Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	51,657	$	—	$	—	$	51,657
U.S. Treasury securities	—		134,539		—		134,539
U.S. government agency securities	—		11,685		—		11,685
Corporate debt securities	—		18,012		—		18,012
Total financial assets	$	51,657	$	164,236	$	—	$	215,893
Financial liabilities:
Success payment liabilities	—		—		490		490
Total financial liabilities	$	—	$	—	$	490	$	490

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	49,766	$	—	$	—	$	49,766
U.S. Treasury securities	—		176,072		—		176,072
U.S. government agency securities	—		6,533		—		6,533
Corporate debt securities	—		4,434		—		4,434
Total financial assets	$	49,766	$	187,039	$	—	$	236,805
Financial liabilities:
SPA put/call	$	—	$	—	$	11,411	$	11,411
Success payment liabilities	—		—		1,242		1,242
Total financial liabilities	$	—	$	—	$	12,653	$	12,653

Schedule of Assumptions Used to Value Level 3 Financial Instruments

Prior to exercise, the SPA put/call was classified as a Level 3 financial instrument and the fair value was estimated using a Monte Carlo simulation valuation method including the following assumptions as of December 31, 2025:

	December 31, 2025
Time to maturity (years)	0.67
Risk-free rate	3.55	%
Volatility	90	%

Schedule of Changes in the Estimated Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

	Success Payment Liabilities		SPA Put/Call Liability
Balance at December 31, 2025	$	1,242	$	11,411
Change in fair value (1)	(752)		(17,561)
Settlement via equity issuance	—		6,150
Balance at June 30, 2026	$	490	$	—

(1)The change in fair value of the success payment liabilities and SPA put/call are recorded in other income, net.