| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
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As of March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Money market funds(1) |
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$ |
99,530 |
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$ |
— |
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$ |
— |
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$ |
99,530 |
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Total financial assets measured at fair value |
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$ |
99,530 |
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$ |
— |
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$ |
— |
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$ |
99,530 |
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Liabilities: |
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Tranche liability(2) |
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$ |
— |
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$ |
— |
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$ |
235,517 |
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$ |
235,517 |
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2021 Public Warrants(3) |
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81 |
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— |
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— |
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81 |
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2021 PIPE Warrants(3) |
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— |
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10 |
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— |
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10 |
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2024 PIPE Warrants(3) |
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— |
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— |
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41,974 |
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41,974 |
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2025 Pre-Funded Warrants(3) |
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— |
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38,014 |
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— |
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38,014 |
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2025 PIPE Warrants(3) |
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— |
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— |
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68,844 |
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68,844 |
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Total financial liabilities measured at fair value |
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$ |
81 |
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$ |
38,024 |
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$ |
346,335 |
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$ |
384,440 |
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As of December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Money market funds (1) |
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$ |
74,782 |
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$ |
— |
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$ |
— |
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$ |
74,782 |
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Total financial assets measured at fair value |
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$ |
74,782 |
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$ |
— |
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$ |
— |
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$ |
74,782 |
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Liabilities: |
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Tranche liability(2) |
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$ |
— |
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$ |
— |
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$ |
158,662 |
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$ |
158,662 |
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2021 Public Warrants(3) |
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101 |
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— |
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— |
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101 |
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2021 PIPE Warrants(3) |
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— |
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12 |
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— |
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12 |
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2024 PIPE Warrants(3) |
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— |
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— |
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33,156 |
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33,156 |
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2025 Pre-Funded Warrants(3) |
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— |
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29,492 |
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— |
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29,492 |
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2025 PIPE Warrants(3) |
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— |
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— |
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49,786 |
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49,786 |
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Total financial liabilities measured at fair value |
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$ |
101 |
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$ |
29,504 |
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$ |
241,604 |
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$ |
271,209 |
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(1)Included in cash and cash equivalents on the condensed consolidated balance sheets.
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| Fair Value Measurement Inputs and Valuation Techniques |
The key inputs into the fair value measurement of the Level 3 liabilities were as follows:
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Tranche Liability |
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2025 PIPE Warrants |
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2024 PIPE Warrants |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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Expected term (in years) |
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0.6 - 5.6 |
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0.8 - 5.8 |
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4.0 - 4.7 |
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4.2 - 4.9 |
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3.0 |
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3.3 |
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Expected volatility |
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55 |
% |
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55 |
% |
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55 |
% |
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55 |
% |
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55 |
% |
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55 |
% |
Risk-free interest rate |
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3.7% - 3.9% |
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3.5% - 3.8% |
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3.8% - 3.9% |
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3.6% - 3.7% |
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3.8 |
% |
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3.5 |
% |
Dividend yield |
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— |
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— |
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— |
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— |
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— |
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— |
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| Summary of Changes in Fair Value of Warrant Liabilities |
Activity of Level 3 liabilities is summarized in the following table (in thousands):
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Tranche
Liability |
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2025 PIPE
Warrants |
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2024 PIPE
Warrants |
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Balance, December 31, 2025 |
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$ |
158,662 |
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$ |
49,786 |
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$ |
33,156 |
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Exercise of warrants |
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— |
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(596 |
) |
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(4,140 |
) |
Change in fair value upon remeasurement (1) |
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76,855 |
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19,654 |
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12,958 |
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Balance, March 31, 2026 |
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$ |
235,517 |
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$ |
68,844 |
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$ |
41,974 |
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(1) Change in fair value of tranche liability is on the unaudited consolidated statements of operations and comprehensive loss. Change in fair value of warrant liabilities is included in other (expense) income, net on the unaudited consolidated statements of operations and comprehensive loss.
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