Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 is as follows (in thousands):


		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)			8,080				—				—				8,080
Total		$	55,825			$	—			$	47,745			$	8,080
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):


		Other Investments				Convertible Notes Payable
Balance as of December 31, 2023		$	—			$	—
Fair value at issuance			—				26,558
Fair value adjustment			—				6,875
Balance as of December 31, 2024			—				33,433
Fair value at issuance			5,000				42,171
Fair value adjustment			580				123,719
Balance as of December 31, 2025		$	5,580			$	199,323