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 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 
Schedule of Significant Unobservable Inputs
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
Schedule of Fair Value of Level 3 Redeemable Convertible Preferred Stock Tranche Liability
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$3,417 
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 20251,526 
Settlement of tranche in March 2025(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2025$—