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 September 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
September 30, 2026
Assets:
Cash and cash equivalents	Money market funds	$	68,150	$	—	$	—	$	68,150


Marketable securities	U.S. treasury bills	—		14,989		—		14,989
Marketable securities	U.S. treasury notes	—		50,382		—		50,382


Other current assets	Money market funds	250		—		—		250
Other non-current assets	Money market funds	1,923		—		—		1,923
Total assets		$	70,323	$	65,371	$	—	$	135,694

Liabilities:




Notes payable	Notes payable, non-current	—		—		264,294		264,294
Total liabilities		$	—	$	—	$	264,294	$	264,294

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
Loss on change in fair value reported in other (expense) income, net	4,814




Fair value at September 30, 2026	$	264,294