Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis

The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	767	$	—	$	—	$	767


	December 31, 2025
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	1,752	$	—	$	—	$	1,752

Schedule of Fair Value Measurements Inputs

The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:


	March 31, 2026			December 31, 2025
Fair value of underlying common stock	$	3.00		$	6.08
Exercise price	$3.00 - $3.38			$6.08 - $6.84
Risk-free interest rate	4.3		%	4.2		%
Expected volatility	85.2		%	85.6		%
Expected term (in years)	10.0			10.0
Expected dividend yield	—		%	—		%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):


	Warrant Liability
Balance at December 31, 2025	$	1,752

Change in fair value of warrant liability	(882)

Termination of Tranche C Warrant Shares	(103)
Balance at March 31, 2026	$	767