v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis

At December 31, 2025 and 2024, the Company has classified assets and liabilities measured at fair value on a recurring basis as follows (in thousands):

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

December 31,

 

 

Quoted Prices in Active
Markets for Identical
Assets

 

 

Significant Other
Observable Inputs

 

 

Significant
Unobservable Inputs

 

Description

 

2025

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,668

 

 

$

14,668

 

 

$

—

 

 

$

—

 

Total

 

$

14,668

 

 

$

14,668

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchase warrant liability

 

$

2,566

 

 

$

—

 

 

$

—

 

 

$

2,566

 

Total

 

$

2,566

 

 

$

—

 

 

$

—

 

 

$

2,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

December 31,

 

 

Quoted Prices in Active
Markets for Identical
Assets

 

 

Significant Other
Observable Inputs

 

 

Significant
Unobservable Inputs

 

Description

 

2024

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

18,860

 

 

$

18,860

 

 

$

—

 

 

$

—

 

Total

 

$

18,860

 

 

$

18,860

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchase warrant liability

 

$

4,874

 

 

$

—

 

 

$

—

 

 

$

4,874

 

Total

 

$

4,874

 

 

$

—

 

 

$

—

 

 

$

4,874

 
Schedule of Assumptions Used in Determining Fair Value of Warrants

The assumptions used in the Black-Scholes option-pricing model for the purchase warrants on the consolidated balance sheets at December 31, 2025 and December 31, 2024 are included below:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Expected Term

 

 

2.75

 

 

 

3.75

 

Weighted-average, risk free interest rate

 

 

3.5

%

 

 

4.3

%

Expected volatility

 

 

89.4

%

 

 

90.0

%

Dividend yield

 

 

—

 

 

 

—

 

Strike price

 

$

3.41

 

 

$

3.41

 

Stock price

 

$

1.12

 

 

$

1.40