v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026, is as follows (in thousands):

Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$177,689 $— $— $177,689 
Short-term available-for-sale investments:
Government and government agency— 160,427 — 160,427 
Corporate bonds— 70,810 — 70,810 
Other long-term assets:
Equity securities19,492 — 11,217 30,709 
Total assets$197,181 $231,237 $11,217 $439,635 
Liabilities
Earn-out consideration, current$— $— $24,322 $24,322 
Earn-out consideration, long-term— — 50,005 50,005 
Total liabilities$— $— $74,327 $74,327 

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 $821,947 
Liabilities
Earn-out consideration, long-term$— $— $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 rate5.0 %
Revenue volatility14.0 %
Internal rate of return13.2 %
Equity risk premium4.8 %
Market price of risk for revenue1.6 %
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 consideration related to the Zava, YourBio, and Eucalyptus business combinations is as follows (in thousands):
Balance at December 31, 2025$50,745 
YourBio business combination10,573 
Eucalyptus business combination59,612 
Change in fair value(1)
21,869 
Resolved contingencies, current(40,096)
Resolved contingencies, long-term(26,944)
Foreign currency translation adjustments(1,432)
Balance at June 30, 2026$74,327 
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(1)Primarily driven by the impact of the amendment to the Zava share purchase agreement.