Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value, Liabilities Measured on Recurring Basis

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, 2025			December 31, 2025
	Level	Amount		Level	Amount
Warrant Liabilities:
Pre-funded Warrants	2	$	37,220	2	$	60,029
2025 ADS Warrants	3	55,726		3	143,697
Total Warrant Liabilities		$	92,946		$	203,726

Schedule of Fair Value Assumptions

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 1		Level 2		Level 3		Total
Assets:
Cash equivalents	43,053		—		—		43,053
	$	43,053	$	—	$	—	$	43,053


	Fair Value Measurements
	as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	41,355		—		—		41,355
	$	41,355	$	—	$	—	$	41,355

As of December 31, 2025, the assumptions are as follows:


	January 13, 2025	December 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 rate	4.6%	3.6%
Dividend yield	—%	—%
Term (in years)	4.0 to 4.4 years	3.1 to 3.2 years

Schedule of Fair Value of Warrant Liabilities

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	37,220		55,726
Exercise of warrant liabilities	(10,153)		—
Fair value change of warrant liabilities	32,962		87,971
Fair value as of December 31, 2025	$	60,029	$	143,697