v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value of Financial Assets and Liabilities
The following tables present information about the Company’s financial instruments measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements
as of December 31, 2025
Level 1Level 2Level 3Total
Assets:
Cash equivalents43,053 — — 43,053 
$43,053 $— $— $43,053 
Fair Value Measurements
as of December 31, 2024
Level 1
Level 2
Level 3
Total
Assets:
Cash equivalents41,355 — — 41,355 
$41,355 $— $— $41,355 
During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3. Excluded from the table above, is $60.8 million and $73.7 million, as of December 31, 2025 and 2024, respectively, of cash held in notice accounts of less than 90 days, for which the carrying value approximates fair value due to the short-term nature.
Fair Value Measurements
The following table presents, as of December 31, 2025, information about the Company’s warrant liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
January 13, 2025December 31, 2025
LevelAmount
Level
Amount
Warrant Liabilities:
Pre-funded Warrants
2$37,220 2$60,029 
2025 ADS Warrants
355,7263143,697
Total Warrant Liabilities
$92,946 $203,726 
The Pre-funded Warrants and 2025 ADS Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”), as both warrants contain contingent exercise provisions that do not meet the requirements of the indexation guidance under ASC 815-40 and could require the Company to pay cash to settle the warrants. The warrants are presented within warrant liabilities in the accompanying consolidated balance sheets. The warrant liabilities were measured at fair value at inception and on a recurring basis, with changes in fair value presented within the consolidated statements of operations and comprehensive loss.
The Pre-funded Warrants are considered to be Level 2 in the fair value hierarchy as the inputs used to determine fair market value are observable against the Company’s stock price. The 2025 ADS Warrant are considered to be Level 3 in the fair value hierarchy as they have been recorded at fair value using the Black-Scholes model, using unobservable assumptions that have been probability-weighted for specified data milestones. As of December 31, 2025, the assumptions are as follows:
January 13, 2025December 31, 2025
Exercise price$5.7960$5.7960
Market price$3.37$6.90
Volatility
 146.1% to 158.7%
 143.4% to 144.8%
Risk-free rate4.6%3.6%
Dividend yield—%—%
Term (in years)
4.0 to 4.4 years
3.1 to 3.2 years
The following table reflects the fair value of the Company’s warrant liabilities for the year ended December 31, 2025:
Pre-Funded Warrants
ADS Warrants
Fair value as of December 31, 2024
$— $— 
Initial fair value as of January 13, 2025
37,22055,726
Exercise of warrant liabilities
(10,153)—
Fair value change of warrant liabilities
32,96287,971
Fair value as of December 31, 2025
$60,029 $143,697 
The fair value change of warrant liabilities at December 31, 2025 was $122.6 million, which included a $1.6 million loss upon issuance of the Pre-funded warrants and a $120.9 million loss in fair value between the initial fair value and the fair value as of the balance sheet date. During the year ended December 31, 2025, there were no transfers between Level 1, Level 2 and Level 3.