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Fair Value Measurements (Tables)

6 Months Ended

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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- References

No definition available.

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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

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