v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3—Fair Value Measurements

The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, the Trinity Term Loans and the success fee derivative liabilities.

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

 

 

March 31, 2026

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

274,210

 

 

$

274,210

 

 

$

—

 

 

$

—

 

Total assets

$

274,210

 

 

$

274,210

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

48,961

 

 

$

—

 

 

$

—

 

 

$

48,961

 

   Success Fee Derivative liabilities

 

1,582

 

 

 

—

 

 

 

—

 

 

 

1,582

 

Total liabilities

$

50,543

 

 

$

—

 

 

$

—

 

 

$

50,543

 

 

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

317,127

 

 

$

317,127

 

 

$

—

 

 

$

—

 

Total assets

$

317,127

 

 

$

317,127

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

50,106

 

 

$

—

 

 

$

—

 

 

$

50,106

 

   Success Fee Derivative liability

 

1,552

 

 

 

—

 

 

 

—

 

 

 

1,552

 

Total liabilities

$

51,658

 

 

$

—

 

 

$

—

 

 

$

51,658

 

 

The Company classifies its money market funds, which are valued based on quoted market prices in an active market with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company’s Trinity Term Loans and Success Fee liabilities are classified as Level 3 measurements under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. The fair values were determined utilizing a probability-weighted income approach, including variables for the timing of a success event and other probability estimates. See Note 7 for additional information on the Trinity Term Loans and Success Fees (as defined below).