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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:
|  |  |  |  | September 30, 2025 |
|  | Total Fair |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 108,576 |  |  | $ | 108,576 |  |  | $ | — |  |  | $ | — |
Investment securities |  |  | 45,480 |  |  |  | 45,480 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 154,056 |  |  | $ | 154,056 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | $ | 942 |  |  | $ | 942 |  |  | $ | — |  |  | $ | — |
Contingent consideration liabilities |  |  | 97,824 |  |  |  | — |  |  |  | — |  |  |  | 97,824 |
Total liabilities |  | $ | 98,766 |  |  | $ | 942 |  |  | $ | — |  |  | $ | 97,824 |
|  |  |  |  | December 31, 2024 |
|  | Total Fair |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 682,209 |  |  | $ | 682,209 |  |  | $ | — |  |  | $ | — |
Investment securities |  |  | 39,489 |  |  |  | 39,489 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 721,698 |  |  | $ | 721,698 |  |  | $ | — |  |  | $ | — |
Schedule of Company's Contingent Consideration Liabilities | The recurring Level 3 fair value measurements of the Company's contingent consideration liabilities include the following significant unobservable inputs (in thousands, except percent data):
|  | Fair Value at |  |  |  |  |  |  |  |  |
Contingent Consideration Liability |  | September 30, 2025 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Development and commercialization milestones |  |  | 40,965 |  |  | Discounted cash flow |  | Payment discount rate |  | 8.1% - 13.3% |  | 8.3%
|  |  |  |  |  |  | Probability of payment |  | 0.0% - 100.0% |  | 87.3%
|  |  |  |  |  |  | Range of expected payment dates |  | 2026 - 2037 |  | N/A
Sales milestones |  |  | 30,059 |  |  | Scenario analysis |  | Revenue volatility |  | 37.0% - 48.0% |  | 46.9%
|  |  |  |  |  |  | Revenue discount rate |  | 9.4% - 19.3% |  | 17.8%
Assumed contingent consideration from Piramal SPA |  |  | 26,800 |  |  | Scenario analysis |  | EBITDA volatility |  | 60.0% |  | 60.0%
|  |  |  |  |  |  | EBITDA discount rate |  | 21.4% - 22.0% |  | 21.4%
Total contingent consideration liabilities |  | $ | 97,824 |  |  |  |  |  |  |  |  |
Schedule of contingent consideration measured at fair value | The following table reflects the activity for the Company’s contingent consideration measured at fair value using Level 3 inputs for the nine months ended September 30, 2025:
|  | Level 3 |
|  | Accrued Contingent |
(in thousands) |  | Consideration |
Balance December 31, 2024 |  | $ | — |
Evergreen acquisition |  |  | 43,042 |
Life Molecular acquisition |  |  | 53,800 |
Changes in fair value included in net income |  |  | 982 |
Balance September 30, 2025 |  | $ | 97,824 |

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- Definition Tabular disclosure of contingent consideration in asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
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