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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Measurements |
Schedule of fair value of assets and liabilities | The following tables present the Company’s fair value hierarchy for financial assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 61,174 | ​ | $ | — | ​ | $ | — | ​ | $ | 61,174
Marketable securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
U.S. Treasury obligations | ​ | ​ | 173,331 | ​ | ​ | 64,576 | ​ | ​ | — | ​ | ​ | 237,907
Corporate debt obligations | ​ | ​ | — | ​ | ​ | 38,049 | ​ | ​ | — | ​ | ​ | 38,049
Commercial paper | ​ | ​ | — | ​ | ​ | 22,535 | ​ | ​ | — | ​ | ​ | 22,535
Supranational debt obligations | ​ | ​ | — | ​ | ​ | 9,963 | ​ | ​ | — | ​ | ​ | 9,963
Government development bank obligations | ​ |  | — | ​ |  | 4,013 | ​ |  | — | ​ |  | 4,013
Total assets | ​ | $ | 234,505 | ​ | $ | 139,136 | ​ | $ | — | ​ | $ | 373,641
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 168,847 | ​ | $ | — | ​ | $ | — | ​ | $ | 168,847
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury obligations | ​ |  | 47,137 | ​ |  | 71,600 | ​ |  | — | ​ |  | 118,737
Total assets | ​ | $ | 215,984 | ​ | $ | 71,600 | ​ | $ | — | ​ | $ | 287,584
Schedule of assumptions used in the valuation of the derivative liability | ​
​ | ​ | ​
​ | Nine Months Ended September 30,
​ |  | 2024
Expected term (in years) | ​ | 0.2 – 0.4
Volatility | ​ | 55.1% – 59.9%
Risk-free interest rate | ​ | 5.4% – 5.5%
Dividend yield | ​ | 0.00%
Probability of option exercise | ​ | 0.0% – 100.0%
Schedule of roll-forward of the fair value of the Company's Level 3 financial instrument of the derivative liability | The following table provides a roll-forward of the fair value of the Company’s Level 3 financial instrument, the derivative liabilities, for the nine months ended September 30, 2024 (in thousands):
​ | ​ | ​
​ | Nine Months Ended September 30,
​ | 2024
Fair value at beginning of period | $ | —
Fair value upon issuance | ​ | 8,913
Changes in fair value | ​ | 5,406
Fair value upon settlement | ​ | (14,319)
Fair value at end of period | $ | —

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- 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 -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: 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 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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