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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
| Fair Value Measurements at June 30, 2026 |
| Total |  |  | Level 1 |  | Level 2 |  | Level 3 |
Assets at Fair Value: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 75,670 |  |  |  | $ | 75,670 |  |  | $ | — |  |  | $ | — |  |
U.S. Treasury securities | 281,701 |  |  |  | 281,701 |  |  | — |  |  | — |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Restricted cash | 1,277 |  |  |  | 1,277 |  |  | — |  |  | — |  |
Total assets measured at fair value | $ | 358,648 |  |  |  | $ | 358,648 |  |  | $ | — |  |  | $ | — |  |
​ |  |  |  |  |  |  |  |  |
Liabilities at Fair Value: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | (21) |  | (1) |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Related-party convertible note payable at fair value (Note 11) | (774,350) |  |  |  | — |  |  | — |  |  | (774,350) |  |
Warrant liabilities (Note 13) | (352,383) |  |  |  | — |  |  | — |  |  | (352,383) |  |
RIPA derivative liability (Note 10) | (23,700) |  |  |  | — |  |  | — |  |  | (23,700) |  |
Stock option purchase liability (Note 10) | (306) |  |  |  | — |  |  | — |  |  | (306) |  |
Total liabilities measured at fair value | $ | (1,150,760) |  |  |  | $ | — |  |  | $ | — |  |  | $ | (1,150,760) |  |
| Fair Value Measurements at December 31, 2025 |
| Total |  |  | Level 1 |  | Level 2 |  | Level 3 |
Assets at Fair Value: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 88,334 |  |  |  | $ | 88,334 |  |  | $ | — |  |  | $ | — |  |
U.S. Treasury securities | 154,484 |  |  |  | 154,484 |  |  | — |  |  | — |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Restricted cash | 1,097 |  |  |  | 1,097 |  |  | — |  |  | — |  |
Total assets measured at fair value | $ | 243,915 |  |  |  | $ | 243,915 |  |  | $ | — |  |  | $ | — |  |
​ |  |  |  |  |  |  |  |  |
Liabilities at Fair Value: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | (22) |  | (1) |  | $ | — |  |  | $ | — |  |  | $ | (22) |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Related-party convertible note payable at fair value (Note 11) | (477,093) |  |  |  | — |  |  | — |  |  | (477,093) |  |
Warrant liabilities (Note 13) | (84,417) |  |  |  | — |  |  | — |  |  | (84,417) |  |
RIPA derivative liability (Note 10) | (19,400) |  |  |  | — |  |  | — |  |  | (19,400) |  |
Stock option purchase liability (Note 10) | (322) |  |  |  | — |  |  | — |  |  | (322) |  |
Total liabilities measured at fair value | $ | (581,254) |  |  |  | $ | — |  |  | $ | — |  |  | $ | (581,254) |  |
_______________
(1) | Contingent consideration is recorded at estimated fair value and revalued each reporting period until the related contingency is resolved. The fair value measurement is based on inputs that are unobservable and significant to the overall fair value measurement (i.e., a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. See Note 8 “Commitments and Contingencies—Contingent Consideration Related to Business Combinations” for more information. Changes in fair value of contingent consideration were immaterial during the three and six months ended June 30, 2026 and 2025, and were primarily due to changes in foreign currency exchange rates.
The change in fair value of the stock option purchase liability is as follows (in thousands):
Fair value, at December 31, 2025 | $ | 322 |  |
Change in fair value | (8) |  |
Fair value, at March 31, 2026 | 314 |  |
Change in fair value | (8) |  |
Fair value, at June 30, 2026 | $ | 306 |  |
The change in the fair value of this note was as follows (in thousands):
Fair value, at December 31, 2025 | $ | 477,093 |  |  |
Change in fair value of related-party convertible note | 236,625 |  |  |
Conversion to common stock | (35,332) |  |  |
Fair value, at March 31, 2026 | 678,386 |  |  |
Change in fair value of related-party convertible note | 95,964 |  |  |
Fair value, at June 30, 2026 | $ | 774,350 |  |  |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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