Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):


		March 31, 2026
	Valuation Hierarchy	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Money market funds	Level 1	$	190,227	$	—	$	—	$	190,227
U.S. government treasuries	Level 2	282,459		55		(369)		282,145
U.S. government agency bonds and discount notes	Level 2	50,274		—		(105)		50,169
Asset-backed securities	Level 2	76,530		125		(26)		76,629
Corporate bonds	Level 2	177,089		145		(185)		177,049
Equity securities	Level 1	N/A		N/A		N/A		5,861
Total financial assets		$	776,579	$	325	$	(685)	$	782,080
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash equivalents invested in money market funds								(7,919)
Plus: Cash deposits								35,108
Total cash, cash equivalents and investments								$	809,269


		December 31, 2025
	Valuation Hierarchy	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Money market funds	Level 1	$	86,607	$	—	$	—	$	86,607
U.S. government treasuries	Level 2	310,148		341		(3)		310,486
U.S. government agency bonds and discount notes	Level 2	45,773		6		(16)		45,763
Asset-back securities	Level 2	84,676		277		—		84,953
Corporate bonds	Level 2	156,160		499		(1)		156,658
Equity securities	Level 1	N/A		N/A		N/A		6,077
Total financial assets		$	683,364	$	1,123	$	(20)	$	690,544
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash equivalents invested in money market funds								(7,916)
Plus: Cash deposits								98,962
Total cash, cash equivalents and investments								$	781,590

Schedule of Estimated Fair Value of Significant Unobservable Inputs

As of March 31, 2026, the Company calculated the estimated fair value of the remaining regulatory milestone related to tobevibart using the following significant unobservable inputs:


Unobservable input						Value
Discount rate						13.6%
Probability of achievement						85.5%

As of March 31, 2026, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecasts, as well as the following significant unobservable inputs for the remaining commercial milestones related to tobevibart:


Unobservable input						Value
Volatility						65.0%
Discount rate						11.0%
Probability of achievement						85.5%

Schedule of Changes in Estimated Fair Value of Contingent Consideration

The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration obligations (in thousands):


	Contingent Consideration Obligation
Balance at December 31, 2025	$	34,100
Changes in fair value	(890)
Balance at March 31, 2026	$	33,210