v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):
As of December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
Money market funds$206,018 $- $- $206,018 
Total$206,018 $- $- $206,018 
As of December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
Money market funds$64,501 $- $- $64,501 
Total64,501 - - 64,501 
Liabilities
Warrant liabilities- - 2,252 2,252 
Total$- $- $2,252 2,252 
Level 3 liabilities that are measured at fair value on a recurring basis consist of redeemable convertible preferred stock warrant liabilities and common stock warrant liabilities associated with warrants issued in connection with the Company’s financing arrangements (refer to Note 6 and Note 8 for additional information). The Company’s previously outstanding Series B redeemable convertible preferred stock warrants were automatically cashless exercised on May 19, 2025, and the Company’s previously outstanding Series D redeemable convertible preferred stock warrants were cashless exercised on June 9, 2025. The shares of Series B and Series D redeemable convertible preferred stock issued in connection with such warrant exercises were subsequently converted into shares of the Company’s common stock in connection with the IPO on June 9, 2025. Accordingly, no preferred stock warrant liabilities remained outstanding as of December 31, 2025.
The Company’s previously outstanding common stock warrants were cashless exercised on July 18, 2025 into shares of the Company’s common stock (see Note 8 for additional information).
The following tables present the quantitative information regarding Level 3 fair value measurements of the warrant liabilities:
As of December 31, 2024
Series BSeries DCommon
Stock price$3.41 $4.55 $7.68 
Exercise price$1.18 $5.04 $3.24 
Remaining term (in years)1.05.42.7
Risk-free interest rate4.21 %4.38 %4.27 %
Expected volatility67 %66 %66 %
Expected dividend yield0 %0 %0 %
The following table sets forth a summary of changes in fair value of Level 3 liabilities (in thousands):
Balance as of December 31, 2023$2,470 
Remeasurement of warrant liabilities(218)
Balance as of December 31, 20242,252 
Remeasurement of warrant liabilities1,468 
Cashless exercise of redeemable convertible preferred stock warrants(3,078)
Cashless exercise of outstanding common stock warrants(642)
Balance as of December 31, 2025— 
The Company recognizes transfers among Level 1, Level 2, and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. There were no transfers between fair value measurement levels during the periods presented.