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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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	​		9,806
Reclassification of amounts to accrued expenses due to milestone being achieved	​		(5,986)
Balance at September 30, 2025	​	$	10,793
​	​	​	​
Contingent consideration, current portion	​	$	—
Contingent consideration, net of current portion	​		10,793
Balance at September 30, 2025	​	$	10,793

​

​	​	​	​
​		(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

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As of September 30, 2025

Description

Total

Level 1

Level 2

Level 3

Liabilities:

​

​

​

​

Contingent consideration

​

$

10,793

$

—

$

—

​

$

10,793

Total liabilities

​

$

10,793

$

—

$

—

​

$

10,793

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 September 30, 2025
​	​	Valuation	​	Significant	​	Weighted Average
​		Methodology		Unobservable Input		(range, if applicable)
Contingent Consideration		Discounted Cash Flows		Milestone dates		2026-2031
​		​	​	​	​	​
​				Discount rate		11.7% to 11.9%
​				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%

​

​	​	​	​	​	​	​
​		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%

​

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
-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

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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

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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

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-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

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