v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows:
Level 1
Level 2
Level 3
Total
(in thousands)
Assets:
Money market funds
$56,548 $— $— $56,548 
Total assets
$56,548 $— $— $56,548 
Liabilities:
Derivative liability
$— $— $759 $759 
Total liabilities
$— $— $759 $759 
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 were as follows:
Level 1
Level 2
Level 3
Total
(in thousands)
Assets:
Money market funds
$105,526 $— $— $105,526 
Total assets
$105,526 $— $— $105,526 
Liabilities:
Derivative liability$— $— $2,829 $2,829 
Total liabilities$— $— $2,829 $2,829 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs:
Year Ended December 31,
20252024
(in thousands)
Balance at beginning of period$2,829 $— 
Fair value of derivative liability at issuance of term loan
— 4,450 
Change in fair value(2,070)(1,621)
Balance at end of period$759 $2,829 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The fair value of the derivative liability in the term loan was estimated using the Monte Carlo model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan is as follows:
December 31,
20252024
Stock Price$0.63$1.48
Volatility105.0%103.0%
Risk-free rate (continuous)3.5%4.2%
Expected term (in years)0.250.58
Dividend yield (continuous)—%—%