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Fair value of financial instruments and marketable securities
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value of financial instruments and marketable securities

4.        Fair value of financial instruments and marketable securities

The Company follows the fair value measurement rules, which provideguidance on the use of fair value in accounting and disclosure for assets and liabilities when such accounting and disclosure is called for by other accounting literature. These rules establish a fair value hierarchy for inputs to be used to measure fair value of financial assets and liabilities.

This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority).

●Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the balance sheet date.
●Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
●Level 3—Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.

Cash equivalents and marketable securities are reflected in the accompanying financial statements at fair value. The carrying amount of receivables and accounts payable and accrued expenses approximates fair value due to the short-term nature of those instruments.

The Company owns common stock in ClearPoint Neuro, Inc. (“ClearPoint”) (formerly MRI Interventions, Inc.), a publicly traded medical device company. The ClearPoint equity investments (collectively, the “ClearPoint Equity Investments”) represent financial instruments, and therefore, are recorded at fair value, which is readily determinable. The ClearPoint Equity Investments are components of prepaids and other current assets on the consolidated balance sheet as of June 30, 2025 and December 31, 2024. The Company classifies the ClearPoint Equity Investments as Level 1 assets within the fair value hierarchy, as the value is based on a quoted market price in an active market, which is not adjusted. Other than the ClearPoint Equity Investments, no other items included in prepaids and other current assets on the consolidated balance sheets are fair valued.

In January 2020, the Company purchased a $10.0 million convertible note from ClearPoint that was convertible into ClearPoint shares at a conversion rate of $6.00 per share at any point throughout the term of the loan, with a maturity date five years from the purchase date. In August 2024, the outstanding principal amount of the convertible note, together with any accrued and unpaid interest thereon, was repaid in full by ClearPoint and therefore the balance at June 30, 2025 was $0. The Company determined that the convertible note represented an available for sale debt security and the Company had elected to record it at fair value under ASC 825. The Company classified its ClearPoint convertible debt security as a Level 2 asset within the fair value hierarchy, as the value was based on inputs other than quoted prices that are observable. The fair value of the ClearPoint convertible debt security was determined at each reporting period by utilizing a Black-Scholes option pricing model, as well as a present value of expected cash flows from the debt security utilizing the risk-free rate and the estimated credit spread as of the valuation date as the discount rate. The convertible debt security was included as a component of deposits and other assets on the consolidated balance sheet.

The Company has an investment in mutual funds that is denominated in a foreign currency and is classified as marketable securities on the Company’s consolidated balance sheets. This equity investment is reported at fair value, as it is readily available, and as such is classified as a Level 1 asset. Unrealized holding gains and losses for this equity investment are included as components of interest expense, net within the consolidated statement of operations.

The tables presented below are a summary of changes in the fair value for the Company’s marketable securities – equity investments, ClearPoint Equity Investments, and ClearPoint convertible debt security for the three and six months ended June 30, 2025 and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

March 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

 

2025

 

Gain

 

Gain

   

Purchased

   

Sale

   

2025

Marketable securities - equity investments

​

$

28,187

​

​

764

​

​

1,665

​

​

11,820

​

​

(8,233)

​

​

34,203

ClearPoint Equity Investments

​

​

10,637

​

​

44

​

​

—

​

​

—

​

​

—

​

​

10,681

Total Fair Value

​

$

38,824

​

$

808

​

$

1,665

​

$

11,820

​

$

(8,233)

​

$

44,884

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

March 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

   

2024

   

Gain/(Loss)

​

Loss

   

Purchased

   

Sale

   

2024

Marketable securities - equity investments

​

$

30,379

​

​

401

​

​

(2,864)

​

​

8,340

​

​

(19,367)

​

$

16,889

ClearPoint Equity Investments

​

​

6,083

​

​

(1,261)

​

​

—

​

​

—

​

​

—

​

​

4,822

ClearPoint convertible debt security

​

​

12,719

​

​

(2,097)

​

​

—

​

​

—

​

​

—

​

​

10,622

Total Fair Value

​

$

49,181

​

$

(2,957)

​

$

(2,864)

​

$

8,340

​

$

(19,367)

​

$

32,333

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

​

December 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

​

 

2024

 

Gain/(Loss)

 

Gain

   

Purchased

   

Sale

   

2025

​

Marketable securities - equity investments

​

$

29,034

​

​

1,538

​

​

3,731

​

​

17,029

​

​

(17,129)

​

​

34,203

​

ClearPoint Equity Investments

​

​

13,759

​

​

(3,078)

​

​

—

​

​

—

​

​

—

​

​

10,681

​

Total Fair Value

​

$

42,793

​

$

(1,540)

​

$

3,731

​

$

17,029

​

$

(17,129)

​

$

44,884

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

   

2023

   

Gain/(Loss)

   

Loss

   

Purchased

   

Sale

   

2024

Marketable securities - equity investments

​

$

22,634

​

​

1,111

​

​

(3,689)

​

​

17,406

​

​

(20,573)

​

$

16,889

ClearPoint Equity Investments

​

​

6,074

​

​

(1,252)

​

​

—

​

​

—

​

​

—

​

​

4,822

ClearPoint convertible debt security

​

​

12,553

​

​

(1,931)

​

​

—

​

​

—

​

​

—

​

​

10,622

Total Fair Value

​

$

41,261

​

$

(2,072)

​

$

(3,689)

​

$

17,406

​

$

(20,573)

​

$

32,333

​

Fair value of marketable securities that are classified as available for sale debt securities is based upon market prices using quoted prices in active markets for identical assets quoted on the last day of the period. In establishing the estimated fair value of the remaining available for sale debt securities, the Company used the fair value as determined by its investment advisors using observable inputs other than quoted prices.

​

The following represents the fair value using the hierarchy described above for the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

 

​

​

 

Quoted prices

 

Significant

 

​

​

​

​

​

​

 

in active

 

other

 

Significant

​

​

​

​

 

markets for

 

observable

 

unobservable

​

​

​

​

 

identical assets

 

inputs

 

inputs

​

    

Total

    

(level 1)

    

(level 2)

    

(level 3)

Marketable securities - available for sale

​

$

937,561

​

$

—

​

$

937,561

​

$

—

Marketable securities - equity investments

​

$

34,203

​

$

34,203

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

10,681

​

$

10,681

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

 

​

​

 

Quoted prices

 

Significant

 

​

​

​

​

​

​

 

in active

 

other

 

Significant

​

​

​

​

 

markets for

 

observable

 

unobservable

​

​

​

​

 

identical assets

 

inputs

 

inputs

​

    

Total

    

(level 1)

    

(level 2)

    

(level 3)

Marketable securities - available for sale

​

$

330,953

​

$

—

​

$

330,953

​

$

—

Marketable securities - equity investments

​

$

29,034

​

$

29,034

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

13,759

​

$

13,759

​

$

—

​

$

—

Contingent consideration payable- net sales milestones

​

$

800

​

$

—

​

$

—

​

$

800

​

No transfers of assets between Level 1, Level 2, or Level 3 of the fair value measurement hierarchy occurred during the periods ended June 30, 2025 and December 31, 2024.

The following is a summary of marketable securities accounted for as available for sale debt securities at June 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

 

Amortized

 

Gross Unrealized

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

Commercial paper

​

$

177,376

​

$

—

​

$

(42)

​

$

177,334

Corporate debt securities

​

​

243,808

​

​

34

​

​

(47)

​

​

243,795

Government obligations

​

​

516,382

​

​

136

​

​

(86)

​

​

516,432

Total

​

$

937,566

​

$

170

​

$

(175)

​

$

937,561

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

 

Amortized

 

Gross Unrealized

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

Commercial paper

​

$

44,780

​

$

—

​

$

(1)

​

$

44,779

Corporate debt securities

​

 

89,320

​

​

76

​

​

(75)

​

​

89,321

Government obligations

​

​

196,584

​

​

269

​

​

—

​

​

196,853

Total

​

$

330,684

​

$

345

​

$

(76)

​

$

330,953

​

For available for sale debt securities in an unrealized loss position, the Company assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value. For the three and six months ended June 30, 2025 and 2024, no write downs occurred. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. The Company also reviews its available for sale debt securities in an unrealized loss position and evaluates whether the decline in fair value has resulted from credit losses or other factors. This review is subjective, as it requires management to evaluate whether an event or change in circumstances has occurred in that period that may be related to credit issues. For the three and six months ended June 30, 2025 and 2024, no allowance was recorded for credit losses. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss) in stockholders’ deficit.

For the three and six months ended June 30, 2025, realized gains from the sale of available for sale debt securities were immaterial. For the three and six months ended June 30, 2024, the Company did not have any realized gains or losses from the sale of available for sale debt securities. Realized gains and losses are reported as a component of interest expense, net in the consolidated statement of operations. Reclassified amounts from other comprehensive items were determined using the actual realized gains and losses from the sales of marketable securities.

The unrealized losses and fair values of available for sale debt securities that have been in an unrealized loss position for a period of less than and greater than or equal to 12 months as of June 30, 2025 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

 

Securities in an unrealized loss

 

Securities in an unrealized loss

 

​

​

​

​

​

​

 

position less than 12 months

 

position greater than or equal to 12 months

​

Total

​

   

Unrealized losses

   

Fair Value

   

Unrealized losses

   

Fair Value

   

Unrealized losses

   

Fair Value

Commercial paper

​

$

(42)

​

​

177,334

​

​

—

​

​

—

​

​

(42)

​

$

177,334

Corporate debt securities

​

$

(47)

​

​

141,853

​

​

—

​

​

—

​

​

(47)

​

$

141,853

Government obligations

​

$

(86)

​

​

189,017

​

​

—

​

​

—

​

​

(86)

​

$

189,017

Total

​

$

(175)

​

$

508,204

​

$

—

​

$

—

​

$

(175)

​

$

508,204

​

The unrealized losses and fair values of available for sale debt securities that have been in an unrealized loss position for a period of less than and greater than or equal to 12 months as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

 

Securities in an unrealized loss

 

Securities in an unrealized loss

 

​

​

​

​

​

​

 

position less than 12 months

 

position greater than or equal to 12 months

​

Total

​

   

Unrealized losses

   

Fair Value

   

Unrealized losses

   

Fair Value

   

Unrealized losses

   

Fair Value

Commercial paper

​

$

(1)

​

​

29,810

​

​

—

​

​

—

​

​

(1)

​

$

29,810

Corporate debt securities

​

$

(75)

​

​

59,550

​

​

—

​

​

—

​

​

(75)

​

$

59,550

Total

​

$

(76)

​

$

89,360

​

$

—

​

$

—

​

$

(76)

​

$

89,360

​

Available for sale debt securities at June 30, 2025 and December 31, 2024 mature as follows:

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

 

Less Than

 

More Than

​

    

12 Months

    

12 Months

Commercial paper

​

$

177,334

​

$

—

Corporate debt securities

​

​

243,795

​

​

—

Government obligations

​

​

516,432

​

​

—

Total

​

$

937,561

​

$

—

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

 

Less Than

 

More Than

​

    

12 Months

    

12 Months

Commercial paper

​

$

44,779

​

$

—

Corporate debt securities

​

 

89,321

​

 

—

Government obligations

​

​

196,853

​

​

—

Total

​

$

330,953

​

$

—

​

The Company classifies all of its marketable securities as current as they are all either available for sale debt securities or equity investments and are available for current operations.

Convertible senior notes

In September 2019, the Company issued $287.5 million of 1.50% convertible senior notes due September 15, 2026 (the “2026 Convertible Notes”). The fair value of the 2026 Convertible Notes, which differs from their carrying values, is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices for the 2026 Convertible Notes observed in market trading which are Level 2 inputs. The estimated fair value of the 2026 Convertible Notes at June 30, 2025 and December 31, 2024 was $332.8 million and $321.3 million, respectively.

Level 3 valuation

The contingent consideration payable is fair valued each reporting period with the change in fair value recorded as a gain or loss within the change in the fair value of contingent consideration on the consolidated statements of operations. During the first quarter of 2025, the probability of triggering the remaining contingent consideration was determined to be remote, and therefore the balance was written down to zero. The change in fair value of the contingent consideration for the six months ended June 30, 2025 is $0.8 million and is recorded in the consolidated statement of operations. Refer to Note 10 for additional details.