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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities That Are Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
| December 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 146,136 |  |  | $ | 146,136 |  |  | $ | — |  |  | $ | — |
Marketable securities: |  |  |  |  |  |  |
Commercial paper | 4,060 |  |  | — |  |  | 4,060 |  |  | — |
U.S. Treasury securities | 118,038 |  |  | 118,038 |  |  | — |  |  | — |
Corporate bonds | 114,666 |  |  | — |  |  | 114,666 |  |  | — |
Marketable equity securities | 18,654 |  |  | 18,654 |  |  | — |  |  | — |
Investments: |  |  |  |  |  |  |
Synlogic, Inc. warrants (1) | 190 |  |  | — |  |  | 190 |  |  | — |
Marketable equity securities | 1,562 |  |  | 1,562 |  |  | — |  |  | — |
Other non-current assets: |  |  |  |  |  |  |
Notes receivable | 7,126 |  |  | — |  |  | — |  |  | 7,126 |
Total assets | $ | 410,432 |  |  | $ | 284,390 |  |  | $ | 118,916 |  |  | $ | 7,126 |
Liabilities: |  |  |  |  |  |  |
Accrued expenses and other current liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 5,438 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,438 |
Other non-current liabilities: |  |  |  |  |  |  |
Contingent consideration | 252 |  |  | — |  |  | — |  |  | 252 |
Total liabilities | $ | 5,690 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,690 |
| December 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 521,457 |  |  | $ | 521,457 |  |  | $ | — |  |  | $ | — |
Investments: |  |  |  |  |  |  |
Synlogic, Inc. warrants (1) | 238 |  |  | — |  |  | 238 |  |  | — |
Marketable equity securities | 17,559 |  |  | 17,559 |  |  | — |  |  | — |
Other non-current assets: |  |  |  |  |  |  |
Notes receivable | 14,170 |  |  | — |  |  | 12,327 |  |  | 1,843 |
Total assets | $ | 553,424 |  |  | $ | 539,016 |  |  | $ | 12,565 |  |  | $ | 1,843 |
Liabilities: |  |  |  |  |  |  |
Accrued expenses and other current liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 5,438 |  |  | $ | — |  |  | $ | — |  |  | 5,438 |
Other non-current liabilities: |  |  |  |  |  |  |
Contingent consideration | 4,484 |  |  | — |  |  | — |  |  | 4,484 |
Total liabilities | $ | 9,922 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,922 |
(1)The fair value of Synlogic, Inc. warrants is calculated as the quoted price of the underlying common stock, less the unpaid exercise price of the warrants.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value using Level 3 significant unobservable inputs for the years ended December 31 (in thousands):
| Notes Receivable |  | Private Placement Warrants |  | Contingent Consideration
Balance at January 1, 2025 | $ | 1,843 |  |  | $ | — |  |  | $ | 9,922 |
Additions | 159 |  |  | — |  |  | — |
Change in fair value | (350) |  |  | — |  |  | (4,232) |
Settlements and payments | (50) |  |  | — |  |  | — |
Transfers into Level 3 | 6,987 |  |  | — |  |  | — |
Conversion to preferred stock | (1,463) |  |  | — |  |  | — |
Balance at December 31, 2025 | $ | 7,126 |  |  | $ | — |  |  | $ | 5,690 |
Balance at January 1, 2024 | $ | 14,129 |  |  | $ | 1,846 |  |  | $ | 24,273 |
Additions | 1,407 |  |  | — |  |  | — |
Change in fair value | (3,217) |  |  | (1,697) |  |  | 3,214 |
Settlements and payments | — |  |  | — |  |  | (17,565) |
Transfers to Level 2 | — |  |  | (149) |  |  | — |
Conversion to common stock | (10,476) |  |  | — |  |  | — |
Balance at December 31, 2024 | $ | 1,843 |  |  | $ | — |  |  | $ | 9,922 |
Summary of Fair Value Measurements Inputs | The following table provides quantitative information regarding Level 3 inputs used in the fair value measurements of contingent consideration liabilities as of the periods presented:
Contingent Consideration Liability |  | Valuation Technique |  | Unobservable Input |  | December 31, 2025 Range |  | December 31, 2024 Range
Earnout payments (FGen and Dutch DNA acquisitions) |  | Probability-weighted present value |  | Probability of payment |  | 5% - 10% |  | 5% - 50%
|  |  |  | Discount rate |  | 14.9 | % |  | 9.3%
Earnout payments (Dutch DNA acquisition) (1) |  | Discounted cash flow |  | Projected years of payments |  |  |  | 2028-2031
|  |  |  | Discount rate |  |  |  | 10.6 | %
(1) During the year ended December 31, 2025, all Dutch DNA milestones valued using the discounted cash flow method were reduced to zero due to the termination of a customer agreement to which those milestones were tied.

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -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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