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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value of Financial Instruments

Schedule of financial instruments measured at fair value by level within fair value hierarchy


									Significant
						Quoted Prices			other			Significant
						in active			observable			unobservable
						markets			inputs			inputs
			Total			(Level 1)			(Level 2)			(Level 3)
June 30, 2025
Assets
Cash equivalents:
Money market funds		$	40,678		$	40,678		$	—		$	—
Marketable securities:
Corporate debt securities			96,303			—			96,303			—
Government-sponsored securities			8,502			—			8,502			—
Total assets measured at fair value		$	145,483		$	40,678		$	104,805		$	—
Liabilities
Contingent consideration			38			—			—			38
Total liabilities measured at fair value		$	38		$	—		$	—		$	38

December 31, 2024
Cash equivalents:
Money market funds		$	36,153		$	36,153		$	—		$	—
Commercial paper			1,993			—			1,993			—
Marketable securities:
Corporate debt securities			82,679			—			82,679			—
Government-sponsored securities			6,560			—			6,560			—
Commercial paper			2,959			—			2,959			—
Total assets measured at fair value		$	130,344		$	36,153		$	94,191		$	—
Liabilities
Contingent consideration			1,182			—			—			1,182
Total liabilities measured at fair value		$	1,182		$	—		$	—		$	1,182

Schedule of a reconciliation of the beginning and ending balances related to the contingent consideration

The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the Ironshore Acquisition (dollars in thousands):


		Ironshore Acquisition
		Contingent Consideration
Balance as of December 31, 2024		$	1,182
Gain on fair value remeasurement of contingent consideration			(1,144)
Balance as of June 30, 2025		$	38