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Marketable Securities and Fair Value Measurements | 12 Months Ended
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Dec. 31, 2025
Disclosure Text Block [Abstract] |
Marketable Securities and Fair Value Measurements | 3. Marketable Securities and Fair Value Measurements Marketable Securities During 2025, the Company invested in marketable securities, primarily in the form of U.S. Treasury Bills. As of December 31, 2025, the Company’s marketable securities were classified as available-for-sale investments and mature within one year from the balance sheet date. During the year ended December 31, 2025, the Company did no t have any realized gains or losses. During the year ended December 31, 2025, the Company did no t recognize credit losses related to the available-for-sale securities, and there was no allowance for credit losses recorded as of December 31, 2025. The following table summarizes the Company's marketable securities as of December 31, 2025:
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated Fair Value |
|  | (Amounts in thousands) |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 201,554 |  |  | $ | 55 |  |  | $ | (2 | ) |  | $ | 201,607 |
Total |  | $ | 201,554 |  |  | $ | 55 |  |  | $ | (2 | ) |  | $ | 201,607 |
Fair Value Measured on a Recurring Basis Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2025 and 2024:
|  | December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Amounts in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 88,148 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,148 |
Money market accounts |  |  | 477,873 |  |  |  | — |  |  |  | — |  |  |  | 477,873 |
Total |  | $ | 566,021 |  |  | $ | — |  |  | $ | — |  |  | $ | 566,021 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | — |  |  | $ | 201,607 |  |  | $ | — |  |  | $ | 201,607 |
Total |  | $ | — |  |  | $ | 201,607 |  |  | $ | — |  |  | $ | 201,607 |
Total assets |  | $ | 566,021 |  |  | $ | 201,607 |  |  | $ | — |  |  | $ | 767,628 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 5,049 |  |  | $ | 5,049 |
Noncurrent contingent consideration |  |  | — |  |  |  | — |  |  |  | 1,304 |  |  |  | 1,304 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 6,353 |  |  | $ | 6,353 |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Amounts in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 70,102 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,102 |
Money market accounts |  |  | 687,253 |  |  |  | — |  |  |  | — |  |  |  | 687,253 |
Foreign exchange forward contracts |  |  | — |  |  |  | 287 |  |  |  | — |  |  |  | 287 |
Total assets |  | $ | 757,355 |  |  | $ | 287 |  |  | $ | — |  |  | $ | 757,642 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 17,126 |  |  | $ | — |  |  | $ | 17,126 |
Noncurrent contingent consideration |  |  | — |  |  |  | — |  |  |  | 19,662 |  |  |  | 19,662 |
Total liabilities |  | $ | — |  |  | $ | 17,126 |  |  | $ | 19,662 |  |  | $ | 36,788 |
Contingent Consideration – Earnout In connection with the acquisition of Tantti (as defined below), the Company has an obligation to pay a maximum of $54.5 million (undiscounted) in contingent consideration earnout in cash over a three-year earnout period beginning January 1, 2025 and ending December 31, 2027. As of December 31, 2025, the fair value of the obligation is $6.4 million. A reconciliation of the change in fair value of contingent consideration – earnout is included in the following table (amounts in thousands):
Balance at December 31, 2024 |  | $ | 36,788 |
Decrease in fair value of contingent consideration earnouts |  |  | (13,607 | )
Earnout payment - equity element |  |  | (7,568 | )
Earnout payment - cash element |  |  | (9,548 | )
Cumulative translation adjustment |  |  | 288 |
Balance at December 31, 2025 |  | $ | 6,353 |
The recurring Level 3 fair value measurement of the contingent consideration obligation for Tantti includes the following significant unobservable inputs (amounts in thousands, except percent data):
Contingent Consideration Earnout |  | Fair Value as of December 31, 2025 |  |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average(1)
Commercialization-based payments |  |  |  |  | Probability-weighted present value |  | Probability of Success |  | 0% - 100% |  | 83%
|  | $ | 3,748 |  |  |  |  | Earnout Discount Rate |  | 4.3% - 4.6% |  | 4.4%
Revenue and Volume- based payments |  |  |  |  | Monte Carlo Simulation |  | Volatility |  | 34.8% |  | 34.8%
|  |  |  |  |  |  | Revenue & Volume Discount Rate |  | 16.6% |  | 16.6%
|  | $ | 4 |  |  |  |  | Earnout Discount Rate |  | 4.3% - 4.9% |  | 4.8%
Manufacturing line expansions |  |  |  |  | Probability-weighted present value |  | Probability of Success |  | 0% - 100% |  | 100%
|  | $ | 2,601 |  |  |  |  | Earnout Discount Rate |  | 4.3% - 4.6% |  | 4.6%
(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. Changes in the projected performance of the acquired business could result in a higher or lower contingent consideration obligation in the future. Fair Value Measured on a Nonrecurring Basis During the year ended December 31, 2025, there were no re-measurements to fair value of financial assets and liabilities that are measured at fair value on a nonrecurring basis. Convertible Senior Notes At December 31, 2025 and 2024, the fair value of the 2023 Notes was $603.1 million a nd $546.1 million, respectively. The fair value of the 2023 Notes is a Level 1 valuation and was determined based on the most recent trade activity of the 2023 Notes as of December 31, 2025 and 2024. See Note 13, “Convertible Senior Notes”, for additional information.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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