Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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.

Ginkgo Bioworks Holdings, Inc. 10-K