v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis was determined using the following inputs:

 

 

As of December 31, 2025

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

28,836

 

 

$

 

 

$

 

 

$

28,836

 

Total assets

 

$

28,836

 

 

$

 

 

$

 

 

$

28,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

928

 

 

$

330

 

 

$

1,514

 

 

$

2,772

 

Other non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

1,382

 

 

 

1,382

 

Total liabilities

 

$

928

 

 

$

330

 

 

$

2,896

 

 

$

4,154

 

 



 

As of December 31, 2024

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

12,927

 

 

$

 

 

$

 

 

$

12,927

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

8,883

 

 

 

 

 

 

 

 

 

8,883

 

Total assets

 

$

21,810

 

 

$

 

 

$

 

 

$

21,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

11,630

 

 

$

4,128

 

 

$

35,638

 

 

$

51,396

 

Total liabilities

 

$

11,630

 

 

$

4,128

 

 

$

35,638

 

 

$

51,396

 

Schedule of Reconciliation from Operating Balances to Closing Balances for Level 3 Warrant Values

The following table sets forth a reconciliation from the opening balances to the closing balances for the Company's Level 3 warrant values:

 

(In thousands)

 

Warrants

 

Balance at December 31, 2024

 

$

35,638

 

Decrease in fair value of warrants

 

 

(23,240

)

Exercise of warrants

 

 

(10,884

)

Balance at December 31, 2025

 

$

1,514