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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Summary of the asset type, balance sheet classification, maturity, and fair value of marketable securities and investments

​

​	​	​	​	​	​	​	​
Assets	Balance Sheet Classification	Maturity	December 31, 2025		​	December 31, 2024
Commercial Paper	Marketable securities	Due in 1 year or less	$	62,166	​	$	47,046
Corporate Bonds	Marketable securities	Due in 1 year or less	​	122,941	​	​	28,614
Government Bonds	Marketable securities	Due in 1 year or less	​	39,053	​	​	—
U.S. Treasuries	Marketable securities	Due in 1 year or less	​	5,017	​	​	17,124
​	Total Marketable securities	​	$	229,177	​	$	92,784
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Corporate Bonds	Investments	Due in 1 year to 5 years	$	63,187	​	$	173,369
Government Bonds	Investments	Due in 1 year to 5 years	​	22,479	​	​	35,904
Equity Method Investment	Investments	​	​	1,331	​	​	1,127
​	Total Investments	​	$	86,997	​	$	210,400

Schedule of financial assets and liabilities measured and recorded at fair value on a recurring basis

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​ ​ ​

Level 1

​ ​ ​

Level 2

​ ​ ​

Level 3

​ ​ ​

Total

Assets

Balance Sheet Classification

​

​

​

​

​

​

​

​

​

​

​

​

Commercial paper

Marketable securities

​

$

62,167

​

$

—

​

$

—

​

$

62,167

Corporate bonds

Marketable securities

​

$

122,941

​

$

—

​

$

—

​

$

122,941

Government bonds

Marketable securities

​

$

39,053

​

$

—

​

$

—

​

$

39,053

U.S. treasuries

Marketable securities

​

$

5,017

​

$

—

​

$

—

​

$

5,017

Corporate bonds

Investments

​

$

63,187

​

$

—

​

$

—

​

$

63,187

Government bonds

Investments

​

$

22,479

​

$

—

​

$

—

​

$

22,479

Bifurcated embedded derivative

Loan receivable from equity method investee

​

$

—

​

$

—

​

$

584

​

$

584

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Public Warrants

Warrant liabilities

​

$

9,911

​

$

—

​

$

—

​

$

9,911

Private Placement Warrants

Warrant liabilities

​

$

—

​

$

3,970

​

$

—

​

$

3,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​ ​ ​

Level 1

​ ​ ​

Level 2

​ ​ ​

Level 3

​ ​ ​

Total

Assets

Balance Sheet Classification

​

​

​

​

​

​

​

​

​

​

​

​

Commercial paper

Marketable securities

​

$

47,046

​

$

—

​

$

—

​

$

47,046

Corporate bonds

Marketable securities

​

$

28,614

​

$

—

​

$

—

​

$

28,614

Corporate bonds

Investments

​

$

173,369

​

$

—

​

$

—

​

$

173,369

Government bonds

Investments

​

$

35,904

​

$

—

​

$

—

​

$

35,904

U.S. treasuries

Marketable securities

​

$

17,124

​

$

—

​

$

—

​

$

17,124

Bifurcated embedded derivative

Loan receivable from equity method investee

​

—

​

​

—

​

​

584

​

584

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Public Warrants

Warrant liabilities

​

$

5,537

​

$

—

​

$

—

​

$

5,537

Private Placement Warrants

Warrant liabilities

​

$

—

​

$

3,198

​

$

—

​

$

3,198

Schedule of available-for-sale securities purchased

​

​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Available-for-sale securities purchased	​	$	277,726	​	$	216,193

Schedule of Level 2 inputs used in the recurring valuation of the Private Placement Warrants

​

​	​	​	​	​	​	​	​
​	​ ​ ​	December 31,
​	​	2025		​ ​ ​	2024		​
Exercise price	​	$	11.50	​	$	11.50	​
Stock price	​	$	4.25	​	$	1.89	​
Volatility	​		114.5	%		124.8	%
Term (in years)	​		0.94	​		1.94	​
Risk-free rate	​		3.43	%		4.16	%

Schedule of reconciliation of warrants measured at fair value

​

​	​	​	​	​	​	​
​	​	Public Warrants		​	Private Placement Warrants
​	​ ​ ​	Level 1 Fair Value		​ ​ ​	Level 2 Fair Value
December 31, 2024	​	$	0.42	​	$	0.52
Change in fair value	​	$	0.29	​	$	0.22
December 31, 2025	​	$	0.71	​	$	0.74

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