v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024, respectively (in thousands).

 

Fair Value Measurements Using

 

December 31, 2025

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

 

 

 

 

 

 

 

   Money market

$

1,513

 

$

1,513

 

$

—

 

$

—

 

   Treasury bills

 

6,983

 

 

6,983

 

 

—

 

 

—

 

Total cash equivalents

$

8,496

 

$

8,496

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

   Treasury bills

$

2,853

 

$

2,853

 

$

—

 

$

—

 

   Government agency bonds

 

1,503

 

 

1,503

 

 

—

 

 

—

 

Total investments

$

4,356

 

$

4,356

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

December 31, 2024

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

 

 

 

 

 

 

 

   Money market

$

74

 

$

74

 

$

—

 

$

—

 

Total cash equivalents

$

74

 

$

74

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

   Treasury bills

$

2,062

 

$

—

 

$

2,062

 

$

—

 

   Government agency bonds

 

772

 

 

772

 

 

—

 

 

—

 

   Money market

 

696

 

 

696

 

 

—

 

 

—

 

Total investments

$

3,530

 

$

1,468

 

$

2,062

 

$

—

 
Schedule of Change in Fair Value of Liability

The table below provides a summary of the fair value of the Company’s warrant liability during year ended December 31, 2024 (in thousands):

 

 

Twelve Months Ended December 31, 2024

 

Warrant liability

 

 

 

Beginning balance as of January 1, 2024

 

$

—

 

Issuance of warrants

 

 

10,854

 

Change in fair value of warrants

 

 

(5,654

)

Reclassification to equity

 

 

(5,200

)

Ending balance as of December 31, 2024

 

$

—

 

The following table provides a roll forward of the fair value of liability classified common stock warrants during the year ended December 31, 2025 (in thousands):

 

 

February 2025 Warrants

 

 

March 2025 Series A Warrants

 

 

March 2025 Series B Warrants

 

 

Total

 

Beginning balance as of January 1, 2025

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Issuance

 

 

2,762

 

 

 

2,005

 

 

 

11,243

 

 

 

16,010

 

Change in fair value

 

 

(2,231

)

 

 

335

 

 

 

5,043

 

 

 

3,147

 

Settlement

 

 

(531

)

 

 

—

 

 

 

(858

)

 

 

(1,389

)

Modification and extinguishment

 

 

—

 

 

 

(2,340

)

 

 

(4,461

)

 

 

(6,801

)

Reclassification to equity

 

 

—

 

 

 

—

 

 

 

(10,967

)

 

 

(10,967

)

Ending balance as of December 31, 2025

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
Convertible Notes [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

The Company elected to account for convertible notes (consisting of funding notes and exchange notes) issued on February 13, 2025 at fair value as of the issuance date and immediately before their settlement date of March 4, 2025. The convertible notes are valued using the binomial lattice model with the following key level 3 inputs:

 

 

 

At issuance

 

 

At settlement

 

Interest rate

 

4.18% - 4.28%

 

 

 

3.99

%

Remaining term (years)

 

 

1.0

 

 

 

0.94

 

Volatility

 

 

77.5

%

 

 

119.2

%

Fair value of common stock

 

$

1.20

 

 

$

0.30

 
Schedule of Change in Fair Value of Liability

The following table provides a roll forward of the fair value of the convertible notes during the year ended December 31, 2025 (in thousands):

 

 

Funding Notes

 

 

Exchange Notes

 

Beginning balance as of January 1, 2025

 

$

—

 

 

$

—

 

Issuance

 

 

3,968

 

 

 

3,763

 

Change in fair value

 

 

(265

)

 

 

(251

)

Settlement

 

 

(3,703

)

 

 

(3,512

)

Ending balance as of December 31, 2025

 

$

—

 

 

$

—

 
March 2025 Series A and B Warrants [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

The Company issued March 2025 Series A and March 2025 Series B common stock warrants in connection with the March 2025 Private Placement. The March 2025 Series A and March 2025 Series B common stock warrants are accounted for as liabilities at fair value at issuance date, and immediately prior to their extinguishment and modification, respectively, on June 17, 2025. The March 2025 Series A common stock warrants were valued using the Monte Carlo simulation, with the following key level 3 inputs:

 

 

 

At issuance

 

 

At modification and extinguishment

 

Interest rate

 

 

3.98

%

 

 

3.91

%

Remaining term (years)

 

 

6.1

 

 

 

4.9

 

Volatility

 

 

123.7

%

 

 

135.6

%
Series B Warrants [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

The March 2025 Series B Warrants were valued immediately prior to exercise, using the Monte Carlo simulation with the following inputs for the exercises that occurred before the modification on June 17, 2025:

 

 

 

At exercise

Interest rate

 

3.85% - 4.06%

Remaining term (years)

 

4.9 - 5.0

Volatility

 

133.9% - 135.8%
February 2025 Warrants [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

In addition, the February 2025 Warrants issued in connection with the Funding Notes were required to be classified as liabilities and recorded at fair value. The Company estimated the fair value of the February 2025 Warrants using the Black Scholes model at issuance as of February 13, 2025 and as of their redemption date of March 4, 2025, using the following level 3 inputs:

 

 

 

At issuance

 

 

At settlement

 

Interest rate

 

 

4.30

%

 

 

4.30

%

Remaining term (years)

 

 

5.0

 

 

 

4.95

 

Volatility

 

 

98.5

%

 

 

102.1

%

Fair value of common stock

 

$

1.20

 

 

$

0.30