Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	Level	March 31, 2026		December 31, 2025
Assets:
Cash equivalents:
Money Market	1	$	984	$	84
U.S. Treasury Bills	1	7,567		9,936
Marketable securities:
Corporate bonds	1	9,980		—
Municipal bonds	1	1,502		—
Total cash equivalents and marketable securities		$	20,033	$	10,020

Liabilities:
Warrant liability – Public Warrants	1	$	62	$	125
Warrant liability – Private Placement Warrants	3	36		70
Total warrant liability		$	98	$	195

Schedule of Derivative Liabilities at Fair Value


	Three Months Ended March 31, 2026
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	125	$	70	$	195

Change in valuation inputs or other assumptions	(63)		(34)		(97)
Fair value, end of period	$	62	$	36	$	98


	Three Months Ended March 31, 2025
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	375	$	210	$	585
Change in valuation inputs or other assumptions	—		—		—
Fair value, end of period	$	375	$	210	$	585

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	March 31, 2026			December 31, 2025
Exercise price	$	11.50		$	11.50
Stock price	$	0.66		$	0.83
Volatility	248.0		%	170.0		%
Term (years)	0.21			0.46
Risk-free interest rate	3.71		%	3.60		%