Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis and Indicate the Level of the Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


		Fair Value Measurements as of June 30, 2026:
		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents:
Money market funds		$	1,075,747			$	—			$	—			$	1,075,747
U.S. Treasury bills			—				9,999				—				9,999
Marketable securities:
U.S. Treasury bills			—				33,637				—				33,637
Total assets		$	1,075,747			$	43,636			$	—			$	1,119,383


		Fair Value Measurements as of December 31, 2025:
		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents:
Money market funds		$	27,133			$	—			$	—			$	27,133
Total assets		$	27,133			$	—			$	—			$	27,133

Schedule of Gross Unrealized Gains and Losses of Marketable Securities

The following table summarizes the gross unrealized gains and losses of the Company’s marketable securities (in thousands):


	June 30, 2026
	Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Marketable securities:
U.S. Treasury bills	$	33,655			$	—			$	(18	)		$	33,637

As of June 30, 2026, all of the Company’s marketable securities had remaining contractual maturities of less than one year.

Schedule of Changes in the Aggregate Fair Value

The following table presents changes in the aggregate fair value of the Company’s Series E preferred stock tranche right liability (in thousands):


		Amount
Balance as of December 31, 2024		$	2,167
Settlement of Series E preferred stock tranche right liability			(2,167	)
Balance as of June 30, 2025		$	—

The following table presents changes in the aggregate fair value of the SAFE (in thousands):


		Amount
Balance as of December 31, 2025		$	—
Fair value of SAFE at issuance			50,000
Change in fair value of SAFE			5,556
Conversion of SAFE into common stock			(55,556	)
Balance as of June 30, 2026		$	—