The following tables set forth the Company’s fair value hierarchy for assets and liabilities measured at fair value as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	17,167	$	—	$	—	$	17,167


Marketable securities:
U.S. Treasury securities	—		43,172		—		43,172
U.S. government agency bonds	—		31,033		—		31,033
Commercial paper	—		119,921		—		119,921
Total assets at fair value on a recurring basis	$	17,167	$	194,126	$	—	$	211,293

Liabilities:
Public Warrants	$	767	$	—	$	—	$	767
Private Warrants	—		—		27		27
Total liabilities at fair value on a recurring basis	$	767	$	—	$	27	$	794


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	20,340	$	—	$	—	$	20,340
U.S. Treasury securities	—		—		—		—
Commercial paper	16,919		—		—		16,919
Marketable securities:
U.S. Treasury securities	—		108,110		—		108,110
Commercial paper	—		52,252		—		52,252
Total assets at fair value on a recurring basis	$	37,259	$	160,362	$	—	$	197,621

Liabilities:
Public Warrants	$	4,792	$	—	$	—	$	4,792
Private Warrants	—		—		203		203
Total liabilities at fair value on a recurring basis	$	4,792	$	—	$	203	$	4,995