v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Class of Warrant or Right [Line Items]  
Summary of Fair Value Measurements

The following tables show the Company's cash, cash equivalents and marketable securities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:

 

 

Fair Value Measurements as of March 31, 2026

 

 

 

 

 

 

Unaudited

 

(in thousands)

 

Adjusted Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

    Cash

 

$

1,600

 

 

$

 

 

$

 

 

$

1,600

 

 

$

1,600

 

 

$

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

 

29,811

 

 

 

 

 

 

 

 

 

29,811

 

 

 

29,811

 

 

 

 

    Commercial paper

 

 

1,852

 

 

 

 

 

 

(1

)

 

 

1,851

 

 

 

 

 

 

1,851

 

Total Level 1:

 

 

31,663

 

 

 

 

 

 

(1

)

 

 

31,662

 

 

 

29,811

 

 

 

1,851

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. Treasury securities

 

 

5,755

 

 

 

 

 

 

(6

)

 

 

5,749

 

 

 

 

 

 

5,749

 

    U.S. Government securities

 

 

19,307

 

 

 

6

 

 

 

(6

)

 

 

19,307

 

 

 

 

 

 

19,307

 

    Certificates of deposit

 

 

338

 

 

 

 

 

 

 

 

 

338

 

 

 

 

 

 

338

 

    Corporate debt securities

 

 

25,592

 

 

 

4

 

 

 

(40

)

 

 

25,556

 

 

 

 

 

 

25,556

 

Total Level 2:

 

 

50,992

 

 

 

10

 

 

 

(52

)

 

 

50,950

 

 

 

 

 

 

50,950

 

 

 

$

84,255

 

 

$

10

 

 

$

(53

)

 

$

84,212

 

 

$

31,411

 

 

$

52,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2025

 

(in thousands)

 

Adjusted Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

    Cash

 

$

1,059

 

 

$

 

 

$

 

 

$

1,059

 

 

$

1,059

 

 

$

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

 

36,293

 

 

 

 

 

 

 

 

 

36,293

 

 

 

36,293

 

 

 

 

    Commercial paper

 

 

986

 

 

 

 

 

 

 

 

 

986

 

 

 

 

 

 

986

 

Total Level 1:

 

 

37,279

 

 

 

 

 

 

 

 

 

37,279

 

 

 

36,293

 

 

 

986

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. Treasury securities

 

 

3,783

 

 

 

2

 

 

 

 

 

 

3,785

 

 

 

 

 

 

3,785

 

    U.S. Government securities

 

 

14,988

 

 

 

28

 

 

 

 

 

 

15,016

 

 

 

 

 

 

15,016

 

    Certificates of deposit

 

 

1,201

 

 

 

1

 

 

 

 

 

 

1,202

 

 

 

 

 

 

1,202

 

    Corporate debt securities

 

 

34,219

 

 

 

28

 

 

 

(2

)

 

 

34,245

 

 

 

 

 

 

34,245

 

Total Level 2:

 

 

54,191

 

 

 

59

 

 

 

(2

)

 

 

54,248

 

 

 

 

 

 

54,248

 

 

 

$

92,529

 

 

$

59

 

 

$

(2

)

 

$

92,586

 

 

$

37,352

 

 

$

55,234

 

 

Summary of the remaining contractual maturities of our cash equivalents and marketable securities

The following table summarizes the remaining contractual maturities of the Company's marketable securities as of March 31, 2026:

 

 

As of March 31, 2026

 

(in thousands)

 

Fair Value

 

Due within one year

 

$

44,248

 

Due after one year to two years

 

 

8,553

 

Total

 

$

52,801

 

Schedule of determining the fair value assumptions of the private placement warrants

The following were the inputs utilized in determining the fair value of the Private Placement Warrants as of March 31, 2026 and 2025:

 

March 31,

 

Unaudited

 

2026

 

 

2025

 

Dividend yield (1)

 

 

0

%

 

 

0

%

Expected volatility (2)

 

 

62.6

%

 

 

80.5

%

Risk-free interest rate (3)

 

 

3.71

%

 

 

4.00

%

Term to warrant expiration (years)

 

 

0.22

 

 

 

1.22

 

(1) No dividends were paid during the three months ended March 31, 2026 and 2025.

(2) The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.

(3) The risk-free interest rate is based on the yield from U.S. Treasury bonds with an equivalent term to the time to maturity of the warrants.

Private Placement Warrants  
Class of Warrant or Right [Line Items]  
Summary of warrants

The following table presents the Company's Private Placement Warrants measured at fair value on a recurring basis for the three months ended March 31, 2026 and 2025:

 

 

Level 3 Liabilities

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

For the Three Months Ended March 31, 2026

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

199

 

 

$

(165

)

 

$

34

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 3 Liabilities

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

For the Three Months Ended March 31, 2025

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

1,690

 

 

$

(484

)

 

$

1,206