Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2026

Summary of Assets Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:


	Fair Value Measurements as of September 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	16,073	$	—	$	—	$	16,073


Total cash equivalents	$	16,073	$	—	$	—	$	16,073

Short-term investments:
Government securities	$	13,112	$	—	$	—	$	13,112
Corporate debt securities	—		17,466		—		17,466
Commercial paper	—		10,749		—		10,749
Total short-term investments	$	13,112	$	28,215	$	—	$	41,327

Liabilities:
Current contingent liabilities	$	—	$	—	$	793	$	793
Long-term contingent liabilities	—		—		219		219
Total contingent liabilities	$	—	$	—	$	1,012	$	1,012


	Fair Value Measurements as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,080	$	—	$	—	$	20,080
Total cash equivalents	$	20,080	$	—	$	—	$	20,080

Short-term investments:
Government securities	$	28,501	$	—	$	—	$	28,501
Total short-term investments	$	28,501	$	—	$	—	$	28,501

Liabilities:
Current contingent liabilities	$	—	$	—	$	1,044	$	1,044
Long-term contingent liabilities	—		—		315		315
Total contingent liabilities	$	—	$	—	$	1,359	$	1,359

Summary of Liabilities Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:


	Fair Value Measurements as of September 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	16,073	$	—	$	—	$	16,073


Total cash equivalents	$	16,073	$	—	$	—	$	16,073

Short-term investments:
Government securities	$	13,112	$	—	$	—	$	13,112
Corporate debt securities	—		17,466		—		17,466
Commercial paper	—		10,749		—		10,749
Total short-term investments	$	13,112	$	28,215	$	—	$	41,327

Liabilities:
Current contingent liabilities	$	—	$	—	$	793	$	793
Long-term contingent liabilities	—		—		219		219
Total contingent liabilities	$	—	$	—	$	1,012	$	1,012


	Fair Value Measurements as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,080	$	—	$	—	$	20,080
Total cash equivalents	$	20,080	$	—	$	—	$	20,080

Short-term investments:
Government securities	$	28,501	$	—	$	—	$	28,501
Total short-term investments	$	28,501	$	—	$	—	$	28,501

Liabilities:
Current contingent liabilities	$	—	$	—	$	1,044	$	1,044
Long-term contingent liabilities	—		—		315		315
Total contingent liabilities	$	—	$	—	$	1,359	$	1,359

Summary of Changes in the Fair Value of the Company's Level 3 Financial Instruments that are Measured at Fair Value

A reconciliation of the Level 3 financial instruments as of September 30, 2026 and December 31, 2025 is as follows:


(in thousands)	Icagen
Balance as of January 1, 2025	$	1,484
Payments of contingent liabilities	(450)
Fair value adjustments to contingent liabilities	325
Balance as of December 31, 2025	$	1,359
Payments of contingent liabilities	(263)
Fair value adjustments to contingent liabilities	(84)
Balance as of September 30, 2026	$	1,012