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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures the following assets and liabilities at fair value on a recurring basis:
As of March 31, 2026
(in millions)
Recorded
Balance
Level 1
Level 2
Level 3
Cash, cash equivalents, and restricted cash
$133.5 
$133.5 
$— 
$— 
Marketable securities
162.1 
162.1 
— 
— 
EVE Investment
12.2 
2.5 
— 
9.7 
Total
$307.8 
$298.1 
$— 
$9.7 
As of December 31, 2025
(in millions)
Recorded
Balance
Level 1
Level 2
Level 3
Cash, cash equivalents, and restricted cash
$157.7 
$157.7 
$— 
$— 
Marketable securities
162.2 
162.2 
— 
— 
EVE Investment
15.4 
4.0 
— 
11.4 
Total
$335.3 
$323.9 
$— 
$11.4 
The implied volatility, which is the unobservable input, used in the determination of fair value of Level 3 investments for the three months ended March 31, 2026 and 2025 is as follows:
Three Months Ended
March 31, 2026March 31, 2025
EVE Investment
61.4%73.4%
The increase or decrease in the fair value measurement of the implied volatility may result in a higher or lower effect on the fair value measurement of the Company’s EVE Investment. The amount recorded to other non-current assets as of March 31, 2026 and December 31, 2025 for the aggregate EVE Warrants and the Put Option was $9.7 million and $11.4 million, respectively.
The Company recorded no non-recurring fair value measurements for the three months ended March 31, 2026 and 2025.