Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Assets and Liabilities Carried at Fair Value |
The following table sets forth by level, within the fair value hierarchy, the Company's financial assets and liabilities carried at fair value on a recurring basis:
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June 30, 2026 |
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Total |
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Quoted prices in active markets for identical assets (Level 1) |
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Significant other observable inputs (Level 2) |
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Significant unobservable inputs (Level 3) |
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Financial Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
59,142 |
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$ |
59,142 |
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$ |
— |
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$ |
— |
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U.S. Treasury bills and U.S. Treasury notes |
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17,659 |
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17,659 |
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— |
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— |
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Marketable securities: |
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U.S. Treasury bills and U.S. Treasury notes |
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351,038 |
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— |
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351,038 |
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— |
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Total financial assets |
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$ |
427,839 |
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$ |
76,801 |
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$ |
351,038 |
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$ |
— |
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Financial Liabilities: |
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Contingent consideration |
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$ |
14,974 |
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$ |
— |
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$ |
— |
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$ |
14,974 |
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$ |
14,974 |
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$ |
— |
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$ |
— |
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$ |
14,974 |
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December 31, 2025 |
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Total |
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Quoted prices in
active markets for
identical assets
(Level 1) |
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Significant other
observable inputs
(Level 2) |
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Significant unobservable inputs (Level 3) |
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Financial Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
30,032 |
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$ |
30,032 |
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$ |
— |
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$ |
— |
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Marketable securities: |
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U.S. Treasury bills and U.S. Treasury notes |
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174,869 |
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— |
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174,869 |
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— |
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Total financial assets |
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$ |
204,901 |
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$ |
30,032 |
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$ |
174,869 |
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$ |
— |
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Financial Liabilities: |
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Contingent consideration |
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$ |
6,132 |
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$ |
— |
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$ |
— |
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$ |
6,132 |
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Warrant liability |
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1 |
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— |
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— |
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1 |
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$ |
6,133 |
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$ |
— |
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$ |
— |
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$ |
6,133 |
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| Schedule of Significant Inputs for Valuation Techniques to Estimate Fair Value |
The following table sets forth the significant inputs to the discounted cash flow technique used to value contingent consideration for IFM as of June 30, 2026 and December 31, 2025:
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Significant Unobservable Inputs |
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June 30, 2026 |
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December 31, 2025 |
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Discount rate |
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22.1 |
% |
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15.6 |
% |
Projected milestone timing |
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3.00 to 11.26 Years |
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2.25 to 11.75 Years |
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Probability of milestone achievement - NLRP1 program |
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5.0% - 35.0% |
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5.0% - 35.0% |
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Probability of milestone achievement - MDA5 program |
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5.0% - 35.0% |
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5.0% - 35.0% |
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The following table sets forth the assumptions, which are significant inputs to the Monte-Carlo simulation used to value such contingent consideration as of June 30, 2026:
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As of June 30, 2026 |
Expected Term |
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Discount Rates |
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Risk Free Rate Applied to Equity Value |
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Equity Volatility |
10 years |
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19.9% - 25.9% |
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4.4% |
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97.3% |
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As of December 31, 2025 |
Expected IPO Date |
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Probability of IPO Event |
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Discount Rates |
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Risk Free Rate Applied to Equity Value |
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Equity Volatility |
May 31, 2026 |
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15% |
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15.3% - 16.1% |
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4.2% |
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96.2% |
December 30, 2026 |
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14% |
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15.3% - 16.0% |
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4.2% |
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96.4% |
February 28, 2027 |
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14% |
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15.3% - 16.0% |
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4.3% |
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96.5% |
April 30, 2027 |
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14% |
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15.3% - 16.0% |
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4.3% |
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96.5% |
* |
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43% |
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Varies |
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4.3% |
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Varies |
*Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall, for an aggregate probability weight of 42.6%.As of December 31, 2025, the estimated fair value of the LSA Warrant liability was determined using an option pricing model with the following assumptions:
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Significant Unobservable Inputs |
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May 7, 2026 |
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December 31, 2025 |
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Expected term until a liquidity event (in years) |
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2 |
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2 |
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Volatility |
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97 |
% |
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80 |
% |
Risk-free interest rate |
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3.9 |
% |
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3.5 |
% |
Annual dividend rate |
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0 |
% |
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0 |
% |
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| Schedule of Roll-forward of the Aggregate Fair Values of the Company`s Liabilities |
The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs:
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Warrant Liability |
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Contingent Consideration |
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Balance as of January 1, 2026 |
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$ |
1 |
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$ |
6,132 |
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Change in fair value |
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- |
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|
109 |
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Balance as of March 31, 2026 |
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1 |
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6,241 |
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Change in fair value |
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71 |
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|
8,733 |
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Reclassification to equity |
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(72 |
) |
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- |
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Balance as of June 30, 2026 |
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$ |
— |
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$ |
14,974 |
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Warrant Liability |
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Contingent Consideration |
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Balance as of January 1, 2025 |
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$ |
45 |
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$ |
10,179 |
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Change in fair value |
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- |
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(5,648 |
) |
Balance as of March 31, 2025 |
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45 |
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4,531 |
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Change in fair value |
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- |
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(566 |
) |
Balance as of June 30, 2025 |
|
$ |
45 |
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$ |
3,965 |
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