Warrant Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Tranche B Warrants

Class of Warrant or Right [Line Items]

Summary of Fair Value of Warrant Determined Using Black Scholes Valuation Model

Tranche B Warrants fair value was determined using the Black-Scholes valuation model with the following key assumptions, which was based on significant inputs that are not observable in the market and represented a Level 3 measurement.


	March 31,
	2026
Risk-free interest rate	3.7%
Expected term (in years)	4.5
Expected volatility	103.6%
Expected dividend yield	0%

Summary of Fair Value of Warrant Liability

The following table provides a rollforward of the fair value of the Tranche B Warrants:


(in thousands)		Fair Value
Balance as of December 31, 2025		$	35,104
Decrease in fair value			(28,995	)
Balance as of March 31, 2026		$	6,109

July 2023 Warrants

Class of Warrant or Right [Line Items]

Summary of Fair Value of Warrant Determined Using Black Scholes Valuation Model

he fair value of the July 2023 Warrants was determined using the Black-Scholes valuation model with the following assumptions:


		March 31,
		2026
Risk-free interest rate		4.1%
Expected term (in years)		7.3
Expected volatility		82.2%
Expected dividend yield		0%

Summary of Fair Value of Warrant Liability

The following table provides a rollforward of the fair value of the July 2023 Warrants:


(in thousands)		Fair Value
Balance as of December 31, 2025		$	1,139
Decrease in fair value			(925	)
Balance as of March 31, 2026		$	214

September 2023 Warrants

Class of Warrant or Right [Line Items]

Summary of Fair Value of Warrant Determined Using Black Scholes Valuation Model

he fair value of the September 2023 Warrants was determined using the Black-Scholes valuation model with the following assumptions:


		March 31,
		2026
Risk-free interest rate		4.1%
Expected term (in years)		7.4
Expected volatility		82.1%
Expected dividend yield		0%

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Summary of Fair Value of Warrant Liability

he following table provides a rollforward of the fair value of the September 2023 Warrants:


(in thousands)		Fair Value
Balance as of December 31, 2025		$	167
Decrease in fair value			(135	)
Balance as of March 31, 2026		$	32

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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