v3.26.1
Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
March 31, 2026December 31, 2025
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents (1):
Money market funds$15,502 $— $— $15,502 $40,120 $— $— $40,120 
Total cash equivalents$15,502 $— $— $15,502 $40,120 $— $— $40,120 
Other long-term liabilities
Warrant liability$— $— $3,504 $3,504 $— $— $6,255 $6,255 
Derivative liabilities— 14,552 30,692 45,244 — — — — 
Total other long-term liabilities$— $14,552 $34,196 $48,748 $— $— $6,255 $6,255 
(1)    Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. Cash balances were $25.2 million and $9.6 million as of March 31, 2026 and December 31, 2025, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of the Level 3 warrant liability and derivative liability related to the conversion feature of the Convertible Debentures during the three months ended March 31, 2026 were as follows:
(in thousands)
Warrant LiabilityDerivative Liability associated with the Convertible Debentures
Balance as of December 31, 2025$6,255 $— 
Issuance of warrants or derivative liability— 30,861 
Change in fair value(2,751)(169)
Balance as of March 31, 2026$3,504 $30,692 
Fair Value Measurement Inputs and Valuation Techniques
The fair value of the warrants was estimated with the following assumptions:
March 31, 2026
Volatility90 %
Risk-free interest rate3.8 %
Dividend yield— %
Expected term (years)1.81