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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

			June 30, 2026
			Level 1						Level 2						Level 3						Total
Financial Assets:
Money market funds			$	139,330					$	—					$	—					$	139,330
U.S. government treasury securities			256,457						—						—						256,457
U.S. government agency securities			—						176,095						—						176,095
Commercial paper			—						425,578						—						425,578
Corporate bonds			—						146,141						—						146,141
Total financial assets			$	395,787					$	747,814					$	—					$	1,143,601
Liabilities:
CVR liability			$	—					$	38,620					$	—					$	38,620
Total liabilities			$	—					$	38,620					$	—					$	38,620

			December 31, 2025
			Level 1						Level 2						Level 3						Total
Financial Assets:
Money market funds			$	74,004					$	—					$	—					$	74,004
U.S. government treasury securities			266,064						—						—						266,064
U.S. government agency securities			—						119,590						—						119,590
Commercial paper			—						194,355						—						194,355
Corporate bonds			—						100,790						—						100,790
Total financial assets			$	340,068					$	414,735					$	—					$	754,803
Liabilities:
CVR liability			$	—					$	—					$	26,680					$	26,680
Total liabilities			$	—					$	—					$	26,680					$	26,680

Schedule of Significant Inputs Used to Estimate the Fair Value of CVR Liability

The significant inputs used to estimate the fair value of the CVR liability were as follows:

			June 30, 2026
Risk-adjusted discount rate			12.10%

Schedule of Changes in CVR Liability

The following table presents changes in the CVR liability for the periods presented (in thousands):

			CVR Liability
Beginning balance as of December 31, 2025			$	26,680
Changes in the fair value of the CVR liability			34,873
Payments			(22,933)
Ending Balance as of June 30, 2026			$	38,620

X

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 103
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Topic 820
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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

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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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