v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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):
March 31, 2026
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$95,448 $— $— $95,448 
U.S. government treasury securities257,180 — — 257,180 
U.S. government agency securities— 136,040 — 136,040 
Commercial paper— 164,406 — 164,406 
Corporate bonds— 86,656 — 86,656 
Total financial assets$352,628 $387,102 $— $739,730 
 
Liabilities:
CVR liability$— $— $56,950 $56,950 
Total liabilities$— $— $56,950 $56,950 
December 31, 2025
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$74,004 $— $— $74,004 
U.S. government treasury securities266,064 — — 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:
 March 31, 2026
Estimated cash flow dates
05/15/26 - 08/15/29
Estimated probability of success
0% - 83%
Risk-adjusted discount rates
13.46% - 13.59%
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 liability30,270 
Ending Balance as of March 31, 2026$56,950