v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

Fair Value Measurements as of

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Financial assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

20,011

$

$

$

20,011

Short-term investments:

U.S. Treasury Notes

10,077

10,077

Total financial assets

$

30,088

$

$

$

30,088

Fair Value Measurements as of

December 31, 2024

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Financial assets:

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalents:

 

  ​

 

  ​

 

  ​

 

  ​

Money market funds

$

31,303

$

$

$

31,303

Total financial assets

$

31,303

$

$

$

31,303

Financial liabilities:

Convertible Notes

$

$

$

30,259

$

30,259

Total financial liabilities

$

$

$

30,259

$

30,259

Schedule of measurement inputs on valuation of Convertible Notes

As of December 31, 

2024

Time to Qualified/non-Qualified financing (in years)

 

0.25

Time to IPO (in years)

 

0.25

Time to reverse merger (in years)

 

0.33

Time to dissolution (in years)

 

n/a

Interest rate (risk-free)

 

4.37

%

Conversion discount rate

 

20.00

%

Schedule of changes in the fair value of Level 3 Convertible Notes

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

  ​ ​ ​

Amounts

Balance as of December 31, 2024

$

30,259

Interest accrued during the three months ended March 31, 2025

558

Change in fair value of the Convertible Notes

4,942

Balance as of March 31, 2025

 

35,759

Interest accrued from April 1, 2025 until closing of the Merger

93

Balance immediately prior to the date of conversion

35,852

Change in fair value of the Convertible Notes

 

(12,752)

Conversion of the Convertible Notes

 

(23,100)

Balance as of June 30, 2025 and thereafter

$