v3.26.1
Financial Instruments and Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Financial Instruments and Fair Value Measurements  
Financial Instruments and Fair Value Measurements

4. Financial Instruments and Fair Value Measurements

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:

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  ​ ​ ​

March 31, 2026

(in thousands)

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Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Money market fund (included in Cash and cash equivalents)

​

$

10,854

​

$

—

​

$

—

​

$

10,854

Corporate and government debt securities (included in Marketable securities)

​

 

—

​

 

66,033

​

 

—

​

 

66,033

Total assets

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$

10,854

​

$

66,033

​

$

—

​

$

76,887

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​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liability (Note 8)

​

 

—

​

 

—

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2,784

​

 

2,784

Total liabilities

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$

—

​

$

—

​

$

2,784

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$

2,784

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

(in thousands)

​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Money market fund (included in Cash and cash equivalents)

​

$

12,789

​

$

—

​

$

—

​

$

12,789

Corporate and government debt securities (included in Marketable securities)

​

 

—

​

 

71,822

​

 

—

​

 

71,822

Total assets

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$

12,789

​

$

71,822

​

$

—

​

$

84,611

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liability (Note 8)

​

 

—

​

 

—

​

 

2,749

​

 

2,749

Total liabilities

​

$

—

​

$

—

​

$

2,749

​

$

2,749

​

The Level 2 assets consist of government and corporate debt securities which are valued using market observable inputs, including the current interest rate and other characteristics for similar types of investments, whose fair value may not represent actual transactions of identical securities. There were no transfers between Levels 1, 2 or 3 for the periods presented.

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The Level 3 liabilities consist of the derivative liability associated with the Series A Preferred Stock, of which the fair values were measured upon issuance of the Series A Preferred Stock and are remeasured to fair value at each reporting period. The valuation methodology and underlying assumptions are discussed further in Note 8 – “Derivative Liability.” Significant change to the inputs used in determining the fair value would result in significant changes to the fair value measurement.