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 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	95,448	$	—	$	—	$	95,448
U.S. government treasury securities	257,180		—		—		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 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

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 liability	30,270
Ending Balance as of March 31, 2026	$	56,950