v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities That Are Measured at Fair Value on Recurring Basis
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of June 30, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$86,511 $86,511 $— $— 
U.S. Treasury securities15,998 15,998 — — 
Corporate bonds3,315 — 3,315 — 
Marketable securities:
Commercial paper916 — 916 — 
U.S. Treasury securities126,210 126,210 — — 
Corporate bonds70,784 — 70,784 — 
Marketable equity securities19,718 19,718 — — 
Investments:
Synlogic, Inc. warrants (1)
119 — 119 — 
Marketable equity securities1,343 1,343 — — 
Total assets$324,914 $249,780 $75,134 $— 
Liabilities:
Accrued expenses and other current liabilities:
Contingent consideration$5,438 $— $— $5,438 
Other non-current liabilities:
Contingent consideration252 — — 252 
Total liabilities$5,690 $— $— $5,690 
As of December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$146,136 $146,136 $— $— 
Marketable securities:
Commercial paper4,060 — 4,060 — 
U.S. Treasury securities118,038 118,038 — — 
Corporate bonds114,666 — 114,666 — 
Marketable equity securities18,654 18,654 — — 
Investments:
Synlogic, Inc. warrants (1)
190 — 190 — 
Marketable equity securities1,562 1,562 — — 
Other non-current assets:
Notes receivable7,126 — — 7,126 
Total assets$410,432 $284,390 $118,916 $7,126 
Liabilities:
Accrued expenses and other current liabilities:
Contingent consideration$5,438 $— $— $5,438 
Other non-current liabilities:
Contingent consideration252 — — 252 
Total liabilities$5,690 $— $— $5,690 
(1)The fair value of Synlogic, Inc. warrants is calculated as the quoted price of the underlying common stock, less the unpaid exercise price of the warrants.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The table below provides a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value using Level 3 significant unobservable inputs for the six months ended June 30 (in thousands):
Notes ReceivableContingent Consideration
Balance at January 1, 2026$7,126 $5,690 
Change in fair value(7,126)— 
Balance at June 30, 2026$— $5,690 
Balance at January 1, 20251,843 9,922 
Additions173 — 
Change in fair value50 (4,232)
Settlements and payments(50)— 
Conversion to preferred stock(1,463)— 
Transfers into Level 36,987 — 
Balance at June 30, 2025$7,540 $5,690 
Summary of Fair Value Measurements Inputs
The following table provides quantitative information regarding Level 3 inputs used in the fair value measurements of contingent consideration liabilities as of the periods presented:
June 30, 2026December 31, 2025
Contingent Consideration LiabilityValuation TechniqueUnobservable InputRange Range
Earnout payments (FGen and Dutch DNA acquisitions)Probability-weighted present valueProbability of payment
5% - 10%
5% - 10%
Discount rate
21.3%
14.9%
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The table below provides a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value using Level 3 significant unobservable inputs for the six months ended June 30 (in thousands):
Notes ReceivableContingent Consideration
Balance at January 1, 2026$7,126 $5,690 
Change in fair value(7,126)— 
Balance at June 30, 2026$— $5,690 
Balance at January 1, 20251,843 9,922 
Additions173 — 
Change in fair value50 (4,232)
Settlements and payments(50)— 
Conversion to preferred stock(1,463)— 
Transfers into Level 36,987 — 
Balance at June 30, 2025$7,540 $5,690