v3.26.1
Fair Value of Financial Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities
The following tables present information about the Company’s financial instruments measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements
as of March 31, 2026
Level 1Level 2Level 3Total
Assets:
Cash equivalents - money market funds193,460 — — 193,460 
$193,460 $— $— $193,460 
Fair Value Measurements
as of December 31, 2025
Level 1
Level 2
Level 3
Total
Assets:
Cash equivalents - money market funds43,053 — — 43,053 
$43,053 $— $— $43,053 
During the three months ended March 31, 2026, there were no transfers between Level 1, Level 2 and Level 3. Excluded from the table above, is $61.3 million and $60.8 million, as of March 31, 2026 and December 31, 2025, respectively, of cash held in notice accounts of less than 90 days, for which the carrying value approximates fair value due to the short-term nature.
Fair Value Measurements
The following table presents, as of March 31, 2026 and December 31, 2025, information about the Company’s warrant liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
March 31, 2026December 31, 2025
LevelAmount
Level
Amount
Warrant Liabilities:
Pre-funded Warrants
2$131,882 2$60,029 
2025 ADS Warrants
3—3143,697
Total Warrant Liabilities
$131,882 $203,726 
The Pre-funded Warrants and 2025 ADS Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”), as both warrants contain contingent exercise provisions that do not meet the requirements of the indexation guidance under ASC 815-40 and could require the Company to pay cash to settle the warrants. The warrants are presented within warrant liabilities in the accompanying condensed consolidated balance sheets. The warrant liabilities were measured at fair value at inception and on a recurring basis, with changes in fair value presented within the condensed consolidated statements of operations and comprehensive loss.
The Pre-funded Warrants are considered to be Level 2 in the fair value hierarchy as the inputs used to determine fair market value are observable against the Company’s stock price. The 2025 ADS Warrant are considered to be Level 3 in the fair value hierarchy as they have been recorded at fair value using the Black-Scholes model, using unobservable assumptions that have been probability-weighted for specified data milestones. As of March 31, 2026, the 2025 ADS Warrants were fully exercised.
The following table reflects the fair value of the Company’s warrant liabilities for the three months ended March 31, 2026:
Pre-Funded Warrants
ADS Warrants
Fair value as of December 31, 2025$60,029 $143,697 
Change in fair value of warrant liabilities(64,612)(66,304)
Exercise of 2025 Financing pre-funded warrant liabilities(33,719)(32,542)
Issuance of February 2026 Offering of pre-funded warrants10,000—
Conversion of 2025 Financing ADS warrants to pre-funded warrants160,184(44,851)
Fair value as of March 31, 2026
$131,882 $— 
During three months ended March 31, 2026, there were no transfers between Level 1, Level 2 and Level 3.