v3.25.4
Fair value measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
December 31, 2025December 31, 2024
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents (1):
Money market funds$40,120 $— $— $40,120 $42,436 $— $— $42,436 
Total cash equivalents$40,120 $— $— $40,120 $42,436 $— $— $42,436 
Other long-term liabilities
Warrant liability$— $— $6,255 $6,255 $— $— $— $— 
Total other long-term liabilities$— $— $6,255 $6,255 $— $— $— $— 
(1)    Included in cash and cash equivalents in the accompanying consolidated balance sheets. Cash balances were $9.6 million and $60.4 million as of December 31, 2025 and 2024, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of the Level 3 warranty liability during the year ended December 31, 2025 were as follows:
(in thousands)
Warrant Liability
Balance as of December 31, 2024$— 
Issuance of warrants3,218 
Change in fair value3,037 
Balance as of December 31, 2025$6,255 
Fair Value Measurement Inputs and Valuation Techniques
The fair value of the warrants was estimated with the following assumptions:
December 31, 2025
Volatility82 %
Risk-free interest rate3.5 %
Dividend yield— %
Expected term (years)2.06