Fair Value (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:


		September 30,
(In thousands)		2026				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	3,429			$	3,429			$	—			$	—
U.S. government and agency debt securities			77,210				76,217				993				—
Corporate debt securities			78,905				—				78,905				—
Total		$	159,544			$	79,646			$	79,898			$	—
Liabilities:
Contingent consideration		$	136,922				—				—				136,922
Total		$	136,922			$	—			$	—			$	136,922


		December 31,
		2025				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	18,583			$	18,583			$	—			$	—
U.S. government and agency debt securities			101,371				94,246				7,125				—
Corporate debt securities			98,274				—				97,774				500
Total		$	218,228			$	112,829			$	104,899			$	500

Summary of Fair value of Assets and Liabilities Determined Using Level 3 Inputs

The following table is a rollforward of the fair value of the Company’s assets and liabilities with fair values that were determined using Level 3 inputs at September 30, 2026:


		Fair Value
(In thousands)		Assets				Liabilities
Balance, January 1, 2026		$	500			$	—
Addition of contingent consideration attributable to consideration transferred			—				107,713
Change in fair value of contingent consideration attributable to consideration transferred			—				26,982
Addition of contingent consideration attributable to post-combination expense			—				1,781
Change in fair value of contingent consideration attributable to post-combination expense			—				446
Impairment of corporate debt security			(500	)			—
Balance, September 30, 2026		$	—			$	136,922

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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