v3.26.1
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured 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 
Schedule of Significant Observable Inputs
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 %