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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


		Fair Value Measurements at June 30, 2026 Using:
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	35,601			$	—			$	—			$	35,601
Marketable securities:
Corporate bonds			—				41,476				—				41,476
Promissory note			—				—				2,560				2,560
Total assets		$	35,601			$	41,476			$	2,560			$	79,637
Liabilities:
CVR liability		$	—			$	—			$	2,560			$	2,560


		Fair Value Measurements at December 31, 2025 Using:
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	34,968			$	—			$	—			$	34,968
Marketable securities:
Corporate bonds			—				40,817				—				40,817
Promissory note			—				—				7,020				7,020
Total assets		$	34,968			$	40,817			$	7,020			$	82,805
Liabilities:
CVR liability		$	—			$	—			$	7,020			$	7,020

Summary of Balances of Promissory Note Receivable and the Corresponding CVR Liability

The following table presents the changes in fair value of the Promissory Note receivable and the corresponding CVR liability during the three and six months ended June 30, 2026 (in thousands):


		Promissory
		Note Receivable				CVR Liability
Balances at December 31, 2025		$	7,020			$	7,020
Change in fair value			(1,290	)			(1,290	)
Balances at March 31, 2026			5,730				5,730
Change in fair value			(3,170	)			(3,170	)
Balances at June 30, 2026		$	2,560			$	2,560

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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