v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurement of Assets and Liabilities
The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of March 31, 2026 (in thousands):
As of March 31, 2026
Level 1Level 2Level 3Total
Current assets:
Money market funds$392,993 $- $- $392,993 
Total assets$392,993 $- $- $392,993 
Liabilities:
Common stock warrants$- $8,924 $- $8,924 
Term loan- - 90,005 90,005 
Total liabilities$- $8,924 $90,005 $98,929 

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2025 (in thousands):
As of December 31, 2025
Level 1Level 2Level 3Total
Current assets:
Money market funds$359,813 $- $- $359,813 
Total assets$359,813 $- $- $359,813 
Liabilities:
Common stock warrants$- $9,282 $- $9,282 
Term loan- - 57,226 57,226 
Total liabilities$- $9,282 $57,226 $66,508 
Schedule of Fair Value Significant Assumptions
The significant assumptions used in preparing the income approach model for valuing the term loan as of March 31, 2026 and December 31, 2025, are as follows:
March 31,
2026		December 31,
2025
Discount rate7.10 %7.10 %
Annual interest rate8.00 %8.00 %
Expected term (years) – Scenario 144.25
Expected term (years) – Scenario 25.355.6
The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of March 31, 2026 and December 31, 2025 are as follows:
March 31,
2026		December 31,
2025
Exercise price
$2.80 - $10.92
$2.80 – $10.92
Volatility70.9 %53.5 %
Expected term (years)0.10.3
Risk-free rate3.74 %3.63 %
Dividend yield- %- %
Schedule of Changes in the Fair Value Instruments
The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
Term Loan
Balance at December 31, 2025$57,226 
Additions30,000 
Adjustments to fair value2,779 
Balance at March 31, 2026$90,005 
Common Stock
Warrants		Redeemable
Convertible
Preferred Stock
Warrants		Term Loan
Balance at December 31, 2024$2,533 $230 $51,481 
Adjustments to fair value(58)2 1,797 
Balance at March 31, 2025$2,475 $232 $53,278