Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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

The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	550	$	—	$	—	$	550
Total cash equivalents	550		—		—		550
Total financial assets	$	550	$	—	$	—	$	550
Liabilities:
Common stock warrant liability	$	—	$	—	$	238	$	238
Total financial liabilities	$	—	$	—	$	238	$	238


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,038	$	—	$	—	$	1,038
Total cash equivalents	1,038		—		—		1,038
Total financial assets	$	1,038	$	—	$	—	$	1,038

Schedule of Common Stock Warrant Liability Measurement Inputs and Valuation Techniques

The common stock warrant liability was valued using the following assumptions:


	Issue	June 30,
	Date	2026
Stock price	$1.53	$1.30
Weighted average expected term (in years)	7.0	6.7
Volatility	81.7%	83.6%
Risk-free interest rate	3.8%	4.3%
Dividend yield	—	—

Schedule of Change in Fair Value of the Common Stock Warrant Liability

The change in fair value of the common stock warrant liability is summarized below (in thousands):


	Common Stock
	Warrant Liability
Fair value as of December 31, 2025	$	—
Issuance of common stock warrants	277
Change in fair value included in other (expense) income, net	(39)
Fair value as of June 30, 2026	$	238