v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

As of March 31, 2026 and December 31, 2025, assets measured at fair value on a recurring basis were as follows (in thousands):

 

 

 

March 31, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

52,404

 

 

$

52,404

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

52,404

 

 

$

52,404

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Scilex Holding Company common stock

 

$

17

 

 

$

17

 

 

$

—

 

 

$

—

 

Sorrento Therapeutics, Inc. common stock

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

U.S. Treasury obligations

 

 

28,745

 

 

 

—

 

 

 

28,745

 

 

 

—

 

Total short-term investments

 

$

28,764

 

 

$

19

 

 

$

28,745

 

 

$

—

 

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,379

 

 

$

29,379

 

 

$

—

 

 

$

—

 

U.S. Treasury obligations

 

 

4,999

 

 

 

—

 

 

 

4,999

 

 

 

—

 

Total cash equivalents

 

$

34,378

 

 

$

29,379

 

 

$

4,999

 

 

$

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Scilex Holding Company common stock

 

$

30

 

 

$

30

 

 

$

—

 

 

$

—

 

Sorrento Therapeutics, Inc. common stock

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

U.S. Treasury obligations

 

 

62,944

 

 

 

—

 

 

 

62,944

 

 

 

—

 

Total short-term investments

 

$

62,976

 

 

$

32

 

 

$

62,944

 

 

$

—