v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

Fair Value Measurements at December 31, 2025 using:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

6,640

 

 

$

-

 

 

$

-

 

 

$

6,640

 

Total cash equivalents

 

$

6,640

 

 

$

-

 

 

$

-

 

 

$

6,640

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrant liability

 

$

-

 

 

$

-

 

 

$

604

 

 

$

604

 

Total liabilities

 

$

-

 

 

$

-

 

 

$

604

 

 

$

604

 

 

 

Fair Value Measurements at December 31, 2024 using:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

7,008

 

 

$

-

 

 

$

-

 

 

$

7,008

 

Total cash equivalents

 

$

7,008

 

 

$

-

 

 

$

-

 

 

$

7,008

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrant liability

 

$

-

 

 

$

-

 

 

$

1,519

 

 

$

1,519

 

Total liabilities

 

$

-

 

 

$

-

 

 

$

1,519

 

 

$

1,519

 

 

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table reflects the change in the Company’s Level 3 common stock warrant liability for the year ended December 31, 2025 (in thousands):

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

 

Fair value as of December 31, 2024

 

$

1,519

 

Change in fair value

 

 

(915

)

Fair value as of December 31, 2025

 

$

604

 

Schedule of Fair Value of Assumption

The following table details the assumptions used in the Monte Carlo simulation to estimate the fair value of the common stock warrant liability:

 

 

December 31,
2025

 

 

December 31,
2024

 

Stock price

 

$

0.84

 

 

$

1.29

 

Expected volatility

 

102.0% - 122.0%

 

 

 

108.0

%

Expected term (years)

 

0.00 - 2.76

 

 

 

3.76

 

Risk-free interest rate

 

3.53% - 3.67%

 

 

 

4.31

%

Dividend rate

 

 

-

%

 

 

-

%