v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026
Valuation
Hierarchy		Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Aggregate
Fair Value
Assets:
Money market fundsLevel 1$80,101 $— $— $80,101 
U.S. government treasuriesLevel 2421,395 41 (2,337)419,099 
U.S. government agency bonds and discount notesLevel 260,277 — (569)59,708 
Asset-backed securitiesLevel 268,829 17 (143)68,703 
Corporate bondsLevel 2228,146 43 (894)227,295 
Equity securitiesLevel 1N/AN/AN/A3,722 
Total financial assets$858,748 $101 $(3,943)$858,628 
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash equivalents invested in money market funds(7,927)
Plus: Cash deposits50,588 
Total cash, cash equivalents and investments$901,289 
December 31, 2025
Valuation
Hierarchy		Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses 		Aggregate
Fair Value
Assets:
Money market fundsLevel 1$86,607 $— $— $86,607 
U.S. government treasuriesLevel 2310,148 341 (3)310,486 
U.S. government agency bonds and discount notesLevel 245,773 6 (16)45,763 
Asset-backed securitiesLevel 284,676 277 — 84,953 
Corporate bondsLevel 2156,160 499 (1)156,658 
Equity securitiesLevel 1N/AN/AN/A6,077 
Total financial assets$683,364 $1,123 $(20)$690,544 
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash equivalents invested in money market funds(7,916)
Plus: Cash deposits98,962 
Total cash, cash equivalents and investments$781,590 
Schedule of Estimated Fair Value of Significant Unobservable Inputs
As of September 30, 2026, the Company calculated the estimated fair value of the remaining regulatory milestone related to tobevibart using the following significant unobservable inputs:
Unobservable inputValue
Discount rate17.5%
Probability of achievement85.5%
As of September 30, 2026, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecasts, as well as the following significant unobservable inputs for the remaining commercial milestones related to tobevibart:
Unobservable inputValue
Volatility65.0%
Discount rate12.0%
Probability of achievement85.5%
Schedule of Changes in Estimated Fair Value of Contingent Consideration
The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration obligations (in thousands):
Contingent
Consideration
Obligation
Balance at December 31, 2025$34,100 
Changes in fair value(1,120)
Balance at September 30, 2026$32,980