v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): 

 December 31, 2025
 Fair Value Measurements Using
 Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
 (Level 1)(Level 2)(Level 3)
Total
Assets            
Cash equivalents:
Money market funds
$9,069 $— $— $9,069 
Marketable debt securities:
U.S. Treasury securities
— 82,478 — 82,478 
Total financial assets
$9,069 $82,478 $— $91,547 
Liabilities
Derivative liability$— $— $18,000 $18,000 
 December 31, 2024
Fair Value Measurements Using
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
(Level 1)(Level 2)(Level 3)Total
Assets            
Cash equivalents
Money market funds$133,148 $— $— $133,148 
Total financial assets$133,148 $— $— $133,148 
Liabilities
Derivative liability$— $— $8,480 $8,480 
Schedule of Changes in the Fair Value of the Level 3 Valuation
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability and derivative liability for the years ended December 31, 2025 and 2024:





 Derivative liabilityTotal
Balance at December 31, 2024$8,480 $8,480 
Change in fair value9,520 9,520 
Balance at December 31, 2025$18,000 $18,000 
 Warrant liabilityDerivative liabilityTotal
Balance at December 31, 2023$— $5,550 $5,550 
Initial valuation of warrant liability194,901 — 194,901 
Change in fair value(121,611)2,930 (118,681)
Settlement of warrant liability(73,290)— (73,290)
Balance at December 31, 2024$— $8,480 $8,480