Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	64,472	$	—	$	—	$	64,472
U.S. Treasury securities	—		156,458		—		156,458
U.S. government agency securities	—		13,902		—		13,902
Corporate debt securities	—		9,417		—		9,417
Total financial assets	$	64,472	$	179,777	$	—	$	244,249
Financial liabilities:
Success payment liabilities	—		—		889		889
Total financial liabilities	$	—	$	—	$	889	$	889


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	49,766	$	—	$	—	$	49,766
U.S. Treasury securities	—		176,072		—		176,072
U.S. government agency securities	—		6,533		—		6,533
Corporate debt securities	—		4,434		—		4,434
Total financial assets	$	49,766	$	187,039	$	—	$	236,805
Financial liabilities:
SPA put/call	$	—	$	—	$	11,411	$	11,411
Success payment liabilities	—		—		1,242		1,242
Total financial liabilities	$	—	$	—	$	12,653	$	12,653

Schedule of Assumptions Used to Value Level 3 Financial Instruments

Prior to exercise, the SPA put/call was classified as a Level 3 financial instrument and the fair value was estimated using a Monte Carlo simulation valuation method including the following assumptions as of December 31, 2025:


	December 31, 2025
Time to maturity (years)	0.67
Risk-free rate	3.55	%
Volatility	90	%

Schedule of Changes in the Estimated Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Success Payment Liabilities		SPA Put/Call (Asset) Liability
Balance at December 31, 2025	$	1,242	$	11,411
Change in fair value (1)	(353)		(17,561)
Settlement via equity issuance	—		6,150
Balance at March 31, 2026	$	889	$	—

(1)The change in fair value of the success payment liabilities and SPA put/call are recorded in other income, net.