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Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 were as follows:
|  |  |  | Fair Value Measurement Using:
Balance Sheet Classification |  | Type of Instrument |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
June 30, 2026 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Money market funds |  | $ | 104,383 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,383 |
Cash and cash equivalents |  | U.S. treasury bills |  | 29,875 |  |  | 74,705 |  |  | — |  |  | 104,580 |
Marketable securities |  | U.S. treasury bonds |  | — |  |  | 29,833 |  |  | — |  |  | 29,833 |
Other non-current assets |  | Money market funds |  | 2,282 |  |  | — |  |  | — |  |  | 2,282 |
Total assets |  |  |  | $ | 136,540 |  |  | $ | 104,538 |  |  | $ | — |  |  | $ | 241,078 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Notes payable |  | Notes payable, non-current |  | — |  |  | — |  |  | 259,480 |  |  | 259,480 |
Total liabilities |  |  |  | $ | — |  |  | $ | — |  |  | $ | 259,480 |  |  | $ | 259,480 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Money market funds |  | $ | 195,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 195,265 |
Cash and cash equivalents |  | U.S. treasury bills |  | — |  |  | 24,990 |  |  | — |  |  | 24,990 |
Marketable securities |  | U.S. treasury bills |  | — |  |  | 89,180 |  |  | — |  |  | 89,180 |
Other current assets |  | Money market funds |  | 250 |  |  | — |  |  | — |  |  | 250 |
Other non-current assets |  | Money market funds |  | 3,017 |  |  | — |  |  | — |  |  | 3,017 |
Total assets |  |  |  | $ | 198,532 |  |  | $ | 114,170 |  |  | $ | — |  |  | $ | 312,702 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Notes payable |  | Notes payable, non-current |  | $ | — |  |  | $ | — |  |  | $ | 238,900 |  |  | $ | 238,900 |
Total liabilities |  |  |  | $ | — |  |  | $ | — |  |  | $ | 238,900 |  |  | $ | 238,900 |
Schedule of aggregate fair value of liability determined by Level 3 inputs | The following table provides a roll forward of the fair value of the First Notes for which fair value is determined by Level 3 inputs from December 31, 2025 to June 30, 2026:
|  | Amount |
Fair value at December 31, 2025 |  | $ | 238,900 |  |
Loss on change in fair value reported in other (expense) income, net |  | 3,012 |  |
Fair value at March 31, 2026 |  | $ | 241,912 |  |
Loss on change in fair value reported in other (expense) income, net |  | 14,637 |  |
Loss on change in fair value reported in other comprehensive loss |  | 2,931 |  |
Fair value at June 30, 2026 |  | $ | 259,480 |  |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 + Details
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