Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Recurring Valuations

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)

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(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.

Non-Recurring Valuations

Non-financial assets and liabilities are recognized at fair value subsequent to initial recognition when they are deemed to be other-than-temporarily impaired. There were no material non-financial assets or liabilities deemed to be other-than-temporarily impaired and measured at fair value on a non-recurring basis during the three and six months ended June 30, 2026 and 2025.