
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2026

U.S. treasury securities	$	322,051	$	—	$	(608)	$	321,443
Corporate paper and bonds	495,648		7		(554)		495,101

Total	$	817,699	$	7	$	(1,162)	$	816,544

December 31, 2025

U.S. treasury securities	$	223,526	$	254	$	(9)	$	223,771
Corporate paper and bonds	438,297		241		(39)		438,499

Total	$	661,823	$	495	$	(48)	$	662,270

As of June 30, 2026, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available-for-sale securities during the three and six months ended June 30, 2026 and 2025. The Company did not have any sales of marketable securities during the three and six months ended June 30, 2026 and 2025. The contractual maturity dates of the Company’s investments are all less than 36 months. While the Company may hold securities with stated maturities greater than one year, all available-for-sale securities are considered available to support current operations, and thus are classified as current assets.



(in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
June 30, 2026
Assets:
Cash equivalents:
Money market funds	$	130,209	$	—	$	—	$	130,209

Corporate paper and bonds	—		22,605		—		22,605
Marketable securities:
U.S. treasury securities	—		321,443		—		321,443
Corporate paper and bonds	—		495,101		—		495,101
Total cash equivalents and marketable securities	$	130,209	$	839,149	$	—	$	969,358

Liabilities:
Derivative liability	$	—	$	—	$	13,690	$	13,690
Total liabilities	$	—	$	—	$	13,690	$	13,690

December 31, 2025
Assets:
Cash equivalents:
Money market funds	$	191,308	$	—	$	—	$	191,308
Corporate paper and bonds	—		14,624		—		14,624
Marketable securities:
U.S. agency and treasury securities	—		223,771		—		223,771
Corporate paper and bonds	—		438,499		—		438,499
Total cash equivalents and marketable securities	$	191,308	$	676,894	$	—	$	868,202

Liabilities:
Derivative liability	$	—	$	—	$	20,030	$	20,030
Total liabilities	$	—	$	—	$	20,030	$	20,030

The fair value of the Company’s Level 1 cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents and marketable securities, consisting of securities with original maturities of three months or less and 36 months or less, respectively, are determined through third-party pricing services. The amortized cost of cash equivalents approximates the fair value. There have been no impairments of the Company’s assets measured and carried at fair value during the three and six months ended June 30, 2026 and 2025. In addition, there were no changes in valuation techniques or transfers between Level 1, Level 2 and Level 3 financial assets during the three and six months ended June 30, 2026 and 2025.

The Company believes the terms of its liability related to the sale of future revenue, net, which was entered into in October 2025, reflects current market conditions for instruments with similar terms and maturity, therefore, the carrying value approximates its fair value based on Level 3 of the fair value hierarchy.