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Fair Value of Financial Instruments (Tables)

9 Months Ended

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

X

- 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

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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

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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

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