v3.26.1
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy. Cash equivalents include instruments such as money market accounts and other short-term treasuries.

 

 

Fair Value Measurement as of June 30, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

892

 

 

$

 

 

$

 

 

$

892

 

Total assets fair value

 

$

892

 

 

$

 

 

$

 

 

$

892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

SEPA put option liability

 

$

 

 

$

 

 

$

10

 

 

$

10

 

Total liabilities fair value

 

$

 

 

$

 

 

$

10

 

 

$

10

 

 

 

Fair Value Measurement as of December 31, 2025

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

2,860

 

 

$

 

 

$

 

 

$

2,860

 

Total assets fair value

 

$

2,860

 

 

$

 

 

$

 

 

$

2,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

SEPA put option liability

 

$

 

 

$

 

 

$

108

 

 

$

108

 

Total liabilities fair value

 

$

 

 

$

 

 

$

108

 

 

$

108

 

Schedule of Transfers In and Out of Level 3 Financial Liabilities

The following table summarizes the activity related to Level 3 financial liabilities for the six months ended June 30, 2026:

 

(in thousands)

 

SEPA Put
Option Liability

 

Fair value at December 31, 2025

 

$

108

 

Change in fair value of SEPA put option liability

 

 

(54

)

Sales under SEPA Agreement

 

 

(44

)

Conversions of convertible debt into shares of common stock

 

 

 

Change in fair value of convertible debt

 

 

 

Fair value at June 30, 2026

 

$

10

 

 

The following table summarizes the activity related to Level 3 financial liabilities for the six months ended June 30, 2025:

 

(in thousands)

 

Short-term
Convertible
Debt

 

 

SEPA Put
Option Liability

 

Fair value at December 31, 2024

 

$

9,168

 

 

$

460

 

Change in fair value of SEPA put option liability

 

 

 

 

 

10

 

Addition of short-term convertible debt

 

 

5,000

 

 

 

 

Conversions of convertible debt into shares of common stock

 

 

(6,219

)

 

 

 

Change in fair value of convertible debt

 

 

117

 

 

 

 

Fair value at June 30, 2025

 

$

8,066

 

 

$

470