Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities That Are Measured at Fair Value

A summary of the assets and liabilities that are measured at fair value as of March 31, 2026 and December 31, 2025 is as follows (in thousands):


		Three Months Ended March 31, 2026
		Carrying Value				Quoted Price in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
U.S. Treasury securities		$	83,170			$	—			$	83,170			$	—
Other investments (ASC 321)			40,435				24,855				—				15,580
Total		$	123,605			$	24,855			$	83,170			$	15,580
Liabilities:
Convertible notes payable			199,891				—				—				199,891
Total		$	199,891			$	—			$	—			$	199,891


		Year Ended December 31, 2025
		Carrying Value				Quoted Price in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
U.S. Treasury securities		$	47,745			$	—			$	47,745			$	—
Other investments (ASC 321)			5,580				—				—				5,580
Total		$	53,325			$	—			$	47,745			$	5,580
Liabilities:
Convertible notes payable			199,323				—				—				199,323
Total		$	199,323			$	—			$	—			$	199,323

Schedule of Assets and Liabilities Measured as Level 3 at Fair Value on a Recurring Basis

The following table provides a reconciliation of the Company’s assets and liabilities measured as a Level 3 at fair value on a recurring basis using significant unobservable inputs (in thousands):


		Convertible Notes Payable
Balance as of December 31, 2024		$	33,433
Fair value at issuance			42,171
Fair value adjustment			123,719
Balance as of December 31, 2025			199,323
Fair value adjustment			568
Balance as of March 31, 2026		$	199,891