v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the conclusions reached regarding fair value measurements as of March 31, 2026, and December 31, 2025 (in thousands):
Balance as of March 31, 2026Quoted Prices in Active
Markets for Identical Assets
(Level 1)		Significant Other Observable
Inputs (Level 2)		Significant Unobservable
Inputs (Level 3)
Warrant liabilities$6,797 $— $— $6,797 
CVR liability1,360 — — 1,360 
Embedded derivative— — — — 
Total liabilities$8,157 $— $— $8,157 
Securities:
U.S. Treasury securities$71,976 $71,976 $— $— 
Corporate bonds69,190 — 69,190 — 
Total assets$141,166 $71,976 $69,190 $— 
Balance as of December 31, 2025Quoted Prices in Active
Markets for Identical Assets
(Level 1)		Significant Other Observable
Inputs (Level 2)		Significant Unobservable
Inputs (Level 3)
Warrant liabilities$9,575 $— $— $9,575 
CVR liability1,540 — — 1,540 
Embedded derivative— — — — 
Total liabilities$11,115 $— $— $11,115 
Securities:
U.S. Treasury securities$97,132 $97,132 $— $— 
Corporate bonds79,352 — 79,352 — 
Total assets$176,484 $97,132 $79,352 $— 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used in determining the fair value of the warrant liabilities valued using the BSM option pricing model as of March 31, 2026, and December 31, 2025:
March 31, 2026December 31, 2025
Risk-free interest rate
3.63% - 3.73%
3.42% - 3.67%
Volatility
58.94% - 63.63%
57.28% - 66.70%
Dividend yield— %— %
Expected term (years)
0.75 - 2.65
0.02 - 2.89
Weighted average fair value$2.69 $2.38 
Schedule Of Common Stock Warrant Liabilities Measured At Fair Value
The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):
Balance as of December 31, 2025$9,575 
Change in fair value measurement of warrant liabilities(788)
Warrants exercised(1,990)
Balance as of March 31, 2026$6,797 
The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (in thousands):
Balance as of December 31, 2025$1,540 
Change in fair value measurement of contingent consideration liabilities(180)
Balance as of March 31, 2026$1,360 
The following table provides a reconciliation of the beginning and ending balances related to the embedded derivative (in thousands):
Balance as of December 31, 2025$— 
Change in fair value measurement of embedded derivative7,216 
Extinguishments(7,216)
Balance as of March 31, 2026$—