| Balance Sheet Details |
Balance Sheet Details Fair Value Measurement The following table summarizes the financial assets measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | Level 1 | | Level 2 | | Level 3 | | Total | Cash, cash equivalents and restricted cash | | $ | 46,145 | | | $ | — | | | $ | — | | | $ | 46,145 | | | U.S. treasury bills | | — | | | 315,799 | | | — | | | 315,799 | | | U.S. treasury bonds | | — | | | 121,712 | | | — | | | 121,712 | | | Commercial paper | | — | | | 3,224 | | | — | | | 3,224 | | | | | | | | | | | Total | | $ | 46,145 | | | $ | 440,735 | | | $ | — | | | $ | 486,880 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | Cash, cash equivalents and restricted cash | | $ | 80,213 | | | $ | — | | | $ | — | | | $ | 80,213 | | U.S. treasury bills | | — | | | 255,034 | | | — | | | 255,034 | | | U.S. treasury bonds | | — | | | 61,654 | | | — | | | 61,654 | | | Commercial paper | | — | | | 1,096 | | | — | | | 1,096 | | | | | | | | | | | Total | | $ | 80,213 | | | $ | 317,784 | | | $ | — | | | $ | 397,997 | |
The fair value of the Company’s investments classified within Level 2 is based upon observable inputs that may include benchmark yield curves, reported trades, issuer spreads, benchmark securities and reference data including market research publications. The carrying amount and related unrealized gains (losses) by type of investment consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | Cash, cash equivalents and restricted cash | | $ | 46,145 | | | $ | — | | | $ | — | | | $ | 46,145 | | U.S. treasury bills | | 315,989 | | | — | | | (190) | | | 315,799 | | U.S. treasury bonds | | 122,021 | | | — | | | (309) | | | 121,712 | | | Commercial paper | | 3,224 | | | — | | | — | | | 3,224 | | | | | | | | | | | Total cash, cash equivalents, restricted cash and short-term investments | | $ | 487,379 | | | $ | — | | | $ | (499) | | | $ | 486,880 | | | | | | | | | | | | | December 31, 2025 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | Cash, cash equivalents and restricted cash | | $ | 80,213 | | | $ | — | | | $ | — | | | $ | 80,213 | | U.S. treasury bills | | 254,875 | | | 159 | | | — | | | 255,034 | | U.S. treasury bonds | | 61,608 | | | 46 | | | — | | | 61,654 | | | Commercial paper | | 1,096 | | | — | | | — | | | 1,096 | | | | | | | | | | | | Total cash, cash equivalents, restricted cash and short-term investments | | $ | 397,792 | | | $ | 205 | | | $ | — | | | $ | 397,997 | |
As of September 30, 2026 and December 31, 2025, accrued interest receivable from investments was $1.2 million and $0.7 million, respectively, which was included in other current assets on the condensed consolidated balance sheets. As of September 30, 2026, short-term investments mature at various dates through September 2027. As of September 30, 2026 and December 31, 2025, no allowance for credit losses was recorded. Inventory Inventory consisted of the following (in thousands): | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Raw materials | | $ | 658 | | | $ | 658 | | | Work in process | | 41,725 | | | 44,653 | | Finished goods | | 1,345 | | | 379 | | Total inventory | | $ | 43,728 | | | $ | 45,690 | |
Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | Gross Carrying
Value | | Accumulated
Amortization | | Net Carrying
Amount | | Acquired intellectual property and reacquired right | | $ | 15,126 | | | $ | (12,931) | | | $ | 2,195 | | | Patents | | 2,423 | | | (1,449) | | | 974 | | | Internal-use software implementation costs | | 2,873 | | | (2,873) | | | — | | Total intangible assets, net | | $ | 20,422 | | | $ | (17,253) | | | $ | 3,169 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Gross Carrying
Value | | Accumulated
Amortization | | Net Carrying
Amount | | Acquired intellectual property and reacquired right | | $ | 15,126 | | | $ | (12,334) | | | $ | 2,792 | | | Patents | | 2,380 | | | (1,411) | | | 969 | | | Internal-use software implementation costs | | 2,873 | | | (2,873) | | | — | | Total intangible assets, net | | $ | 20,379 | | | $ | (16,618) | | | $ | 3,761 | |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Leasehold improvements | | $ | 3,243 | | | $ | 3,243 | | Furniture | | 1,155 | | | 1,155 | | Office equipment | | 631 | | | 631 | | Computer equipment | | 235 | | | 235 | | Total gross property and equipment | | 5,264 | | 5,264 | | Less accumulated depreciation | | (3,527) | | | (3,153) | | | Property and equipment, net | | $ | 1,737 | | | $ | 2,111 | |
Accrued Expenses Accrued expenses consisted of the following (in thousands): | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | Accrued sales rebates and fees | | $ | 37,301 | | | $ | 30,832 | | Accrued payroll and related expenses | | 10,943 | | | 18,869 | | Accrued research and development expenses | | 5,559 | | | 6,127 | | | Accrued sales and marketing expenses | | 1,989 | | | 1,648 | | | Accrued corporate and excise taxes | | 1,031 | | | 2,010 | | | | | | | Accrued other expenses | | 6,476 | | | 7,135 | | Total accrued expenses | | $ | 63,299 | | | $ | 66,621 | |
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