Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets
Cash equivalents:
Money market funds	$	—	$	213,724	$	—	$	213,724
Treasury bills		—		74,212		—		74,212
Total cash equivalents		—		287,936		—		287,936
Available-for-sale securities (Note 5):
Treasury bills		—		78,562		—		78,562
Government bonds		—		5,019		—		5,019
Total available-for-sale securities		—		83,581		—		83,581
Total financial assets	$	—	$	371,517	$	—	$	371,517

Financial liabilities
Derivative liabilities (Note 2):	$	—	$	—	$	3,350	$	3,350
Total financial liabilities	$	—	$	—	$	3,350	$	3,350


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets
Cash equivalents:
Money market funds	$	—	$	51,333	$	—	$	51,333
Total cash equivalents		—		51,333		—		51,333
Available-for-sale securities (Note 5):
Treasury bills		—		72,932		—		72,932
Government bonds		—		55,018		—		55,018
Total available-for-sale securities		—		127,950		—		127,950
Total financial assets	$	—	$	179,283	$	—	$	179,283
Financial liabilities
Derivative liabilities (Note 2):	$	—	$	—	$	9,200	$	9,200
Total financial liabilities	$	—	$	—	$	9,200	$	9,200

The significant unobservable inputs used in valuing the developmental milestone derivative liabilities at each measurement date are as follows:


	March 31, 2026	December 31, 2025
Unobservable Input	Range	Range	Average
Probability of achieving certain development milestones	60.0%	40.0% - 100.0%	70.0%
Volatility	100.0%	98.0%	98.0%
Discount rate	3.8%	3.5% - 3.7%	3.6%
Timing of achieving certain development milestones	2.5 years	0.1 - 2.8 years	1.4 years

The following table presents a roll forward of activity associated with the Company’s derivative liabilities measured using Level 3 inputs:


	Developmental Milestone Derivative Liabilities
Fair value of derivative liabilities as of January 1, 2026	$	9,200
Change in fair value of derivative liabilities		1,650
Common stock issued as payment for developmental milestone consideration		(7,500	)
Fair value of derivative liabilities as of March 31, 2026	$	3,350