Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present information about the Company’s financial instruments measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:


	Fair Value Measurements
	as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - money market funds	$	195,032	$	—	$	—	$	195,032
	$	195,032	$	—	$	—	$	195,032

Liabilities:
Pre-funded Warrants	$	—	$	337,459	$	—	$	337,459
	$	—	$	337,459	$	—	$	337,459


	Fair Value Measurements
	as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - money market funds	$	43,053	$	—	$	—	$	43,053
	$	43,053	$	—	$	—	$	43,053

Liabilities:
Pre-funded Warrants	$	—	$	60,029	$	—	$	60,029
2025 ADS Warrants	—		—		143,697		143,697
	$	—	$	60,029	$	143,697	$	203,726

Schedule of Fair Value of Warrant Liabilities

The following table reflects the fair value of the Company’s warrant liabilities for the six months ended June 30, 2026:


	Pre-Funded Warrants		ADS Warrants
Fair value as of December 31, 2025	$	60,029	$	143,697
Change in fair value of warrant liabilities	140,965		(66,304)
Exercise of 2025 Financing pre-funded warrant liabilities	(33,719)		(32,542)
Issuance of February 2026 Offering of pre-funded warrants	10,000		—
Conversion of 2025 Financing ADS warrants to pre-funded warrants	160,184		(44,851)
Fair value as of June 30, 2026	$	337,459	$	—