Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	147,708	$	—	$	—	$	147,708
Marketable securities:
Commercial paper		—		123,965		—		123,965
Corporate bonds		—		790,927		—		790,927
Government and agency securities		—		193,202		—		193,202
U.S. treasury bills		—		19,649		—		19,649
	$	147,708	$	1,127,743	$	—	$	1,275,451
Liabilities:
Related party revenue share liability	$	—	$	—	$	75,730	$	75,730

	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	251,567	$	—	$	—	$	251,567
Marketable securities:
Commercial paper		—		107,884		—		107,884
Corporate bonds		—		774,506		—		774,506
Government and agency securities		—		207,990		—		207,990
U.S. treasury bills		—		19,827		—		19,827
	$	251,567	$	1,110,207	$	—	$	1,361,774
Liabilities:
Related party revenue share liability	$	—	$	—	$	73,160	$	73,160

Cash equivalents were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper, corporate bonds, government and agency securities, and U.S. treasury bills were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the three months ended March 31, 2026 and 2025, there were no transfers in or out of Level 3. The carrying values of the Company’s accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these liabilities.

The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the three months ended March 31, 2026, which represents a Level 3 measurement within the fair value hierarchy (in thousands):

Estimated fair value as of December 31, 2025	$	73,160
Change in fair value		2,570
Estimated fair value as of March 31, 2026	$	75,730

The fair value of the related party revenue share liability was estimated using a discounted cash flow model to calculate the estimated payments that could become due following commercialization. Assumptions in the model include but are not limited to the following: probability and timing of product approval, future product revenues and discount rate. Changes in fair value each reporting period are recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. See Note 8 for additional information regarding the revenue sharing agreement with Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund IV, L.P. (collectively, “Deerfield”), each an investor in the Company.