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v3.25.3

Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Summary of fair value measurements on a recurring basis and the level of inputs | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
|  | Fair Value Measured as of |
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds(1) |  | $ | 301,408 |  |  | $ | — |  |  | $ | — |  |  | $ | 301,408 |
U.S. government and agency |  |  | — |  |  |  | 50,914 |  |  |  | — |  |  |  | 50,914 |
Total cash, cash equivalents and restricted cash |  | $ | 301,408 |  |  | $ | 50,914 |  |  | $ | — |  |  | $ | 352,322 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 3,483 |  |  |  | — |  |  |  | 3,483 |
U.S. government and agency |  |  | — |  |  |  | 732,850 |  |  |  | — |  |  |  | 732,850 |
Total short-term investments |  | $ | — |  |  | $ | 736,333 |  |  | $ | — |  |  | $ | 736,333 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  |  | — |  |  |  | 402,603 |  |  |  | — |  |  |  | 402,603 |
Total long-term investments |  | $ | — |  |  | $ | 402,603 |  |  | $ | — |  |  | $ | 402,603 |
Total assets |  | $ | 301,408 |  |  | $ | 1,189,850 |  |  | $ | — |  |  | $ | 1,491,258 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 86,299 |  |  | $ | — |  |  | $ | 1,681,933 |  |  | $ | 1,768,232 |
|  | Fair Value Measured as of |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds(1) |  | $ | 33,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,204 |
U.S. government and agency |  |  | — |  |  |  | 23,636 |  |  |  | — |  |  |  | 23,636 |
Total cash, cash equivalents and restricted cash |  | $ | 33,204 |  |  | $ | 23,636 |  |  | $ | — |  |  | $ | 56,840 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 43,868 |  |  |  | — |  |  |  | 43,868 |
U.S. government and agency |  |  | — |  |  |  | 242,028 |  |  |  | — |  |  |  | 242,028 |
Total short-term investments |  | $ | — |  |  | $ | 285,896 |  |  | $ | — |  |  | $ | 285,896 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds |  |  | — |  |  |  | 1,924 |  |  |  | — |  |  |  | 1,924 |
U.S. government and agency |  |  | — |  |  |  | 21,621 |  |  |  | — |  |  |  | 21,621 |
Total long-term investments |  | $ | — |  |  | $ | 23,545 |  |  | $ | — |  |  | $ | 23,545 |
Total assets |  | $ | 33,204 |  |  | $ | 333,077 |  |  | $ | — |  |  | $ | 366,281 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 70,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,688 |
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company’s financial guarantees and certain other obligations.
Assumptions Used to Estimate Fair Value of Series A Warrants | The assumptions used to estimate the fair value of the Series A Warrants during the period are as follows:
|  | September 30, 2025 |  |  | July 9, 2025 |  |
Risk-free interest rate |  |  | 3.87 | % |  |  | 4.07 | % |
Expected term (in years) |  | 6.78 |  |  |  | 7.00 |  |
Expected volatility |  |  | 95.00 | % |  |  | 95.00 | % |
Dividend yield |  |  | — | % |  |  | — | % |

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