Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation as follows:

		As of March 31, 2026
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market mutual funds		$	121,417			$	—			$	—			$	121,417
Total Assets		$	121,417			$	—			$	—			$	121,417
Liabilities:
Warrant liabilities		$	—			$	—			$	87,803			$	87,803
Total Liabilities		$	—			$	—			$	87,803			$	87,803

		As of December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market mutual funds		$	56,695			$	—			$	—			$	56,695
Total Assets		$	56,695			$	—			$	—			$	56,695
Liabilities:
Current liabilities:
2024 LSA Loans, current portion		$	—			$	—			$	19,175			$	19,175
Convertible promissory notes			—				—				29,107				29,107
Non-current liabilities:
2024 LSA Loans, non-current portion			—				—				12,207				12,207
Warrant liabilities			—				—				76,766				76,766
Total Liabilities		$	—			$	—			$	137,255			$	137,255

Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes

The following relevant assumptions were used in determining the fair value of the warrant liabilities and convertible promissory notes as of December 31, 2025:

		December 31, 2025
Non-Merger scenario - Equity value		$	647,000
Non-Merger scenario - Expected financing amount		$	150,000
Non-Merger scenario - Expected financing date			6/30/2026
Non-Merger scenario - Expected liquidity event			9/30/2028
Non-Merger scenario - Equity volatility			60.0%-75.0	%
Merger scenario - Expected Merger date			3/31/2026
Merger scenario - Stock price		$	10.72
Merger scenario - Equity volatility			70.0	%
Calibrated discount rate			500.0	%
Risk-free rate			3.44%-4.78	%

The following relevant assumptions were used in determining the fair value of the 2024 LSA Loans as of December 31, 2025:

		December 31, 2025
Fair value of Series B Prime redeemable convertible preferred stock		$	29.39
Equity volatility			75.0	%
Credit rating			CCC-
Discount rate			19.7	%

Fair value measurements for the PIPE Warrants were estimated using a Monte Carlo simulation, modeling the future stock price of the Company’s common stock to simulate payoff scenarios for the PIPE Warrants, discounted at the term-matched risk-free rate. The fair value measurements of the PIPE Warrants are calculated as the average present value of all future modeled payoff scenarios.

The following relevant assumptions were used in determining the fair value of the PIPE Warrants as of March 31, 2026:

		March 31, 2026
Remaining term (years)			4.96
Fair value of common stock		$	7.35
Volatility			65.0	%
Risk-free rate			3.88	%
Dividend yield			—	%

Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains)

The Company’s fair value measurement activity, using unobservable inputs and associated unrealized gains with respect to warrant liabilities outstanding during the three months ended March 31, 2026 and 2025 was as follows:

		Amount
Fair value as of December 31, 2024		$	3,586
Change in fair value of warrants			(46	)
Fair value as of March 31, 2025		$	3,540

		Amount
Fair value as of December 31, 2025		$	76,766
Change in fair value of warrants prior to the Merger			(22,111	)
Exercise of warrants prior to the Merger			(6,859	)
Exchange of warrants in the Merger			(3,745	)
Issuance of warrants in the Merger			48,195
Change in fair value of warrants after the Merger			(4,443	)
Fair value as of March 31, 2026		$	87,803

The Company’s fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to convertible promissory notes outstanding during the three months ended March 31, 2026 was as follows:

		Amount
Fair value as of December 31, 2025		$	29,107
Change in fair value of convertible promissory notes			87,824
Conversion of convertible promissory notes in the Merger			(116,931	)
Fair value as of March 31, 2026		$	—

The Company’s fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to 2024 LSA Loans outstanding during the three months ended March 31, 2026 was as follows:

		Amount
Fair value as of December 31, 2025		$	31,382
Contractual repayments of principal			(4,562	)
Non-cash change in fair value of 2024 LSA Loans			1,514
Extinguishment of 2024 LSA Loans			(28,334	)
Fair value as of March 31, 2026		$	—