| Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis |
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | | | Fair Value Measurements Using | | | | | Quoted prices in active markets
for identical assets | | Significant other observable inputs | | Significant unobservable inputs | | | | | (Level 1) | | (Level 2) | | (Level 3) | | Total | | Assets | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 34,861 | | | $ | — | | | $ | — | | | $ | 34,861 | | U.S. Treasury securities | | — | | | — | | | — | | | — | | Marketable debt securities: | | | | | | | | | U.S. Treasury securities | | — | | | 397,790 | | | — | | | 397,790 | | Total financial assets | | $ | 34,861 | | | $ | 397,790 | | | $ | — | | | $ | 432,651 | | | Liabilities | | | | | | | | | | Derivative liability | | $ | — | | | $ | — | | | $ | 18,320 | | | $ | 18,320 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | Fair Value Measurements Using | | | | | Quoted prices in active markets
for identical assets | | Significant other observable inputs | | Significant unobservable inputs | | | | | (Level 1) | | (Level 2) | | (Level 3) | | Total | | Assets | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 9,069 | | | $ | — | | | $ | — | | | $ | 9,069 | | | Marketable debt securities: | | | | | | | | | | U.S. Treasury securities | | — | | | 82,478 | | | — | | | 82,478 | | Total financial assets | | $ | 9,069 | | | $ | 82,478 | | | $ | — | | | $ | 91,547 | | | Liabilities | | | | | | | | | | Derivative liability | | $ | — | | | $ | — | | | $ | 18,000 | | | $ | 18,000 | |
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| Schedule of Changes in the Fair Value of the Level 3 Valuation |
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the three and nine months ended September 30, 2026 and September 30, 2025: | | | | | | | | | | | | | | | | | Derivative liability | | Total | Balance at June 30, 2026 | | $ | 18,530 | | | $ | 18,530 | | | Change in fair value | | (210) | | | (210) | | Balance at September 30, 2026 | | $ | 18,320 | | | $ | 18,320 | |
| | | | | | | | | | | | | | | | | | | | | | | Contingent consideration | | Derivative liability | | Total | Balance at December 31, 2025 | | $ | — | | | $ | 18,000 | | | $ | 18,000 | | | Change in fair value | | 6,574 | | | 320 | | | 6,894 | | | Settlement of contingent consideration | | (6,574) | | | — | | | (6,574) | | Balance at September 30, 2026 | | $ | — | | | $ | 18,320 | | | $ | 18,320 | |
| | | | | | | | | | | | | | | | | | | | | Derivative liability | | Total | Balance at June 30, 2025 | | | | $ | 10,630 | | | $ | 10,630 | | | | | | | | | | Change in fair value | | | | 12,530 | | | 12,530 | | Balance at September 30, 2025 | | | | $ | 23,160 | | | $ | 23,160 | |
| | | | | | | | | | | | | | | | | | | | | Derivative liability | | Total | Balance at December 31, 2024 | | | | $ | 8,480 | | | $ | 8,480 | | | | | | | | | | Change in fair value | | | | 14,680 | | | 14,680 | | Balance at September 30, 2025 | | | | $ | 23,160 | | | $ | 23,160 | |
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