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Related-Party Debt (Tables)

6 Months Ended

Jun. 30, 2026

Related Party Transactions [Abstract]

Summary of Related-Party Debt

Our related-party debt is summarized below (in thousands):

Balance as of June 30, 2026

Fair Value

Maturity Year

Interest Rate

Principal Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term SOFR +8.0%

$

480,000

$

774,350

Level 3

Balance as of December 31, 2025

Fair Value

Maturity Year

Interest Rate

Principal Amount

Amount

Leveling

December 2024 Convertible Promissory Note

2027

Term SOFR +8.0%

$

505,000

$

477,093

Level 3

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		%

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

Summary of Future Contractual Obligations of Related Party Debt

The following table summarizes the estimated future contractual obligations of our related-party debt as of June 30, 2026 (in thousands):

			Principal Payments						Interest Payments (1)						Total
2026 (excluding the six months ended June 30, 2026)			$	—											$	28,372											$	28,372
2027			480,000												56,282												536,282
Total			$	480,000											$	84,654											$	564,654

_______________

(1) Interest payments on our convertible promissory note are calculated based on Term SOFR plus the contractual spread per the loan agreement. The interest rate on our convertible promissory note as of June 30, 2026 was 11.73%.

Summary of Interest Expense

Interest expense consists of the following (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Interest expense on related-party convertible note						$	14,032					$	15,474					$	28,591					$	30,787

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