v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of financial liabilities at fair value on a recurring basis

Liabilities measured at fair value on a recurring basis consist of the following as of March 31, 2026:

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Series A warrants to purchase common stock

 

$

 

 

 

$

 

 

 

$

 

20,560

 

 

$

 

20,560

 

Series C warrants to purchase common stock

 

 

 

 

 

 

 

 

 

 

 

5,700

 

 

 

 

5,700

 

Total financial liabilities at March 31, 2026

 

$

 

 

 

$

 

 

 

$

 

26,260

 

 

$

 

26,260

 

 

Liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2025:

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Series A warrants to purchase common stock

 

$

 

 

 

$

 

 

 

$

 

23,100

 

 

$

 

23,100

 

Series C warrants to purchase common stock

 

 

 

 

 

 

 

 

 

 

 

6,460

 

 

 

 

6,460

 

Total financial liabilities at December 31, 2025

 

$

 

 

 

$

 

 

 

$

 

29,560

 

 

$

 

29,560

 

Schedule of measurement inputs of common stock warrant liabilities

The following assumptions were used in determining the fair value of the Company’s common stock warrant liabilities as of March 31, 2026 and December 31, 2025:

 

 

March 31,

 

December 31,

 

2026

 

2025

Closing price of common stock

$

 

8.41

 

 

 

$

 

8.96

 

 

Warrant exercise price

$

 

10.50

 

 

 

$

 

10.50

 

 

Expected volatility

 

 

70

 

%

 

 

 

70

 

%

Risk free interest rate

 

 

3.79

 

%

 

 

 

3.62

 

%

Expected dividend yield

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

0.67 - 4.18

 

 

 

 

0.92 - 4.43

 

 

 

Schedule of change fair value of the liabilities, measured with Level 3

The following table summarizes the changes in the fair market value of the Company’s common stock warrant liabilities, which are classified within the Level 3 fair value hierarchy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total level 3

 

 

 

 

 

 

 

 

 

financial

 

 

 

Series A

 

 

Series C

 

 

liabilities

 

Balance at December 31, 2025

 

$

 

23,100

 

 

$

 

6,460

 

 

$

 

29,560

 

Change in fair value of common stock warrant liabilities

 

 

 

(2,540

)

 

 

 

(760

)

 

 

 

(3,300

)

Balance at March 31, 2026

 

$

 

20,560

 

 

$

 

5,700

 

 

$

 

26,260