Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement of Assets And Liabilities

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


		December 31, 2025
						Fair Value Measurement Category
		Total Fair Value and Carrying Value on Balance Sheet				Level 1				Level 2				Level 3
Assets:
U.S. treasuries classified as short-term investments		$	16,279,000			$	—			$	16,279,000			$	—
Money market funds classified as cash equivalents		$	1,887,000			$	1,887,000			$	—			$	—
Money market funds classified as restricted cash and investments		$	1,519,000			$	1,519,000			$	—			$	—
U.S. treasuries classified as restricted cash and investments		$	8,747,000			$	—			$	8,747,000			$	—
Liabilities:
Convertible debentures payable		$	9,979,000			$	—			$	—			$	9,979,000

The Company’s restricted cash and investments balance of $10.3 million as of December 31, 2025 includes $1.4 million of money market funds that were recorded as restricted cash and $8.8 million of U.S. treasuries that were recorded as restricted investments.


		December 31, 2024
						Fair Value Measurement Category
		Total Fair Value and Carrying Value on Balance Sheet				Level 1				Level 2				Level 3
Assets:
U.S. treasuries classified as short-term investments		$	302,000			$	—			$	302,000			$	—
Money market funds classified as cash equivalents		$	5,844,000			$	5,844,000			$	—			$	—
U.S. treasuries classified as restricted cash and investments		$	11,000,000			$	—			$	11,000,000			$	—
Liabilities:
Convertible debentures payable		$	20,362,000			$	—			$	—			$	20,362,000

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key input assumptions utilized are summarized in the table below:


		Convertible Debentures Payable
		December 31, 2025				December 31, 2024
Expected volatility			116.00	%			100.0	%
Risk-free interest rate			3.59	%			4.15	%
Term to maturity (years)			0.40				1.33
Debt discount rate			18.17	%			19.70	%
Equity discount rate			3.59	%			4.15	%

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in estimated fair value of contingent consideration liability, convertible debentures payable, convertible High Trail notes payable and option liability in the years ended December 31, 2025 and 2024 are as follows:


		Contingent Consideration Liability (Level 3 Measurement)				Convertible Debentures Payable (Level 3 Measurement)				Convertible High Trail Notes Payable (Level 3 Measurement)				Option Liability (Level 3 Measurement)
Balance as of January 1, 2024		$	10,890,000			$	—			$	69,803,000			$	8,534,000
Issuance of convertible debentures payable			—				19,890,000				—				—
Change in estimated fair value, recorded in selling, general and administrative expenses			(10,890,000	)			—				—				—
Changes in estimated fair value, interest and redemption payments, recorded in other income (expense), net			—				(2,360,000	)			(4,524,000	)			(3,474,000	)
Cash payments			—				—				(61,000,000	)			—
Cash payments on redemptions			—				(5,000,000	)			(5,374,000	)			—
(Gain)/loss on extinguishment of High Trail			—				—				1,095,000				(5,060,000	)
(Gain)/loss on extinguishment of convertible debentures payable			—				7,341,000				—				—
Fill-up amount			—				491,000				—				—
Balance as of December 31, 2024		$	—			$	20,362,000			$	—			$	—
Changes in estimated fair value, interest and redemption payments, recorded in other income (expense), net			—				(5,158,000	)			—				—
Conversions to common stock			—				(350,000	)			—				—
Cash payments on redemptions			—				(4,875,000	)			—				—
Balance as of December 31, 2025		$	—			$	9,979,000			$	—			$	—

Schedule of Marketable Securities

As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries		Less than 1			16,278,000				1,000				—				16,279,000
Total maturity less than 1 year				$	16,278,000			$	1,000			$	—			$	16,279,000

As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted cash and investments:


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries		Less than 1			8,746,600				700				(300	)			8,747,000
Total maturity less than 1 year				$	8,746,600			$	700			$	(300	)		$	8,747,000

As of December 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries		Less than 1			301,000				1,100				(100	)			302,000
Total maturity less than 1 year				$	301,000			$	1,100			$	(100	)		$	302,000

As of December 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted cash and investments:


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries		Less than 1			11,000,000				—				—				11,000,000
Total maturity less than 1 year				$	11,000,000			$	—			$	—			$	11,000,000

As of December 31, 2025, there were no available-for-sale securities listed as investments in an unrealized loss position.

As of December 31, 2025, the following table summarizes available-for-sale securities in an unrealized loss position for the available for sale securities presented within restricted cash and investments:


		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss
U.S. treasuries			4,669,900				(300	)			—				—				4,669,900				(300	)
Total		$	4,669,900			$	(300	)		$	—			$	—			$	4,669,900			$	(300	)

As of December 31, 2024, the following table summarizes available-for-sale securities in an unrealized loss position:


		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss
U.S. treasuries		$	80,000			$	(100	)		$	—			$	—			$	80,000			$	(100	)
Total		$	80,000			$	(100	)		$	—			$	—			$	80,000			$	(100	)

As of December 31, 2024, there were no available-for-sale securities listed as restricted cash and investments in an unrealized loss position.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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