Fair Value Measurement (Tables)

9 Months Ended

Sep. 28, 2025

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

The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of September 28, 2025 and December 29, 2024 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of September 28, 2025
Assets:
Cash equivalents:
Money Market Funds	$	89,825	$	—	$	—	$	89,825



Short-term investments:
U.S. Treasuries	—		159,617		—		159,617
Corporate Notes and Debt Securities	—		43,281		—		43,281
U.S. Government Agency Debt Securities	—		20,418		—		20,418
Long-term investments:
U.S. Treasuries	—		65,917		—		65,917
Corporate Notes and Debt Securities	—		17,853		—		17,853
U.S. Government Agency Debt Securities	—		5,681		—		5,681
Total assets measured at fair value	$	89,825	$	312,767	$	—	$	402,592

Liabilities:
Private Placement Warrants	$	—	$	—	$	16,632	$	16,632

As of December 29, 2024
Assets:
Cash equivalents:
Money Market Funds	$	102,574	$	—	$	—	$	102,574



Total assets measured at fair value	$	102,574	$	—	$	—	$	102,574

Liabilities:
Private Placement Warrants	$	—	$	—	$	28,380	$	28,380

Schedule of Cash Equivalents and Short-term Investments

The following is a summary of cash equivalents and investments (in thousands).


									Reported as
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Cash Equivalents		Short-term Investments		Long-term Investments
As of September 28, 2025
Money Market Funds	$	89,825	$	—	$	—	$	89,825	$	89,825	$	—	$	—
U.S. Treasuries	225,740		—		(206)		225,534		—		159,617		65,917
Corporate Notes and Debt Securities	61,209		—		(75)		61,134		—		43,281		17,853
U.S. Government Agency Debt Securities	26,091		8		—		26,099		—		20,418		5,681
Total	$	402,865	$	8	$	(281)	$	402,592	$	89,825	$	223,316	$	89,451

As of December 29, 2024
Money Market Funds	$	102,574	$	—	$	—	$	102,574	$	102,574	$	—	$	—

Total	$	102,574	$	—	$	—	$	102,574	$	102,574	$	—	$	—

Schedule of Changes in Fair Value for Level 3

The following tables summarize the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).


	As of
Private Placement Warrants	September 28, 2025		September 29, 2024
Fair value as of the beginning of the fiscal year	$	28,380	$	42,900

Cashless warrant exercise	—		(2,276)
Change in fair value	(11,748)		(17,359)
Fair value as of the end of the fiscal quarter	$	16,632	$	23,265

Schedule of Key Assumptions used for determining Fair Value of Private Placement Warrants

The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.


	Private Placement Warrants Outstanding as of September 28, 2025	Private Placement Warrants Outstanding as of December 29, 2024
Expected term (in years)	0.8	1.5
Expected volatility	89.2%	95.0%
Risk-free interest rate	3.8%	4.3%
Expected dividend rate	0.0%	0.0%