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Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:

			September 30, 2025
			Fair Value						Level 1						Level 2						Level 3
			(unaudited)
			(in thousands)
Financial Assets:
Money market funds			$	355					$	355					$	—					$	—
Income deposit funds			106,742						—						106,742						—
U.S. government debt securities			539,787						—						539,787						—
Total cash equivalents and restricted cash			$	646,884					$	355					$	646,529					$	—
Financial Liabilities:
Contingent consideration			$	2,885					$	—					$	—					$	2,885
Total			$	2,885					$	—					$	—					$	2,885

			December 31, 2024
			Fair Value						Level 1						Level 2						Level 3
			(in thousands)
Financial Assets:
Money market funds			$	57,151					$	57,151					$	—					$	—
Income deposit funds			103,581						—						103,581						—
U.S. government debt securities			429,294						—						429,294						—
Total cash equivalents and restricted cash			$	590,026					$	57,151					$	532,875					$	—
U.S. government debt securities			$	314,438					$	—					$	314,438					$	—
Total short-term marketable debt securities			$	314,438					$	—					$	314,438					$	—
Total			$	904,464					$	57,151					$	847,313					$	—
Financial Liabilities:
Contingent consideration			$	6,050					$	—					$	—					$	6,050
Total			$	6,050					$	—					$	—					$	6,050

Schedule of Level 3 Activity

The following table summarizes the activities for the Level 3 financial instruments:

																		Contingent Consideration
																		Three Months Ended September 30,												Nine Months Ended September 30,
																		2025						2024						2025						2024
																		(unaudited)
																		(in thousands)
Fair value — beginning of period																		$	4,770					$	6,960					$	6,050					$	6,540
Increase in fair value																		115						340						835						760
Settlement																		(2,000)						—						(4,000)						—
Fair value — end of period																		$	2,885					$	7,300					$	2,885					$	7,300

Schedule of Cash Equivalents and Marketable Securities'

The following tables summarize the Company’s cash equivalents, restricted cash and marketable debt securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:

			September 30, 2025
			Amortized Cost						Gross Unrealized Gain						Gross Unrealized Loss						Estimated Fair Value
			(unaudited)
			(in thousands)
Money market funds			$	355					$	—					$	—					$	355
Income deposit funds			106,742						—						—						106,742
U.S. government debt securities			539,791						—						(4)						539,787
Total			$	646,888					$	—					$	(4)					$	646,884

			December 31, 2024
			Amortized Cost						Gross Unrealized Gain						Gross Unrealized Loss						Estimated Fair Value
			(in thousands)
Money market funds			$	57,151					$	—					$	—					$	57,151
Income deposit funds			103,581						—						—						103,581
U.S. government debt securities			743,500						232						—						743,732
Total			$	904,232					$	232					$	—					$	904,464

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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