Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of June 30, 2026 were as follows:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	21,489	$	—	$	—	$	21,489
Total assets	$	21,489	$	—	$	—	$	21,489

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	56,548	$	—	$	—	$	56,548
Total assets	$	56,548	$	—	$	—	$	56,548

Liabilities:
Derivative liability	$	—	$	—	$	759	$	759
Total liabilities	$	—	$	—	$	759	$	759

Schedule of Weighted-Average Significant Unobservable Inputs

The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs:


	Six Months Ended June 30,
	2026		2025
	(in thousands)
Balance at beginning of period	$	759	$	2,829

Change in fair value	(707)		(190)
Extinguishment of note payable	(52)		—
Balance at end of period	$	—	$	2,639

The fair value of the derivative liability in the term loan was estimated using the Monte Carlo and the Black-Scholes models, each weighted based on the probable outcomes of various scenarios. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of December 31, 2025 is as follows:



Stock price									$0.63
Volatility									105.0%
Risk-free rate (continuous)									3.5%
Expected term (in years)									0.25
Dividend yield (continuous)									—%