XML 23 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Fair value measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: Observable inputs such as quoted prices in active markets.
Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy.
If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy.
The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Level 1Level 2Level 3Total
Assets:
Debt Securities:
Money market funds$192 $— $— $192 
U.S. treasuries19,656 123,343 — 142,999 
Total assets$19,848 $123,343 $— $143,191 
Liabilities:
Contingent consideration$— $— $12,750 $12,750 
Total liabilities$— $— $12,750 $12,750 

December 31, 2024
Level 1Level 2Level 3Total
Assets
Debt Securities:
Money market funds$2,134 $— $— $2,134 
U.S. treasuries— 71,212 — 71,212 
Total assets$2,134 $71,212 $— $73,346 
Liabilities:
Contingent consideration$— $— $12,750 $12,750 
Total liabilities$— $— $12,750 $12,750 
The Company reviews trading activity and pricing for its available-for-sale securities as of the measurement date.
There was no change to the value of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025. The contingent consideration liability is related to the acquisition of Totient, Inc. and is included in contingent consideration on the condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024. The fair value estimate is based on a probability-weighted approach on conditions that existed as of September 30, 2025 (See Note 11: Subsequent events) . The contingent consideration of $15.0 million held in escrow shall be paid upon the achievement of the milestone of either entering into agreements meeting certain financial criteria with third parties using, or relating to, Totient technology or the first commercial sale of a Totient product. The contingent consideration
held in escrow is included in restricted cash on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.
The carrying amount of long-term debt approximates fair value.