| Fair Value Measurements |
(11) Fair Value MeasurementsThe following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
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As of June 30, 2026 |
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Total |
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Quoted
Prices In
Active
Markets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Other
Unobservable
Inputs
(Level 3) |
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Assets: |
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Cash equivalents |
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Money market funds |
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$ |
7,690 |
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$ |
7,690 |
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$ |
— |
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$ |
— |
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Short-term investments |
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— |
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— |
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Mutual funds |
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14,032 |
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14,032 |
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— |
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— |
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U.S. treasury securities |
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80,333 |
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80,333 |
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Long-term investments |
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U.S. treasury securities |
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105,346 |
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105,346 |
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— |
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— |
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Liabilities: |
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Public Warrant liability |
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$ |
74 |
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$ |
74 |
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$ |
— |
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$ |
— |
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Private Placement Warrant liability |
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3 |
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— |
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— |
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3 |
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Tranche C Preferred Warrants |
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7,152 |
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— |
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— |
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7,152 |
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As of December 31, 2025 |
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Total |
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Quoted
Prices In
Active
Markets
(Level 1) |
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|
Significant
Other
Observable
Inputs
(Level 2) |
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|
Significant
Other
Unobservable
Inputs
(Level 3) |
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Assets: |
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Cash equivalents |
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Money market funds |
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$ |
9,128 |
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$ |
9,128 |
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$ |
— |
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$ |
— |
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Short-term investments |
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Mutual funds |
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59,130 |
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59,130 |
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— |
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— |
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U.S. treasury securities |
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24,027 |
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24,027 |
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— |
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— |
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Corporate Bonds |
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2,933 |
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— |
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2,933 |
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— |
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Long-term investments |
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U.S. treasury securities |
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42,784 |
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42,784 |
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— |
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— |
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Corporate Bonds |
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4,109 |
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— |
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4,109 |
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— |
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Liabilities: |
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Public Warrant liability |
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$ |
179 |
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$ |
179 |
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$ |
— |
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$ |
— |
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Private Placement Warrant liability |
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7 |
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— |
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— |
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7 |
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Tranche C Preferred Warrants |
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5,449 |
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— |
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— |
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5,449 |
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The following table provides a summary of the changes in Level 3 fair value measurements for the Private Placement Warrant liability:
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Balance, December 31, 2025 |
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$ |
7 |
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Change in fair value of Private Placement Warrant liability |
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(1 |
) |
Balance, March 31, 2026 |
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$ |
6 |
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Change in fair value of Private Placement Warrant liability |
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(3 |
) |
Balance, June 30, 2026 |
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$ |
3 |
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The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:
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Balance, December 31, 2025 |
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$ |
5,449 |
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Change in fair value of the Preferred Warrant liabilities |
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513 |
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Balance, March 31, 2026 |
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$ |
5,962 |
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Change in fair value of the Preferred Warrant liabilities |
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1,190 |
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Balance, June 30, 2026 |
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$ |
7,152 |
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As of June 30, 2026 and December 31, 2025, the Company did not have any other assets or liabilities that are recorded at fair value on a recurring basis. The Company believes that the carrying amounts of its cash and cash equivalents, accrued interest receivable, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their near-term maturities.
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