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Fair Value Measurements (Tables)
9 Months Ended
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

$