v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis
The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):
 
June 30, 2026
TotalLevel 1Level 2Level 3
Liabilities:
Warrant liability$1,193 $— $— $1,193 
 
December 31, 2025
TotalLevel 1Level 2Level 3
Liabilities:
Warrant liability$1,752 $— $— $1,752 
Schedule of Fair Value Measurements Inputs
The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:

June 30, 2026December 31, 2025
Fair value of underlying common stock$4.65 $6.08 
Exercise price
$4.65 - $5.23
$6.08 - $6.84
Risk-free interest rate4.4%4.2%
Expected volatility85.5%85.6%
Expected term (in years)10.010.0
Expected dividend yield%%
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):

Warrant Liability
Balance at December 31, 2025
$1,752 
Change in fair value of warrant liability(456)
Termination of Tranche C Warrant Shares(103)
Balance at June 30, 2026
$1,193