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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis

Fair Value Measurements

September 30, 2025

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial Assets:

 

 

  

 

  

 

  

Cash equivalents(1)

$

103,228

$

$

$

103,228

Marketable debt securities:

 

 

 

 

U.S. government agency securities

3,773

3,773

U.S. treasury securities

45,419

45,419

Commercial paper and corporate notes

39,119

39,119

Total

$

152,420

$

39,119

$

$

191,539

Financial Liabilities:

 

 

  

 

  

 

  

Royalty Fee Derivative Liability

$

$

$

1,490

$

1,490

Contingent consideration

102

102

Total

$

$

$

1,592

$

1,592

Fair Value Measurements

December 31, 2024

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial Assets:

 

 

  

 

  

 

  

Cash equivalents(1)

$

125,549

$

$

$

125,549

Financial Liabilities:

Royalty Fee Derivative Liability

$

$

$

13,620

$

13,620

Contingent consideration

632

632

Total

$

$

$

14,252

$

14,252

(1)Cash equivalents may include the following: money market funds, U.S. treasury securities, commercial paper or corporate notes with original maturities of 90 days or less.
Schedule of Cash and cash equivalents, marketable securities and restricted cash

September 30, 2025

(in thousands)

    

Cost

    

Unrealized Gain

    

Unrealized (Loss)

    

Fair Value

Money market funds

$

92,289

$

$

$

92,289

U.S. government agency securities

6,748

 

4

6,752

U.S. treasury securities

53,347

33

(1)

53,379

Commercial paper and corporate notes

39,083

37

(1)

39,119

Total

$

191,467

 

$

74

$

(2)

$

191,539

December 31, 2024

(in thousands)

    

Cost

    

Unrealized Gain

    

Unrealized (Loss)

    

Fair Value

Money market funds

$

125,549

$

$

$

125,549