v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the conclusions reached regarding fair value measurements as of June 30, 2026, and December 31, 2025 (in thousands):
Balance as of June 30, 2026Quoted Prices in Active
Markets for Identical Assets
(Level 1)		Significant Other Observable
Inputs (Level 2)		Significant Unobservable
Inputs (Level 3)
Warrant liabilities$13,165 $— $— $13,165 
CVR liability1,400 — — 1,400 
Total liabilities$14,565 $— $— $14,565 
Securities:
U.S. Treasury securities$59,971 $59,971 $— $— 
Corporate bonds54,887 — 54,887 — 
Total assets$114,858 $59,971 $54,887 $— 
Balance as of December 31, 2025Quoted Prices in Active
Markets for Identical Assets
(Level 1)		Significant Other Observable
Inputs (Level 2)		Significant Unobservable
Inputs (Level 3)
Warrant liabilities$9,575 $— $— $9,575 
CVR liability1,540 — — 1,540 
Total liabilities$11,115 $— $— $11,115 
Securities:
U.S. Treasury securities$97,132 $97,132 $— $— 
Corporate bonds79,352 — 79,352 — 
Total assets$176,484 $97,132 $79,352 $— 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used in determining the fair value of the warrant liabilities valued using the BSM option pricing model as of June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
Risk-free interest rate
3.93% - 4.06%
3.42% - 3.67%
Volatility
57.26% - 60.24%
57.28% - 66.70%
Dividend yield— %— %
Expected term (years)
0.50 - 2.40
0.02 - 2.89
Weighted average fair value$5.20 $2.38 
Schedule Of Common Stock Warrant Liabilities Measured At Fair Value
The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):
Balance as of December 31, 2025$9,575 
Change in fair value measurement of warrant liabilities5,580 
Warrants exercised(1,990)
Balance as of June 30, 2026$13,165 
The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (in thousands):
Balance as of December 31, 2025$1,540 
Change in fair value measurement of contingent consideration liabilities(140)
Balance as of June 30, 2026$1,400 
The following table provides a reconciliation of the beginning and ending balances related to the embedded derivative (in thousands):
Balance as of December 31, 2025$— 
Change in fair value measurement of embedded derivative7,216 
Extinguishments(7,216)
Balance as of June 30, 2026$—