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Risks and Fair Value | 3 Months Ended
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Mar. 31, 2026
Risks and Fair Value |
Risks and Fair Value | 9. Risks and Fair Value Concentration of Credit Risk and of Significant Suppliers and Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has its cash and cash equivalents balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its products. The Company’s development programs as well as revenue from future product sales could be adversely affected by a significant interruption in the supply of any of the components of these products. Three specialty distributor customers accounted for the following percentages of the Company’s total revenue: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2026 | ​ | 2025 | ​ ​ ​
Customer 1 | ​ | ​ | 38 | % | ​ | 39 | %
Customer 2 | ​ | ​ | 28 | ​ | ​ | 24 | ​
Customer 3 | ​ | ​ | 7 | ​ | ​ | 8 | ​
​ Three specialty distributor customers accounted for the following percentages of the Company’s accounts receivable, net: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of
​ | ​ | ​ | March 31, | ​ | December 31,
​ | ​ | ​ | 2026 | ​ | 2025
Customer 1 | ​ | ​ | 44 | % | ​ | 47 | %
Customer 2 | ​ | ​ | 28 | ​ | ​ | 25 | ​
Customer 3 | ​ | ​ | 9 | ​ | ​ | 10 | ​
​ Change in Fair Value of Derivative Liabilities Other income (expenses) from the change in the fair values of derivative liabilities as presented on the Company’s consolidated statements of operations and comprehensive loss includes the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​
Change in the fair value of Royalty Fee Derivative Liability | ​ | ​ | 1,832 | ​ | ​ | (606) | ​
Barings Royalty Fee | ​ | ​ | (377) | ​ | ​ | (372) | ​
Total | ​ | $ | 1,455 | ​ | $ | (978) | ​
​ Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the level of the fair value hierarchy utilized to determine such fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements as of
​ | ​ | March 31, 2026 Using:
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
Assets: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Cash equivalents: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Money market funds | ​ | $ | 650,297 | ​ | $ | — | ​ | $ | — | ​ | $ | 650,297
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liability | ​ | $ | — | ​ | $ | — | ​ | $ | 12,071 | ​ | $ | 12,071
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements as of
​ | ​ | December 31, 2025 Using:
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
Assets: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Cash equivalents: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Money market funds | ​ | $ | 722,002 | ​ | $ | — | ​ | $ | — | ​ | $ | 722,002
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Derivative liability | ​ | $ | — | ​ | $ | — | ​ | $ | 13,903 | ​ | $ | 13,903
​ Barings Credit Agreement and Royalty Fee Derivative Liability At March 31, 2026, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $72,778, comprised of the $72,062 non-current liability (Note 7) and $716 accrued interest (Note 6). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $77,769 at March 31, 2026. At December 31, 2025, the Barings Credit Facility, net of the Royalty Fee Derivative Liability, was carried at amortized cost totaling $72,090, comprised of the $71,336 non-current liability (Note 7) and $754 accrued interest (Note 6). The estimated fair value of the Barings Credit Facility, without the Royalty Fee Derivative Liability, was $78,940 at December 31, 2025. The fair value of the Royalty Fee Derivative Liability is estimated using a Monte Carlo simulation. The use of this approach requires the use of Level 3 unobservable inputs. The main inputs when determining the fair value of the Royalty Fee Derivative Liability are the amount and timing of the expected future revenue of the Company, the estimated volatility of these revenues, and the discount rate corresponding to the risk of revenue. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value. The main inputs to valuing the Royalty Fee Derivative Liability are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | March 31, | ​ | December 31, | ​
​ | ​ | 2026 | ​ | 2025 | ​
Revenue volatility | ​ | ​ | 65.5 | % | ​ | 62.0 | %
Revenue discount rate | ​ | ​ | 14.3 | % | ​ | 14.0 | %
​

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