| Fair Value Measurements |
4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:
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September 30, 2026 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents |
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Money market funds |
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$ |
68,541 |
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$ |
— |
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$ |
— |
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$ |
68,541 |
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Total cash equivalents |
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68,541 |
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— |
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— |
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68,541 |
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Marketable securities |
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Corporate bonds |
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— |
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108,446 |
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— |
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108,446 |
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U.S. Treasury bills |
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— |
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55,573 |
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— |
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55,573 |
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U.S. Treasuries |
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|
— |
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236,062 |
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— |
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|
236,062 |
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Yankee bonds |
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— |
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2,493 |
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— |
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|
2,493 |
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Total marketable securities |
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— |
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402,574 |
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— |
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|
402,574 |
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Restricted cash equivalents |
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|
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|
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Money market funds |
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|
168 |
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|
|
— |
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|
|
— |
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|
|
168 |
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Liabilities |
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Warrant liabilities |
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— |
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594,704 |
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— |
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594,704 |
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December 31, 2025 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents |
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Money market funds |
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$ |
392,803 |
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|
$ |
— |
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$ |
— |
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$ |
392,803 |
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U.S. Treasury bills |
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— |
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3,434 |
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— |
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|
3,434 |
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Total cash equivalents |
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392,803 |
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3,434 |
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— |
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396,237 |
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Marketable securities |
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U.S. Treasury bills |
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— |
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13,642 |
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— |
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13,642 |
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U.S. Treasuries |
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— |
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45,080 |
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— |
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45,080 |
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Total marketable securities |
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— |
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58,722 |
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— |
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58,722 |
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Restricted cash equivalents |
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|
|
|
|
|
|
|
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Money market funds |
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|
168 |
|
|
|
— |
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|
|
— |
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|
|
168 |
|
Liabilities |
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|
|
|
|
|
|
|
|
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Warrant liabilities |
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|
— |
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600,547 |
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— |
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|
600,547 |
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The fair value of the Company’s cash equivalents and restricted cash equivalents is determined based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities and warrant liabilities is determined based on observable market inputs. There were no transfers between levels during the nine months ended September 30, 2026. Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature.
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