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Fair Value Measurements (Tables)

12 Months Ended

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.

X

- 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
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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
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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

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-Topic 820
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