45,808 | Total marketable securities | | $ | 130,793 | | $ | 610 | | $ | — | | $ | 131,403 |
| (1) | Included in Corporate debt securities is $45.4 million with maturity dates between one and three years. |
| (2) | Included in U.S. government debt securities is $15.2 million with maturity dates between one and three years. |
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