Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at the fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands), and the fair value hierarchy of the valuation techniques utilized.


		As of March 31, 2026
		Level 1				Level 2				Level 3				Total
Financial assets:
Cash equivalents		$	257,206			$	—			$	—			$	257,206
U.S. agency bonds			—				110,904				—				110,904
Total		$	257,206			$	110,904			$	—			$	368,110
Financial liabilities:
DDSU Liability		$	3,638			$	—			$	—			$	3,638
2022 USD Financing Warrant Liability			—				—				49,471				49,471
Total		$	3,638			$	—			$	49,471			$	53,109

		As of December 31, 2025
		Level 1				Level 2				Level 3				Total
Financial assets:
Cash equivalents		$	255,280			$	—			$	—			$	255,280
U.S. agency bonds			—				153,756				—				153,756
Total		$	255,280			$	153,756			$	—			$	409,036
Financial liabilities:
DDSU Liability		$	2,608			$	—			$	—			$	2,608
2022 USD Financing Warrant Liability			—				—				40,905			$	40,905
Total		$	2,608			$	—			$	40,905			$	43,513

Schedule of Assumptions used to Determine Fair Value of 2022 USD Financing Warrants

The Company issued liability-classified warrants to purchase Common Shares in its underwritten public offering that closed on September 30, 2022 (the “2022 USD Financing Warrants”). The warrant liability is measured at fair value on a recurring basis and is classified as Level 3 in the fair value hierarchy. Its fair value is determined using the Black-Scholes option pricing model using the following assumptions:


		As of March 31, 2026		As of December 31, 2025
Share price		$18.90		$13.39
Expected volatility		72.72%		74.32%
Risk-free rate		3.70%		3.44%
Expected life		1.5 years		1.75 years