Fair Value of Financial Assets and Liabilities (Tables)

Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 were as follows:


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
June 30, 2026
Assets:
Cash and cash equivalents	Money market funds	$	104,383	$	—	$	—	$	104,383
Cash and cash equivalents	U.S. treasury bills	29,875		74,705		—		104,580


Marketable securities	U.S. treasury bonds	—		29,833		—		29,833



Other non-current assets	Money market funds	2,282		—		—		2,282
Total assets		$	136,540	$	104,538	$	—	$	241,078

Liabilities:




Notes payable	Notes payable, non-current	—		—		259,480		259,480
Total liabilities		$	—	$	—	$	259,480	$	259,480

December 31, 2025
Assets:
Cash and cash equivalents	Money market funds	$	195,265	$	—	$	—	$	195,265
Cash and cash equivalents	U.S. treasury bills	—		24,990		—		24,990

Marketable securities	U.S. treasury bills	—		89,180		—		89,180




Other current assets	Money market funds	250		—		—		250
Other non-current assets	Money market funds	3,017		—		—		3,017
Total assets		$	198,532	$	114,170	$	—	$	312,702

Liabilities:


Notes payable	Notes payable, non-current	$	—	$	—	$	238,900	$	238,900
Total liabilities		$	—	$	—	$	238,900	$	238,900


	Amount
Fair value at December 31, 2025	$	238,900
Loss on change in fair value reported in other (expense) income, net	3,012

Fair value at March 31, 2026	$	241,912
Loss on change in fair value reported in other (expense) income, net	14,637
Loss on change in fair value reported in other comprehensive loss	2,931
Fair value at June 30, 2026	$	259,480