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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value of Financial Instruments |
Schedule of change in fair value as determined by Level 3 inputs for the contingent consideration liabilities | ​
​ | ​ | ​ | ​
​ |  | (in thousands)
Balance at December 31, 2024 | ​ | $ | 6,973
Change in fair value | ​ |  | 9,173
Reclassification of amounts to accrued expenses due to milestone being achieved | ​ |  | (5,986)
Balance at June 30, 2025 | ​ | $ | 10,160
​ | ​ | ​ | ​
Contingent consideration, current portion | ​ | $ | —
Contingent consideration, net of current portion | ​ |  | 10,160
Balance at June 30, 2025 | ​ | $ | 10,160
​
​ | ​ | ​ | ​
​ |  | (in thousands)
Balance at December 31, 2023 | ​ | $ | 6,274
Change in fair value | ​ |  | 699
Balance at December 31, 2024 | ​ | $ | 6,973
​ | ​ | ​ | ​
Contingent consideration, current portion | ​ | $ | —
Contingent consideration, net of current portion | ​ |  | 6,973
Balance at December 31, 2024 | ​ | $ | 6,973
Schedule of fair value of financial instruments measured on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2025
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Contingent consideration | ​ | $ | 10,160 |  | $ | — |  | $ | — | ​ | $ | 10,160
Total liabilities | ​ | $ | 10,160 |  | $ | — |  | $ | — | ​ | $ | 10,160
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Contingent consideration | ​ | $ | 6,973 |  | $ | — |  | $ | — | ​ | $ | 6,973
Total liabilities | ​ | $ | 6,973 |  | $ | — |  | $ | — | ​ | $ | 6,973
Schedule of fair value measurements of contingent consideration for which a liability is recorded | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2025
​ | ​ | Valuation | ​ | Significant | ​ | Weighted Average
​ |  | Methodology |  | Unobservable Input |  | (range, if applicable)
Contingent Consideration |  | Discounted Cash Flows |  | Milestone dates |  | 2026-2031
​ |  | ​ | ​ | ​ | ​ | ​
​ |  |  |  | Discount rate |  | 12.6% to 13.1%
​ |  |  |  | Weighted Average Discount rate |  | 12.9%
​ |  |  |  | Probability of Occurrence (periodic for each Milestone) |  | 11.7% to 92.0%
​ |  |  |  | Probability of occurrence (cumulative through each Milestone) |  | 5.3% to 48.8%
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | Valuation | ​ | Significant | ​ | Weighted Average
​ |  | Methodology |  | Unobservable Input |  | (range, if applicable)
Contingent Consideration |  | Discounted Cash Flows |  | Milestone dates |  | 2026-2028
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Discount rate | ​ | 11.6% to 11.8%
​ | ​ | ​ | ​ | Weighted Average Discount rate | ​ | 11.7%
​ | ​ | ​ | ​ | Probability of Occurrence (periodic for each Milestone) | ​ | 11.7% to 92.0%
​ |  | ​ |  | Probability of occurrence (cumulative through each Milestone) | ​ | 5.3% to 48.8%
​

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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 liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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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- 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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