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

3. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values:

 

 

Fair Value measurements as of
March 31, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

36,172

 

 

$

—

 

 

$

—

 

 

$

36,172

 

 

$

36,172

 

 

$

—

 

 

$

—

 

 

$

36,172

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities, long-term

 

$

—

 

 

$

—

 

 

$

6,355

 

 

$

6,355

 

Notes payable, long-term

 

 

—

 

 

 

—

 

 

 

30,136

 

 

 

30,136

 

 

$

—

 

 

$

—

 

 

$

36,491

 

 

$

36,491

 

 

 

Fair Value measurements as of
December 31, 2025

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

35,829

 

 

$

—

 

 

$

—

 

 

$

35,829

 

 

$

35,829

 

 

$

—

 

 

$

—

 

 

$

35,829

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities, long-term

 

$

—

 

 

$

—

 

 

$

36,410

 

 

$

36,410

 

Notes payable, long-term

 

 

—

 

 

 

—

 

 

 

30,586

 

 

 

30,586

 

 

$

—

 

 

$

—

 

 

$

66,996

 

 

$

66,996

 

During the three months ended March 31, 2026 and 2025, there were no transfers between Level 1, Level 2 and Level 3 measurements.

See Note 5—“Notes Payable” for the discussion of the fair value methodology of the notes payable and a rollforward of the fair value. See Note 6—“Warrant Liabilities” for the discussion of the fair value methodology of the stock warrants and a rollforward of the fair value.