v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

(11) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques that would be used to measure fair value into one of three levels:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

 

As of March 31, 2026

 

 

 

Total

 

 

Quoted
Prices In
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

15,895,107

 

 

$

15,895,107

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

3,689,533

 

 

 

3,689,533

 

 

 

—

 

 

 

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

11,415,357

 

 

 

11,415,357

 

 

 

—

 

 

 

—

 

U.S. treasury securities

 

 

75,456,500

 

 

 

75,456,500

 

 

 

—

 

 

 

—

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

110,235,540

 

 

 

110,235,540

 

 

 

—

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrant liability

 

$

150,074

 

 

$

150,074

 

 

$

—

 

 

$

—

 

Private Placement Warrant liability

 

 

5,445

 

 

 

—

 

 

 

—

 

 

 

5,445

 

Tranche C Preferred Warrants

 

 

5,962,067

 

 

 

—

 

 

 

—

 

 

 

5,962,067

 

 

 

 

As of December 31, 2025

 

 

Total

 

 

Quoted
Prices In
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,128,243

 

 

$

9,128,243

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Corporate Bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

59,129,609

 

 

 

59,129,609

 

 

 

—

 

 

 

—

 

U.S. treasury securities

 

 

24,027,260

 

 

 

24,027,260

 

 

 

—

 

 

 

—

 

Corporate Bonds

 

 

2,932,910

 

 

 

—

 

 

 

2,932,910

 

 

 

—

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

42,783,989

 

 

 

42,783,989

 

 

 

—

 

 

 

—

 

Corporate Bonds

 

 

4,108,893

 

 

 

—

 

 

 

4,108,893

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrant liability

 

$

179,400

 

 

$

179,400

 

 

$

—

 

 

$

—

 

Private Placement Warrant liability

 

 

6,508

 

 

 

—

 

 

 

—

 

 

 

6,508

 

Tranche C Preferred Warrants

 

 

5,449,204

 

 

 

—

 

 

 

—

 

 

 

5,449,204

 

The following table provides a summary of the changes in Level 3 fair value measurements for the Private Placement Warrant liability:

 

 

 

Balance, December 31, 2025

 

$

6,508

 

Change in fair value of Private Placement Warrant liability

 

 

(1,063

)

Balance, March 31, 2026

 

$

5,445

 

 

The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:

Balance, December 31, 2025

 

$

5,449,204

 

Change in fair value of the Preferred Warrant liabilities

 

 

512,863

 

Balance, March 31, 2026

 

$

5,962,067

 

As of March 31, 2026 and December 31, 2025, the Company did not have any other assets or liabilities that are recorded at fair value on a recurring basis.

The Company believes that the carrying amounts of its cash and cash equivalents, accrued interest receivable, notes payable, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their near-term maturities.