v3.26.1
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
The Company’s financial instruments consist primarily of cash equivalents, marketable securities, accounts receivable, prepaid and other current assets, accounts payable, accrued and other current liabilities, and the product obligation. Accounts receivable, prepaid and other current assets, accounts payable, and accrued and other current liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, marketable securities, and the product obligation are carried at fair value.
The following table summarizes the assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
June 30, 2026
Level 1Level 2Level 3
Assets
Cash equivalents:
Money market funds$405,654 $— $— 
Restricted Cash:
Money market funds$41,882 $— $— 
Marketable securities:
U.S. government securities508,267 — — 
U.S. agency securities— 19,113 — 
Total assets$955,803 $19,113 $— 
Liabilities
Product obligation$— $— $134,324 
Total liabilities$— $— $134,324 
December 31, 2025
Level 1Level 2Level 3
Assets
Cash equivalents:
Money market funds$349,860 $— $— 
Marketable securities:
U.S. government securities563,594 — — 
U.S. agency securities— 24,234 — 
Total assets$913,454 $24,234 $— 
Liabilities
Product obligation$— $— $147,382 
Total liabilities$— $— $147,382 
The Company classifies money market funds, U.S. government securities, and U.S. agency securities within Level 1 or Level 2 of the fair value hierarchy as the Company determined the fair value of these instruments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company accounts for the product obligation as a derivative. The Company’s product obligation is measured at fair value on a recurring basis using unobservable inputs at each reporting period and are classified within Level 3. The fair value is derived using the discounted cash flow method. The key estimates and assumptions impacting the fair value include the Company’s expectation that the historical cash flows are indicative of future cash flows; that historical losses realized on the product obligation are indicative of future losses, adjusted, where applicable, for seasonality and new information about future expectations; and the expected recovery rate.
The following table presents quantitative information about the significant unobservable inputs for the product obligation measured at fair value on a recurring basis, weighted by the total unrecovered balance:
June 30, 2026
Significant Unobservable InputsRangeWeighted Average Rate
Discount rate
3.94% - 4.94%
3.98 %
Expected loss rate
0.27% -100%
6.27 %
December 31, 2025
Significant Unobservable InputsRangeWeighted Average Rate
Discount rate
3.48% - 3.48%
3.48 %
Expected loss rate
0.27% - 100%
8.80 %
Refer to Note 8 - Credit Obligations for more information on the product obligation.
The Company did not have any transfers between Level 1, Level 2, and Level 3 assets or liabilities during the periods presented.