v3.26.1
Revenue Interest Purchase Agreement (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue Interest Purchase Agreement [Abstract]  
Summary of Revenue Interest Liability Activity
The following table summarizes the revenue interest liability activity during the six months ended June 30, 2026 (in thousands):
Revenue interest liability, at December 31, 2025$324,615 
Proceeds from Third Payment, net of issuance costs74,946 
Interest expense recognized31,063 
Revenue interest payment(10,838)
Embedded contingent derivative liability related to Third Payment(4,700)
Revenue interest liability, at June 30, 2026$415,086 
Change in Fair Value of Derivative Liabilities
The change in fair value of the derivative liability is as follows (in thousands):
Fair value, at December 31, 2025$19,400 
Embedded contingent derivative liability related to Third Payment4,700 
Change in fair value(1,100)
Fair value, at March 31, 202623,000 
Change in fair value700 
Fair value, at June 30, 2026$23,700 
Schedule of Unobservable Assumptions
The estimated fair value of the stock option purchase liability was computed using a Monte Carlo Simulation valuation technique that used the calculated exercise price and discounted it back to a present value at the risk-free rate with the following unobservable input at the following dates:
June 30,
2026		December 31,
2025
Expected volatility105.9 %119.7 %
The estimated fair value of the convertible note was computed using the following unobservable inputs at the following dates:
June 30,
2026		December 31,
2025
Binomial lattice model:
Expected market yield17.4 %14.8 %
Expected volatility77.5 %87.5 %
Change in Fair Value of Stock Option Purchase Liability
Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
Fair Value Measurements at June 30, 2026
TotalLevel 1Level 2Level 3
Assets at Fair Value:
Current:
Cash and cash equivalents$75,670 $75,670 $— $— 
U.S. Treasury securities281,701 281,701 — — 
Noncurrent:
Restricted cash1,277 1,277 — — 
Total assets measured at fair value$358,648 $358,648 $— $— 
​
Liabilities at Fair Value:
Current:
Contingent consideration$(21)(1)$— $— $(21)
Noncurrent:
Related-party convertible note payable at
   fair value (Note 11)
(774,350)— — (774,350)
Warrant liabilities (Note 13)
(352,383)— — (352,383)
RIPA derivative liability (Note 10)
(23,700)— — (23,700)
Stock option purchase liability (Note 10)
(306)— — (306)
Total liabilities measured at fair value$(1,150,760)$— $— $(1,150,760)
Fair Value Measurements at December 31, 2025
TotalLevel 1Level 2Level 3
Assets at Fair Value:
Current:
Cash and cash equivalents$88,334 $88,334 $— $— 
U.S. Treasury securities154,484 154,484 — — 
Noncurrent:
Restricted cash1,097 1,097 — — 
Total assets measured at fair value$243,915 $243,915 $— $— 
​
Liabilities at Fair Value:
Current:
Contingent consideration$(22)(1)$— $— $(22)
Noncurrent:
Related-party convertible note payable at
   fair value (Note 11)
(477,093)— — (477,093)
Warrant liabilities (Note 13)
(84,417)— — (84,417)
RIPA derivative liability (Note 10)
(19,400)— — (19,400)
Stock option purchase liability (Note 10)
(322)— — (322)
Total liabilities measured at fair value$(581,254)$— $— $(581,254)
_______________
(1)
Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 8 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information.
Changes in fair value of contingent consideration were immaterial during the three and six months ended June 30, 2026 and 2025, and were primarily due to changes in foreign currency exchange rates.
The change in fair value of the stock option purchase liability is as follows (in thousands):
Fair value, at December 31, 2025$322 
Change in fair value(8)
Fair value, at March 31, 2026314 
Change in fair value(8)
Fair value, at June 30, 2026$306 
The change in the fair value of this note was as follows (in thousands):
Fair value, at December 31, 2025$477,093 
Change in fair value of related-party convertible note236,625 
Conversion to common stock(35,332)
Fair value, at March 31, 2026678,386 
Change in fair value of related-party convertible note95,964 
Fair value, at June 30, 2026$774,350