Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents 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 utilized to determine such fair values (in thousands):


		December 31, 2025
		Level 1				Level 2				Level 3				Total
Current assets:
Cash and cash equivalents		$	57,982			$	—			$	—			$	57,982
Total assets measured at fair value		$	57,982			$	—			$	—			$	57,982

Liabilities:
Derivative liabilities – royalty agreement		$	—			$	—			$	2,041			$	2,041
Derivative liabilities – contingent value right liability			—				—				2,196				2,196
Total liabilities measured at fair value		$	—			$	—			$	4,237			$	4,237


		December 31, 2024
		Level 1				Level 2				Level 3				Total
Current assets:
Cash and cash equivalents		$	83,602			$	—			$	—			$	83,602
Total assets measured at fair value		$	83,602			$	—			$	—			$	83,602

Liabilities:
Derivative liabilities – royalty agreement		$	—			$	—			$	1,647			$	1,647
Derivative liabilities – contingent value right liability			—				—				1,978				1,978
Total liabilities measured at fair value		$	—			$	—			$	3,625			$	3,625

Schedule of Fair Value Measurement Key Assumptions

The key assumptions used to determine the fair value of the derivative liabilities – royalty agreement at December 31, 2025 and 2024 are as follows:


		December 31, 2025				December 31, 2024
Discount rate			18.0	%			20.0	%
Probability rate of achieving FDA approval of a product			56.6	%			56.6	%
Expected term to FDA regulatory approval of a product		1.50 years				2.50 years

Royalty Agreement [Member]

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value Measurement Derivative Liabilities

The following table provides a reconciliation of the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

Derivative Liabilities – Royalty Agreement


		2025				2024
Derivative liabilities - royalty agreement
Balance at January 1		$	1,647			$	1,014
Fair value adjustments on derivative liabilities			394				633
Balance at December 31, 2025		$	2,041			$	1,647

Contingent Value Right Liability [Member]

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value Measurement Derivative Liabilities

Derivative Liabilities – Contingent Value Right Liability


		2025				2024
Derivative liabilities - contingent value right liability
Balance at January 1		$	1,978			$	—
Fair value adjustments on derivative liabilities			218				1,978
Balance at December 31, 2025		$	2,196			$	1,978