Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables summarize the types of financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As of September 30, 2026 and December 31, 2025, financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
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September 30, 2026 |
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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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Assets: |
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|
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|
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|
|
|
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Cash equivalents: |
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|
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|
|
|
|
|
|
|
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Money market funds |
|
$ |
63,948 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
63,948 |
|
U.S. treasury bills |
|
|
— |
|
|
|
9,972 |
|
|
|
— |
|
|
|
9,972 |
|
Short-term investments: |
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|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
|
— |
|
|
|
125,546 |
|
|
|
— |
|
|
|
125,546 |
|
U.S. government bonds |
|
|
— |
|
|
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31,929 |
|
|
|
— |
|
|
|
31,929 |
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Corporate bonds |
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|
— |
|
|
|
235,401 |
|
|
|
— |
|
|
|
235,401 |
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Long-term investments: |
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|
|
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|
|
|
|
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U.S. government agency bonds |
|
|
— |
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|
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9,825 |
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|
|
— |
|
|
|
9,825 |
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Corporate bonds |
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|
— |
|
|
|
109,785 |
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|
|
— |
|
|
|
109,785 |
|
Total assets measured at fair value |
|
$ |
63,948 |
|
|
$ |
522,458 |
|
|
$ |
— |
|
|
$ |
586,406 |
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Liabilities: |
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|
|
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|
|
|
|
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Contingent milestone liabilities |
|
|
— |
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|
|
— |
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|
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25,557 |
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|
|
25,557 |
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Total liabilities measured at fair value |
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$ |
— |
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|
$ |
— |
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|
$ |
25,557 |
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|
$ |
25,557 |
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December 31, 2025 |
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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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Assets: |
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|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
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Money market funds |
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$ |
99,195 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
99,195 |
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Corporate bonds |
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|
— |
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5,996 |
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|
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— |
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|
5,996 |
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Short-term investments: |
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|
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|
|
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|
|
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U.S. treasury bills |
|
|
— |
|
|
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94,108 |
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|
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— |
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|
94,108 |
|
U.S. government bonds |
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|
— |
|
|
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43,927 |
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|
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— |
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|
|
43,927 |
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Corporate bonds |
|
|
— |
|
|
|
88,461 |
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|
|
— |
|
|
|
88,461 |
|
Total assets measured at fair value |
|
$ |
99,195 |
|
|
$ |
232,492 |
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|
$ |
— |
|
|
$ |
331,687 |
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Liabilities: |
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|
|
|
|
|
|
|
|
|
|
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Contingent milestone liabilities |
|
|
— |
|
|
|
— |
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|
|
3,817 |
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|
|
3,817 |
|
Total liabilities measured at fair value |
|
$ |
— |
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|
$ |
— |
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|
$ |
3,817 |
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|
$ |
3,817 |
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|
| Summary of Marketable Securities Classified as Available-for-Sale |
The following table summarizes the Company’s marketable securities, that are classified as available-for-sale, as of September 30, 2026 and December 31, 2025 (in thousands):
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As of September 30, 2026 |
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Amortized
Cost |
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Unrealized
Gains |
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|
Unrealized
Losses |
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|
Aggregate
Fair
Value |
|
Short-term investments: |
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|
|
|
|
|
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|
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U.S. treasury bills |
|
$ |
125,651 |
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|
$ |
— |
|
|
$ |
(105 |
) |
|
$ |
125,546 |
|
U.S. government bonds |
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|
31,980 |
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|
|
— |
|
|
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(51 |
) |
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|
31,929 |
|
Corporate bonds |
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|
236,260 |
|
|
|
— |
|
|
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(859 |
) |
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|
235,401 |
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Long-term investments: |
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|
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|
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|
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|
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U.S. government agency bonds |
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|
9,925 |
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|
|
— |
|
|
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(100 |
) |
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|
9,825 |
|
Corporate bonds |
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|
110,776 |
|
|
|
— |
|
|
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(991 |
) |
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|
109,785 |
|
Total investments |
|
$ |
514,592 |
|
|
$ |
— |
|
|
$ |
(2,106 |
) |
|
$ |
512,486 |
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As of December 31, 2025 |
|
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|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair
Value |
|
Short-term investments: |
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|
|
|
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|
|
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|
|
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|
U.S. treasury bills |
|
$ |
94,045 |
|
|
$ |
63 |
|
|
$ |
— |
|
|
$ |
94,108 |
|
U.S. government bonds |
|
|
43,927 |
|
|
|
— |
|
|
|
— |
|
|
|
43,927 |
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Corporate bonds |
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|
88,461 |
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|
|
— |
|
|
|
— |
|
|
|
88,461 |
|
Total investments |
|
$ |
226,433 |
|
|
$ |
63 |
|
|
$ |
— |
|
|
$ |
226,496 |
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| Schedule of Contractual Maturities of Available-for-Sale Securities |
The fair values of available-for-sale securities by contractual maturity were as follows (in thousands):
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September 30, |
|
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December 31, |
|
|
|
2026 |
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|
2025 |
|
Due in 1 year or less |
|
$ |
392,876 |
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|
$ |
226,496 |
|
Due in 1 to 2 years |
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|
119,610 |
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|
|
— |
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Total |
|
$ |
512,486 |
|
|
$ |
226,496 |
|
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| Series A Preferred Stock |
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| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
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| Summary of Changes in Fair Value |
The following table presents a summary of the changes in the fair value of the Series A Preferred Stock tranche obligations, asset/(liability) for the nine months ended September 30, 2025 (in thousands):
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Second
Tranche |
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|
Third
Tranche |
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Balance as of December 31, 2024 |
|
$ |
(7,284 |
) |
|
$ |
1,662 |
|
Change in fair value |
|
|
1,100 |
|
|
|
— |
|
Settlement of preferred stock tranche obligation |
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|
6,184 |
|
|
|
(1,662 |
) |
Balance as of September 30, 2025 |
|
$ |
— |
|
|
$ |
— |
|
|
| Prolaio, Inc. |
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
| Schedule of Significant Assumptions Used to Determine Fair Value |
The fair value of the Prolaio contingent milestone liabilities as of the respective dates was calculated using the following unobservable inputs:
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December 31, 2025 |
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|
September 30, 2025 |
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Range |
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|
Weighted
Average |
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|
Range |
|
Weighted
Average |
|
Discount rates |
|
|
14.99 |
% |
|
|
14.99 |
% |
|
9.90%-10.19% |
|
|
10.14 |
% |
Probability of milestone
achievement |
|
0.3%-4.9% |
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|
1.98 |
% |
|
0.3%-4.9% |
|
|
1.98 |
% |
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|
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September 30,
2026 |
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|
May 1, 2026 |
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Expiration date |
|
5/1/2032 |
|
|
5/1/2032 |
|
Starting stock price |
|
$ |
14.75 |
|
|
$ |
21.37 |
|
Risk-free rate |
|
|
4.99 |
% |
|
|
4.30 |
% |
Cost of debt rate |
|
|
19.60 |
% |
|
|
14.40 |
% |
Volatility |
|
|
95 |
% |
|
|
95 |
% |
|
| Summary of Changes in Fair Value |
The following table presents a summary of the changes in the fair value of the Prolaio contingent milestone liabilities (in thousands):
|
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|
|
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|
Amount |
|
Balance as of December 31, 2024 |
|
$ |
— |
|
Initial recognition upon acquisition |
|
|
4,585 |
|
Change in fair value |
|
|
— |
|
Balance as of September 30, 2025 |
|
$ |
4,585 |
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2025 |
|
$ |
3,817 |
|
Change in fair value |
|
|
21,740 |
|
Balance as of September 30, 2026 |
|
$ |
25,557 |
|
|
| PhysIQ, Inc. |
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
| Schedule of Significant Assumptions Used to Determine Fair Value |
The fair value of the PhysIQ contingent consideration as of the acquisition date was $3.3 million and was calculated using the following unobservable inputs:
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|
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|
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|
February 24, 2025 |
|
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|
Range |
|
Weighted
Average |
|
Discount rates |
|
9.90%-10.15% |
|
|
10.10 |
% |
Probability of milestone achievement |
|
10.0%-80.0% |
|
|
20.63 |
% |
|