v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of December 31, 2025 and 2024, set forth by level within the fair value hierarchy:
As of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Money market funds$9,416 $— $— $9,416 
Short-term investments— 11,078 — 11,078 
Total Assets$9,416 $11,078 $— $20,494 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Money market funds$12,305 $— $— $12,305 
Short-term investments— — — — 
Total Assets$12,305 $— $— $12,305 
Liabilities
Redeemable convertible preferred stock tranche liability— — 3,417 3,417 
Total Liabilities$— $— $3,417 $3,417 
The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was based on significant inputs not observable in the market, which represent a level 3 measurement within the fair value hierarchy. The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was determined using a Monte Carlo simulation forecasting the timing and likelihood of certain development milestone events being achieved and discounting the probability adjusted payments using an appropriate discount rate based on market interest rates. The main assumptions when determining the fair value of the Redeemable Convertible Preferred Stock Tranche Liability is the timing of and probability of achieving certain milestones, the estimated volatility of the Company’s common stock, and the discount rate. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value.
Significant unobservable inputs for the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024 are as follows:
Preferred Equity Tranche LiabilityValuation TechniqueUnobservable InputRange/Average
Development MilestonesMonte Carlo SimulationProbability of achieving certain development milestones95 %
Volatility60 %
Discount Rate4.26 %
Timing of achieving certain development milestones0.16 years
The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the year ended December 31, 2025:
(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024$3,417 
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 20251,526 
Settlement of tranche in March 2025(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2025$— 
Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The United States Treasury securities and Certificate of Deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of December 31, 2025 and 2024. The amortized cost and fair value of held-to-maturity securities approximated each other at December 31, 2025 and 2024.
During the years ended December 31, 2025 and 2024, there were no transfers between level 1, level 2 and level 3.