Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value by Level Within Fair Value Hierarchy

The following table presents the Company’s financial instruments carried at fair value using the lowest level input applicable to each financial instrument as of June 30, 2026 and December 31, 2025:


			Total						Quoted Prices in active markets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
June 30, 2026
Assets
Cash equivalents:
Money market funds			$	27,317					$	27,317					$	—					$	—







Total assets measured at fair value			$	27,317					$	27,317					$	—					$	—
Liabilities
Contingent consideration			$	38,525					$	—					$	—					$	38,525
Total liabilities measured at fair value			$	38,525					$	—					$	—					$	38,525

December 31, 2025
Cash equivalents:
Money market funds			$	119,363					$	119,363					$	—					$	—
Marketable securities:
Corporate debt securities			140,261						—						140,261						—
U.S. Treasury securities			2,959						—						2,959						—
Government-sponsored securities			5,000						—						5,000						—
Commercial paper			7,207						—						7,207						—
Total assets measured at fair value			$	274,790					$	119,363					$	155,427					$	—

Schedule of Significant Unobservable Inputs Used In The Fair Value Measurements

The following table presents the significant unobservable inputs used in the fair value measurements as of June 30, 2026 (in thousands, except percentages and dates):

Contingent Consideration Liability

Fair Value at
June 30, 2026

Valuation Technique

Significant Unobservable Inputs

Range

Technical milestones

$

27,290

Discounted cash flow

Probability of payment

81.0% - 90.0%

Expected achievement dates

March 2027 - December 2027

Payment discount rate

5.8% - 6.0%

Net sales-based milestones

11,235

Monte Carlo simulation

Net sales volatility

35.0%

Net sales discount rate

11.0%

Payment discount rate

5.7% - 6.2%

Total contingent consideration

$

38,525

Schedule of Reconciliation of Beginning and Ending Balances Related to the Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration for the Azstarys Acquisition (dollars in thousands):


			Azstarys Acquisition Contingent Consideration
Balance as of December 31, 2025			$	—
Azstarys Acquisition date fair value			38,525
Balance as of June 30, 2026			$	38,525