Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair value on a Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 based on the three-tier fair value hierarchy (in thousands):


		Fair Value at March 31, 2026
		Level 1					Level 2					Level 3					Total
Financial assets included within cash and cash equivalents:
Money market funds				51,182					—					—					51,182
Total assets at fair value		$		51,182			$		—			$		—			$		51,182

Financial liabilities:
Warrant liabilities		$		—			$		—			$		331			$		331
Convertible notes				—					—					65,094					65,094
Phantom stock options				—					—					14					14
Total liabilities at fair value		$		—			$		—			$		65,439			$		65,439

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 based on the three-tier fair value hierarchy (in thousands):


		Fair Value at December 31, 2025
		Level 1					Level 2					Level 3					Total
Financial assets included within cash and cash equivalents:
Money market funds		$		19,665			$		—			$		—			$		19,665
Total assets at fair value		$		19,665			$		—			$		—			$		19,665

Financial liabilities:
Warrant liabilities		$		—			$		—			$		247			$		247
Phantom stock options				—					—					8					8
Total liabilities at fair value		$		—			$		—			$		255			$		255

Summary of Changes in Carrying Value of Convertible Notes

The following table summarizes the changes in carrying value of the convertible notes for the three months ended March 31, 2026:


		Three Months Ended March 31,
		2026
Balance at beginning of period		$	—
Issuance of convertible notes			56,500
Remeasurement of notes to fair value			8,594
Balance at end of period		$	65,094