v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Marketable Securities
The fair value of marketable securities as of December 31, 2025 and 2024 are summarized below:
December 31, 2025
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$11,799 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies76,678 — — 
Corporate and international bonds— 20,756 — 
Total assets $88,477 $20,756 $— 
December 31, 2024
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$85 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies6,053 — — 
Corporate and international bonds— 2,868 — 
Total assets $6,138 $2,868 $— 
Liabilities:
Preferred stock warrant liability $970 
Schedule of Changes in Level 3 Fair Value, Liabilities The following table presents the change in fair value of the stock warrants which are classified in Level 3 of the fair value hierarchy for the years ended December 31, 2025 and 2024:
December 31, 2025
Preferred Stock warrant liability
Series E purchase option
Balance January 1, 2025
$970 $— 
Additions
— 218 
Change in fair value
256 11,719 
Exercises
(589)(11,937)
Conversion to equity upon IPO
$(637)$— 
Balance December 31, 2025
$— $— 
The following table presents the change in fair value of the preferred stock warrants which are classified in Level 3 of the fair value hierarchy for the year ended December 31, 2024:
2024
Preferred Stock warrant liability
Balance January 1, 2024
$851 
Change in fair value
119 
Balance December 31, 2024
$970 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The fair value of the warrants were estimated as of December 31, 2025 and 2024 using an option pricing model with the following weighted average assumptions:
December 31
Description2024
Weighted average volatility 55.0 %
Weighted average risk-free rate 4.26 %
Expected dividend yield 0.00 %