Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:


			June 30, 2026
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	392,153	$	392,153	$	—	$	—
Investment securities		46,859		46,859		—		—
Total assets	$	439,012	$	439,012	$	—	$	—
Liabilities:
Deferred compensation plan liabilities	$	1,740	$	1,740	$	—	$	—
Contingent consideration liabilities		65,041		—		—		65,041
Total liabilities	$	66,781	$	1,740	$	—	$	65,041

			December 31, 2025
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	179,791	$	179,791	$	—	$	—
Investment securities		41,087		41,087		—		—
Total assets	$	220,878	$	220,878	$	—	$	—
Liabilities:
Deferred compensation plan liabilities	$	943	$	943	$	—	$	—
Contingent consideration liabilities		94,339		—		—		94,339
Total liabilities	$	95,282	$	943	$	—	$	94,339

Schedule of contingent consideration Liabilities measured at fair value

The following table reflects the activity for the Company’s contingent consideration liabilities for these acquisitions, measured at fair value using Level 3 inputs for the six months ended June 30, 2026:


	Level 3
	Accrued Contingent
(in thousands)	Consideration
Balance at January 1, 2026	$	94,339
Balance of short-term contingent consideration at January 1, 2026		3,881
Changes in fair value included in net income		(31,755	)
Settlements		(1,424	)
Balance at June 30, 2026	$	65,041

Schedule of Company's Contingent Consideration Liabilities

The recurring Level 3 fair value measurements of the Company's contingent consideration liabilities include the following significant unobservable inputs (in thousands, except percent data):


	Fair Value at
Contingent Consideration Liability	June 30, 2026		December 31, 2025		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Development and commercialization milestones	$	18,599	$	42,378	Discounted cash flow	Payment discount rate	8.2% - 11.4%	8.2%
						Probability of payment	0.0% - 100.0%	94.3%
						Range of expected payment dates	2027 - 2037	N/A

Sales milestones		26,341		30,877	Scenario analysis	Revenue volatility	29.0% - 51.0%	46.7%
						Revenue discount rate	8.6% - 18.7%	16.7%

Assumed contingent consideration from Piramal SPA		20,101		21,084	Scenario analysis	EBITDA volatility	60.0%	60.0%
						EBITDA discount rate	21.0% - 21.0%	21.0%
Total contingent consideration liabilities	$	65,041	$	94,339

Schedule of Fair Value of Total Net Consideration Received Regarding Sale of Business

The fair value of total net consideration received by the Company on January 1, 2026 was approximately $131.2 million, including $32.1 million in cash, as well as other instruments as follows:


(in thousands)
Cash consideration received(1)	$	32,141
Installment Note		67,200
Seller Note		14,500
Deferred Cash Purchase Price		12,300
Net contingent consideration receivable		5,081
Total net consideration received	$	131,222

(1)

This amount includes a net working capital settlement of $0.7 million, which was included in accounts receivable, net on the Company’s condensed consolidated balance sheet as of June 30, 2026 and subsequently received on July 1, 2026.