v3.26.1
Risks and Fair Value (Tables)
3 Months Ended
Mar. 31, 2026
Risks and Fair Value  
Schedule of concentration of credit risk and of significant suppliers and customers

Three Months Ended

March 31, 

2026

2025

  ​ ​ ​

Customer 1

38

%

39

%

Customer 2

28

24

Customer 3

7

8

As of

March 31, 

December 31, 

2026

2025

Customer 1

44

%

47

%

Customer 2

28

25

Customer 3

9

10

Schedule of change in fair value of derivative liabilities

Three Months Ended

March 31, 

2026

  ​ ​ ​

2025

  ​ ​ ​

Change in the fair value of Royalty Fee Derivative Liability

1,832

(606)

Barings Royalty Fee

(377)

(372)

Total

$

1,455

$

(978)

Schedule of assets and liabilities measured at fair Value on recurring basis

Fair Value Measurements as of

March 31, 2026 Using:

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

650,297

$

$

$

650,297

Liability:

Derivative liability

$

$

$

12,071

$

12,071

Fair Value Measurements as of

December 31, 2025 Using:

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

722,002

$

$

$

722,002

Liability:

 

  ​

 

  ​

 

  ​

 

  ​

Derivative liability

$

$

$

13,903

$

13,903

Royalty Fee Derivative Liability  
Risks and Fair Value  
Schedule of main inputs to valuing the Derivative Liability

As of

March 31, 

December 31, 

2026

2025

Revenue volatility

65.5

%

62.0

%

Revenue discount rate

14.3

%

14.0

%