Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule 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):

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	74,004	$	—	$	—	$	74,004
U.S. government treasury securities	266,064		—		—		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

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	65,902	$	—	$	—	$	65,902
U.S. government treasury securities	227,244		—		—		227,244
U.S. government agency securities	—		86,681		—		86,681
Commercial paper	—		165,130		—		165,130
Corporate bonds	—		56,448		—		56,448
Total financial assets	$	293,146	$	308,259	$	—	$	601,405
Liabilities:
CVR liability	$	—	$	—	$	61,700	$	61,700
Total liabilities	$	—	$	—	$	61,700	$	61,700

Schedule of Changes in Derivative Liabilities

The following table presents changes in the forward contract liability for the periods presented (in millions):

	Forward Contract Liability
Beginning balance as of June 22, 2023	$	106.2
Change in fair value	83.5
Issuance of Series A Preferred Stock on July 7, 2023	(189.7)
Ending balance as of December 31, 2023	$	—

The following table presents changes in the CVR liability for the periods presented (in thousands):

	CVR Liability
Beginning balance as of December 31, 2024	$	61,700
Changes in the fair value of the CVR liability	(29,769)
Payments	(5,251)
Ending Balance as of December 31, 2025	$	26,680

Schedule of Significant Inputs used to Estimate the Fair Value of Derivative Liabilities

The significant inputs used to estimate the fair value of the CVR liability were as follows:

	December 31, 2025
Estimated cash flow dates	05/15/26 - 08/15/29
Estimated probability of success	0% - 72%
Estimated reimbursement rate compared to reimbursement target	45% - 55%
Risk-adjusted discount rates	9.85% - 9.97%