Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured on a Recurring Basis

The following table summarizes the conclusions reached as of March 31, 2026 and December 31, 2025 for financial instruments measured at fair value on a recurring basis (in thousands):


						Fair Value Hierarchy Classification
		Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
March 31, 2026
Cash		$	24,233			$	24,233				—				—
Restricted cash			189				189				—				—
Money market funds			12,438				12,438				—				—
Total assets		$	36,860			$	36,860				—				—

Warrant liabilities		$	18,862				—				—			$	18,862
Total liabilities		$	18,862				—				—			$	18,862

December 31, 2025
Cash		$	1,736			$	1,736				—				—
Restricted cash			189				189				—				—
Money market funds			19,523				19,523				—				—
Total assets		$	21,448			$	21,448				—				—

Warrant liability		$	2,225				—				—			$	2,225
Total liabilities		$	2,225				—				—			$	2,225

Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis

A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):


			Warrant Liabilities
Balance – December 31, 2025			$	2,225
Loss adjustment to fair value				5,249
Common Warrants issued for March 2026 Private Placement				11,388
Balance – March 31, 2026			$	18,862