Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Line Items]

Schedule of Assets and Liabilities Measured as Level 3 at Fair Value on a Recurring Basis

The following table presents the Level 3 financial liabilities measured on a recurring basis:


		March 31, 2026				December 31, 2025
Level 3 Financial liabilities:
Warrant liability		$	13,079			$	4,433
SAFE liability		$	18,489			$	11,715
Stock-based compensation warrant liability (included in Other non-current liabilities)		$	895			$	303

Summary of reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis

The following table presents the reconciliation of the warrant liability accounted for under ASC 815 measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	4,433
Change in estimated fair value			8,646
Ending balance – March 31, 2026		$	13,079

The following table presents the reconciliation of the stock compensation warrant liability accounted for under ASC 718 measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	303
Change in estimated fair value			592
Ending balance – March 31, 2026		$	895

Summary of Reconciliation of SAFE Liability Measured at Fair Value on Recurring Basis

The following table presents the reconciliation of the SAFE liability measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	11,715
Proceeds received under SAFE agreements			3,365
Change in estimated fair value – March 31, 2026			3,409
Ending balance		$	18,489

Warrant Liability

Fair Value Disclosures [Line Items]

Summary of Assumptions Used in Black-Scholes Option-pricing Model to Estimate Fair Value of Warrant Liability

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the warrant liability:


		March 31, 2026		December 31, 2025
Expected term (in years)		3.50		3.75
Expected volatility		115%		95%
Risk-free interest rate		3.68%		3.58%
Expected dividend yield		0%		0%
Share price		$17.70		$6.67

Fair Value Disclosures [Line Items]

Summary of Assumptions Used in Black-Scholes Option-pricing Model to Estimate Fair Value of Warrant Liability

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the SAFE Liability:


		March 31, 2026		December 31, 2025
Expected term (in years)		0.11 - 0.75		0.36 - 1.00
Expected volatility		97% - 129%		121% - 137%
Risk-free interest rate		3.68% - 3.70%		3.45% - 3.60%
Expected dividend yield		0%		0%
Share price		$10.83 - $17.82		$6.67 - $11.73