Fair value of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities Measured on a Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):


	Fair value measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	12,132	$	—	$	—	$	12,132
Short-term investments	18,266		—		—		18,266

	$	30,398	$	—	$	—	$	30,398
Liabilities
Warrant liability	$	—	$	—	$	186	$	186
	$	—	$	—	$	186	$	186


	Fair value measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	13,721	$	—	$	—	$	13,721
Short-term investments	33,821		—		—		33,821

	$	47,542	$	—	$	—	$	47,542

Schedule of Warrant Liability Determined Using Key Inputs for the Black-Scholes Option Pricing Model

The key inputs for the Black-Scholes valuation model were as follows:


	Fair value inputs as of December 31, 2025
Exercise price	$	3.35
Stock price	$	2.90
Expected volatility	40.09		%
Expected term (in years)	5.0
Risk-free interest rate	3.73		%
Expected dividend yield	—		%

Schedule of the Warrant Liability Measured at Fair Value on Recurring Basis

The following table presents a reconciliation of the warrant liability measured at fair value on a recurring basis as of December 31, 2025:


	Warrant liability
Balance at August 8, 2025 (Issuance date)	$	317
Net gain in revaluation of warrant liability	(131)
Balance at December 31, 2025	$	186