Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, were as follows (in thousands):


		Fair Value Measurements
As of March 31, 2026		Total				Level 1				Level 2				Level 3
Cash equivalents:
Money market funds		$	26,575			$	26,575			$	—			$	—
U.S. government treasury securities			4,992				4,992				—				—
Total cash equivalents		$	31,567			$	31,567			$	—			$	—
Short-term marketable securities:
U.S. government treasury securities		$	62,788			$	62,788			$	—			$	—
Long-term marketable securities:
U.S. government treasury securities		$	7,654			$	7,654			$	—			$	—
Total marketable securities		$	70,442			$	70,442			$	—			$	—


		Fair Value Measurements
As of December 31, 2025		Total				Level 1				Level 2				Level 3
Cash equivalents:
Money market funds		$	94,394			$	94,394			$	—			$	—
U.S. government treasury securities			—				—				—				—
Total cash equivalents		$	94,394			$	94,394			$	—			$	—
Short-term marketable securities:
U.S. government treasury securities		$	19,928			$	19,928			$	—			$	—
Long-term marketable securities:


U.S. government treasury securities		$	—			$	—			$	—			$	—
Total marketable securities		$	19,928			$	19,928			$	—			$	—

Summary of Estimated Fair Value

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance dates:


		At Issuance Date (January 10, 2025)
Expected term (in years)		0.2 – 0.3
Probability of achievement		0.0% – 80.0%
Discount rate		8.50%

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance date and as of December 31, 2024:


		Issuance Dates		December 31, 2024
Expected term (in years)		0.4 – 1.3		0.2 – 0.4
Probability of achievement		0.0% – 90.0%		0.0% – 80.0%
Discount rate		9.5% – 18.7%		9.0%

The significant assumptions were as follows as of December 31, 2024:


		December 31, 2024
Expected term (in years)		0.2 - 0.4
Probability of achievement		0.0% - 80.0%
Discount rate		9.0%

Summary of Aggregate Fair Values of Outstanding Level 3 Financial Instruments

The following table provides a roll-forward of the aggregate fair values of the Company’s outstanding Level 3 financial instruments during the three months ended March 31, 2026 and 2025 (in thousands):


		Derivative liabilities				Tranche liability
Balance as of December 31, 2024		$	1,042			$	365
Initial fair value at issuance			187				—
Change in fair value			(1,229	)			(365	)
Balance as of March 31, 2025		$	—			$	—

Balance as of December 31, 2025		$	—			$	—
Initial fair value at issuance							—


Change in fair value			—				—
Balance as of March 31, 2026		$	—			$	—