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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS 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 |
(1) 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. The Company’s warrant liabilities are comprised of the public warrants and Series A private warrants. The Series A prefunded warrants were fully exercised as of September 30, 2025. Refer to Note 11 for further details. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. The fair value of the Series A prefunded warrants and Series A private warrants (together, the “Series A Warrants”) was determined using Level 3 inputs. Management determined the fair value of the Series A Warrants using unobservable inputs in the Black-Scholes option-pricing model. Inherent in the valuation were assumptions related to the expected stock-price volatility, expected term, risk-free interest rate, and dividend yield. The Company estimated the expected volatility based on the Company’s historical and implied stock price volatility. The expected term was assumed to be equivalent to the Series A Warrants’ remaining contractual term. The risk-free interest rate was estimated using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. The dividend yield was based on the historical rate, which the Company anticipates remaining at zero. 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 |  |  | — | % |  |  | — | % |
Privately-Held Securities During fiscal year 2025, the Company entered into certain agreements (“Investment Agreements”) to purchase convertible debt securities and SAFE investments of privately-held companies (each, an “Investee”). As of September 30, 2025, the total amount of privately-held securities included in other noncurrent assets on the condensed consolidated balance sheet was $28.0 million, including $23.0 million of convertible debt securities classified as available-for-sale investments and $5.0 million of SAFE investments. The Company did no t record any material adjustments or impairments for the privately-held securities held as of September 30, 2025. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy. In connection with the Investment Agreements, each Investee and the Company entered into a commercial contract for access to the Company’s products and services. The Company assessed the commercial contracts under the guidance within ASC 606, Revenue from Contracts with Customers, as well as the commercial substance of the arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under the contract. Based on its assessment, the Company concluded the commercial contracts are within the scope of ASC 606 and the Company will apply the principles within ASC 606 to measure and recognize revenue. During the three and nine months ended September 30, 2025, the Company recognized $0.9 million of revenue from the commercial contracts.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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