v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The tables below present certain assets and liabilities measured at fair value categorized by the level of input used in the valuation of each asset and liability (in thousands):
June 30, 2026
Level 1Level 2Level 3Total Fair Value
Cash equivalents:
Money market funds$137,227 $— $— $137,227 
Long-term liability:
Warrant liability$— $1,958 $— $1,958 
December 31, 2025
Level 1Level 2Level 3Total Fair Value
Cash equivalents:
Money market funds$172,689 $— $— $172,689 
Long-term liability:
Warrant liability$— $2,980 $— $2,980 
Cash and cash equivalents — Money market funds included within cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.
Warrant liability – The warrant liability is classified within Level 2 of the fair value hierarchy because it is valued using inputs which are observable either directly or indirectly. The fair value was calculated using the Black-Scholes option pricing model using the following key inputs: volatility, risk-free rate, dividend yield and expected term.
The fair value of the Company's senior secured term loan facility approximates its carrying value as of June 30, 2026 and December 31, 2025, as the instrument bears interest at a variable rate that reflects current market rates.