Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets and financial liabilities measured at fair value on a recurring basis:


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets:
Cash, cash equivalents and restricted cash (1)	$	1,091,502	$	—	$	—	$	1,091,502	$	1,076,140	$	—	$	—	$	1,076,140

Warrants	—		—		19,987		19,987		—		—		12,659		12,659
Total financial assets	$	1,091,502	$	—	$	19,987	$	1,111,489	$	1,076,140	$	—	$	12,659	$	1,088,799

Financial Liabilities:
Contingent consideration(2)	$	—	$	—	$	120,505	$	120,505	$	—	$	—	$	118,360	$	118,360
Total financial liabilities	$	—	$	—	$	120,505	$	120,505	$	—	$	—	$	118,360	$	118,360

(1)Cash equivalents includes money market deposits and liquid demand deposits.

(2)As of June 30, 2026, contingent consideration includes $22.8 million classified as current and $97.7 million classified as non-current. As of December 31, 2025, contingent consideration includes $21.6 million classified as current and $96.8 million classified as non-current.

Schedule of Reconciliation of Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:


	Three Months Ended		Six Months Ended
	June 30, 2026
	(in thousands)
Beginning balance	$	125,554	$	118,360
Changes in fair value(1)	(5,570)		550
Post-combination vesting(2)	521		1,595
Total	$	120,505	$	120,505

(1) The changes in fair value of the contingent consideration liability were recorded in selling, general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss.

(2) Post-combination vesting was recorded to stock-based compensation expense and classified in the condensed consolidated statement of operations and comprehensive loss based on the underlying employees' functional categories.