Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	Level	December 31, 2025		December 31, 2024
Assets:
Money Market	1	$	84	$	—
U.S. Treasury Bills	1	$	9,936	$	—
Total cash equivalents		$	10,020	$	—

Liabilities:
Warrant liability – Public Warrants	1	$	125	$	375
Warrant liability – Private Placement Warrants	3	70		210
Total warrant liability		$	195	$	585

Schedule of Derivative Liabilities at Fair Value

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):


	Year Ended December 31, 2025
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	375	$	210	$	585

Change in valuation inputs or other assumptions	(250)		(140)		(390)
Fair value, end of period	$	125	$	70	$	195


	Year Ended December 31, 2024
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	375	$	210	$	585

Change in valuation inputs or other assumptions	—		—		—
Fair value, end of period	$	375	$	210	$	585

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	December 31, 2025			December 31, 2024
Exercise price	$	11.50		$	11.50
Stock price	$	0.83		$	1.38
Volatility	170.0		%	85.0		%
Term (years)	0.46			1.46
Risk-free interest rate	3.60		%	4.20		%