v3.26.1
Related-Party Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Summary of Related-Party Debt
Our related-party debt is summarized below (in thousands):
Balance as of June 30, 2026
Fair Value
Maturity
Year		Interest
Rate		Principal
Amount		AmountLeveling
December 2024 Convertible Promissory Note2027
Term
SOFR
+8.0%
$480,000 $774,350 Level 3
Balance as of December 31, 2025
Fair Value
Maturity
Year		Interest
Rate		Principal
Amount		AmountLeveling
December 2024 Convertible Promissory Note2027
Term
SOFR
+8.0%
$505,000 $477,093 Level 3
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 %
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
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 
Summary of Future Contractual Obligations of Related Party Debt
The following table summarizes the estimated future contractual obligations of our related-party debt as of June 30, 2026 (in thousands):
Principal
Payments		Interest
Payments (1)		Total
2026 (excluding the six months ended June 30, 2026)
$— $28,372 $28,372 
2027
480,000 56,282 536,282 
Total$480,000 $84,654 $564,654 
_______________
(1)
Interest payments on our convertible promissory note are calculated based on Term SOFR plus the contractual spread per the loan agreement. The interest rate on our convertible promissory note as of June 30, 2026 was 11.73%.
Summary of Interest Expense
Interest expense consists of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest expense on related-party convertible note$14,032 $15,474 $28,591 $30,787