Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis

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 the fair value hierarchy utilized to determine such fair values (in thousands):


		As of March 31, 2026
		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents		$	1,689			$	—			$	—			$	1,689
Liabilities
Warrants		$	—			$	—			$	842			$	842


		As of December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents		$	4,285			$	—			$	—			$	4,285
Liabilities
Warrants		$	—			$	—			$	3,516			$	3,516
Pre-Paid Advance		$	—			$	—			$	4,142			$	4,142

No transfers between levels have occurred during the periods presented.

Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The significant inputs used in the valuation models to measure the fair value of the warrants are as follows:


		Valuation Date
		March 31, 2026		December 31, 2025
Common stock price		$8.05		$28.39
Risk-free rate		3.88%		3.68%
Expected term (in years)		4.22		4.47
Expected volatility		120.5%		103.2%
Dividend yield		0.0%		0.0%

Schedule of the Changes in the Fair Value of liabilities

The following table presents the changes in the fair value of Level 3 liabilities for the three months ended March 31, 2026 (in thousands):


		Warrant Liability
Balance at December 31, 2025		$	3,516
Change in fair value of warrant liability			(2,674	)
Balance at March 31, 2026		$	842

The fair value of the warrant liability as of March 31, 2026 was determined using the contractual exercise price of $59.50. As further discussed in Note 8, the warrants were subsequently re-priced in April 2026.

The following table presents the changes in the fair value of Level 3 liabilities for the three months ended March 31, 2026 (in thousands):


		PPAs Liability
Balance at December 31, 2025		$	4,142
Conversion of Pre-Paid Advance into common stock			(3,869	)
Change in fair value of PPAs liability			(273	)
Balance at March 31, 2026		$	—