Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Table Text Block Supplement [Abstract]

Financial Asset Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial asset instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands). Included within cash and cash equivalents on the unaudited condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.


		March 31, 2026
		Level 1				Level 2				Level 3				Total

Assets:
Cash equivalents:
Money market funds		$	5,222			$	—			$	—			$	5,222
Total cash equivalents			5,222				—				—				5,222

Short-term investments:
U.S. treasuries			—				52,574				—				52,574
U.S. government securities			—				52,363				—				52,363
Total short-term investments			—				104,937				—				104,937

Total financial assets		$	5,222			$	104,937			$	—			$	110,159


		December 31, 2025
		Level 1				Level 2				Level 3				Total

Assets:
Cash equivalents:
Money market funds		$	6,734			$	—			$	—			$	6,734
U.S. treasuries			—				14,955				—				14,955
Total cash equivalents			6,734				14,955				—				21,689

Short-term investments:
U.S. treasuries			—				59,861				—				59,861
U.S. government securities			—				50,667				—				50,667
Total short-term investments			—				110,528				—				110,528
Total financial assets		$	6,734			$	125,483			$	—			$	132,217

Summary of Warrant Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s warrant liabilities (see Note 8. Preferred Stock and Stockholders’ Equity) measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.


		March 31, 2026
		Level 1				Level 2				Level 3				Total

Warrant liabilities		$	—			$	—			$	30,378			$	30,378


		December 31, 2025
		Level 1				Level 2				Level 3				Total

Warrant liabilities		$	—			$	—			$	11,416			$	11,416

Schedule of Aggregate Fair Values of Warrant Liability

The following table provides a roll-forward of the aggregate fair value of the warrant liability categorized with Level 3 inputs (in thousands):


		Warrant Liability

Balance as of December 31, 2025		$	11,416
Change in fair value of warrant liabilities			18,962
Balance as of March 31, 2026		$	30,378