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Fair Value Measurement (Tables)

9 Months Ended

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			—	%			—	%