Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	117,674	$	117,674	$	—	$	—





Total assets	$	117,674	$	117,674	$	—	$	—

Liabilities:
Warrant liability	$	47	$	—	$	—	$	47
Contingent value right liability	405,900		—		—		405,900
Total liabilities	$	405,947	$	—	$	—	$	405,947


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	122,724	$	122,724	$	—	$	—





Total assets	$	122,724	$	122,724	$	—	$	—

Liabilities:
Warrant liability	$	141	$	—	$	—	$	141
Contingent value right liability	392,100		—		—		392,100

Total liabilities	$	392,241	$	—	$	—	$	392,241

Schedule of Cash and Cash Equivalents

The Company’s consolidated statements of cash flows include the following as of March 31, 2026 and 2025 (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	118,641	$	180,434

Long-term restricted cash	1,735		1,669
Total cash, cash equivalents, and restricted cash	$	120,376	$	182,103

Schedule of Restricted Cash

The Company’s consolidated statements of cash flows include the following as of March 31, 2026 and 2025 (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	118,641	$	180,434

Long-term restricted cash	1,735		1,669
Total cash, cash equivalents, and restricted cash	$	120,376	$	182,103

Schedule of Fair Value Measurement Inputs and Valuation Techniques for 2022 Warrants Liability and CVR Liability

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2022 Warrants liability is as follows:


	March 31, 2026		December 31, 2025
Risk-free interest rate	3.68	%	3.48	%
Dividend yield	—		—
Expected life (in years)	1.03		1.28
Expected volatility	89.14	%	87.36	%

The significant inputs used to estimate the fair value of the CVR liability, which represented a financial instrument being accounted for under the fair value option, were as follows:


	March 31, 2026		December 31, 2025
Estimated cash flow dates	2026 - 2038		2026 - 2037
Estimated probability of success	95.0% - 100.0%		95.0% - 100.0%
Expected volatility of future revenues	23.0	%	23.0	%

Schedule of Roll-Forward of Fair Value for the Company’s Level 3 Warrant Liabilities, CVR Liability and Forward Contract Liabilities

The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 9, “Equity” to these unaudited consolidated financial statements) for the three months ended March 31, 2026 (in thousands):


	Warrant Liability
Fair value as of December 31, 2025	$	141


Change in fair value	(94)
Fair value as of March 31, 2026	$	47

The following table reflects a roll-forward of fair value for the Company’s Level 3 CVR liability for the three months ended March 31, 2026 (in thousands):


	CVR Liability
Fair value as of December 31, 2025	$	392,100


Change in fair value	13,800
Fair value as of March 31, 2026	$	405,900