v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3—Fair Value Measurements

 

The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, the Trinity Term Loans, a success fee derivative liability and certain of the Company’s warrant liabilities.

 

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):

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

317,127

 

 

$

317,127

 

 

$

—

 

 

$

—

 

Total assets

$

317,127

 

 

$

317,127

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

50,106

 

 

$

—

 

 

$

—

 

 

$

50,106

 

   Success Fee Derivative liabilities

 

1,552

 

 

 

—

 

 

 

—

 

 

 

1,552

 

Total liabilities

$

51,658

 

 

$

—

 

 

$

—

 

 

$

51,658

 

 

 

December 31, 2024

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

138,308

 

 

$

138,308

 

 

$

—

 

 

$

—

 

Total assets

$

138,308

 

 

$

138,308

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

43,942

 

 

$

—

 

 

$

—

 

 

$

43,942

 

   Success Fee Derivative liability

 

930

 

 

 

—

 

 

 

—

 

 

 

930

 

   SSI Warrant liability

 

438

 

 

 

—

 

 

 

—

 

 

 

438

 

Total liabilities

$

45,310

 

 

$

—

 

 

$

—

 

 

$

45,310

 

 

The Company classifies its money market funds, which are valued based on quoted market prices in an active market with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company’s Trinity Term Loans and Success Fee liabilities are classified as Level 3 measurements under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. The fair values were determined utilizing a probability-weighted income approach, including variables for the timing of a success event and other probability estimates. See Note 6 for additional information on the Trinity Term Loans and Success Fees (as defined below).

The Company’s SSI Warrant liability was classified as Level 3 measurements under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. The fair values were determined using the Black-Scholes-Merton option pricing model to determine the fair value of the SSI Warrants (as defined below). In December 2025, all outstanding liability classified warrants were exercised. See Note 10 for additional information on the SSI Warrants.