v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
March 31, 2026
Level 1Level 2Level 3Total
Assets
Money market funds$60,687 $— $— $60,687 
U.S. Treasury securities
— 25,242 — 25,242 
Total assets measured at fair value$60,687 $25,242 $— $85,929 
Liabilities
Common stock warrants
PIPE Warrants$— $— $65,605 $65,605 
NRA Warrants— — 28,083 28,083 
Second lien loan— — 11,346 11,346 
Total liabilities measured at fair value$— $— $105,034 $105,034 
December 31, 2025
Level 1Level 2Level 3Total
Assets
Money market funds$33,320 $— $— $33,320 
U.S. Treasury securities— 69,908 — 69,908 
Total assets measured at fair value$33,320 $69,908 $— $103,228 
Liabilities
Common stock warrants
PIPE Warrants$— $— $110,881 $110,881 
NRA Warrants— — 47,465 47,465 
Second lien loan— — 10,872 10,872 
Total liabilities measured at fair value$— $— $169,218 $169,218 
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
December 31, 2025
Level 1Level 2Level 3Total
Assets
Money market funds$33,320 $— $— $33,320 
U.S. Treasury securities
— 69,908 — 69,908 
Total assets measured at fair value$33,320 $69,908 $— $103,228 
Liabilities
Common stock warrants
PIPE Warrants$— $— $110,881 $110,881 
NRA Warrants— — 47,465 47,465 
Second lien loan— — 10,872 10,872 
Total liabilities measured at fair value$— $— $169,218 $169,218 
December 31, 2024
Level 1Level 2Level 3Total
Assets
Money market funds$9,439 $— $— $9,439 
Total assets measured at fair value$9,439 $— $— $9,439 
Liabilities
SAFEs$— $— $59,301 $59,301 
Redeemable convertible preferred stock warrant liabilities— — 1,619 1,619 
Total liabilities measured at fair value$— $— $60,920 $60,920 
Schedule of Changes in Estimated Fair Values of Liabilities
The following table summarizes changes in the estimated fair values of these liabilities (in thousands):
PIPE WarrantsNRA WarrantsSecond Lien Loans
Balance as of December 31, 2025$110,881 $47,465 $10,872 
Fair value remeasurement(45,276)(19,382)474 
Balance as of March 31, 2026$65,605 $28,083 $11,346 
SAFE(1)
Legacy Kodiak Redeemable Convertible Preferred Stock Warrants(1)
Balance as of December 31, 2024$59,301 $1,619 
Issuance during the year21,660 — 
Fair value remeasurement108,375 115 
Balance as of March 31, 2025$189,336 $1,734 
____________________
(1)In connection with the Closing, these instruments were fully converted, exercised, or assumed and reclassified to equity (see Note 3). Accordingly, there were no outstanding balances as of March 31, 2026 and December 31, 2025.
The following table summarizes changes in the estimated fair values of these liabilities (in thousands):
PIPE WarrantsNon-Redemption WarrantsSecond Lien LoansSAFE
Legacy Kodiak Redeemable
Convertible
Preferred
Stock
Warrants
Balance as of December 31, 2023$— $— $— $10,000 $2,045 
Issuance during the year— — — 45,192 — 
Fair value remeasurement— — — 4,109 (426)
Balance as of December 31, 2024— — — 59,301 1,619 
Issuance during the year86,359 36,968 43,865 23,660 — 
Exchange of SAFE for second lien loan— — 10,000 (10,000)— 
Reclassification of Assumed Kodiak Warrants— — — — (3,842)
Fair value remeasurement24,522 10,497 24,387 190,075 7,272 
Settlement via conversion or exercise— — (67,380)(263,036)(5,049)
Balance as of December 31, 2025$110,881 $47,465 $10,872 $— $—