Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Measurement [Abstract]

Fair Value Measurement

4. Fair Value Measurement

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	1,348	$	—	$	—	$	1,348
Money market funds, included in restricted cash, non-current		4,702		—		—		4,702
U.S. government securities		—		81,422		—		81,422
U.S. treasury bills		—		19,865				19,865
Corporate bonds/notes		—		63,364		—		63,364
Agency bonds/notes		—		44,029		—		44,029
Asset-backed securities		—		21,613		—		21,613
Commercial paper		—		4,934		—		4,934
Total	$	6,050	$	235,227	$	—	$	241,277

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		—		81,479		—		81,479
U.S. treasury bills		—		39,593				39,593
Corporate bonds/notes		—		57,571		—		57,571
Agency bonds/notes		—		25,151		—		25,151
Asset-backed securities		—		21,711		—		21,711
Commercial paper		—		9,870		—		9,870
Total	$	32,515	$	235,375	$	—	$	267,890

The following tables present a reconciliation of the Company’s financial liabilities measured at fair value using significant unobservable inputs (Level 3) and the change in fair value during the year ended December 31, 2025 (in thousands):

	Common Stock Warrant Liability
Fair value as of January 1, 2024	$	20,835
Change in fair value		43,894
Reclassification to common stock upon net exercise		(64,729)
Fair value as of December 31, 2025	$	—

In determining the fair value of the common stock warrant liability, the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 12).

	Convertible Notes ‎Derivative Liability
Fair value as of January 1, 2025	$	—
Recognition of derivative liability related to Convertible Notes		31,900
Change in fair value		(7,311)
Derecognition upon conversion into common stock upon IPO		(24,589)
Fair value as of December 31, 2025	$	—

In determining the fair value of the convertible notes derivative liability, a two-step valuation approach was employed, which included a probability-weighted scenario valuation method, the Monte Carlo Simulation method, and the option pricing method, using unobservable inputs (see Note 13), which are classified as Level 3 within the fair value hierarchy, and then comparing the instrument’s value with and without the derivative features to estimate their combined fair value. The debt instrument is carried at amortized cost, which approximates its fair value.