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Revenue Interest Purchase Agreement (Tables)

6 Months Ended

Jun. 30, 2026

Revenue Interest Purchase Agreement [Abstract]

Summary of Revenue Interest Liability Activity

The following table summarizes the revenue interest liability activity during the six months ended June 30, 2026 (in thousands):

Revenue interest liability, at December 31, 2025			$	324,615
Proceeds from Third Payment, net of issuance costs			74,946
Interest expense recognized			31,063
Revenue interest payment			(10,838)
Embedded contingent derivative liability related to Third Payment			(4,700)
Revenue interest liability, at June 30, 2026			$	415,086

Change in Fair Value of Derivative Liabilities

The change in fair value of the derivative liability is as follows (in thousands):

Fair value, at December 31, 2025			$	19,400
Embedded contingent derivative liability related to Third Payment			4,700
Change in fair value			(1,100)
Fair value, at March 31, 2026			23,000
Change in fair value			700
Fair value, at June 30, 2026			$	23,700

Schedule of Unobservable Assumptions

The estimated fair value of the stock option purchase liability was computed using a Monte Carlo Simulation valuation technique that used the calculated exercise price and discounted it back to a present value at the risk-free rate with the following unobservable input at the following dates:

			June 30, 2026						December 31, 2025
Expected volatility			105.9		%				119.7		%

The estimated fair value of the convertible note was computed using the following unobservable inputs at the following dates:

												June 30, 2026						December 31, 2025
Binomial lattice model:
Expected market yield												17.4		%				14.8		%
Expected volatility												77.5		%				87.5		%

Change in Fair Value of Stock Option Purchase Liability

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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Revenue Interest Purchase Agreement

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of derivative liabilities at fair value.

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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).

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