v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Class of Warrant or Right [Line Items]  
Summary of Fair Value Measurements

The following tables show the Company's cash, cash equivalents and marketable securities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:

 

 

Fair Value Measurements as of June 30, 2026

 

 

 

 

 

 

Unaudited

 

(in thousands)

 

Adjusted Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

    Cash

 

$

1,532

 

 

$

—

 

 

$

—

 

 

$

1,532

 

 

$

1,532

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

 

37,627

 

 

 

—

 

 

 

—

 

 

 

37,627

 

 

 

37,627

 

 

 

—

 

    Commercial paper

 

 

3,698

 

 

 

—

 

 

 

(6

)

 

 

3,692

 

 

 

—

 

 

 

3,692

 

Total Level 1:

 

 

41,325

 

 

 

—

 

 

 

(6

)

 

 

41,319

 

 

 

37,627

 

 

 

3,692

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. Treasury securities

 

 

5,807

 

 

 

—

 

 

 

(10

)

 

 

5,797

 

 

 

—

 

 

 

5,797

 

    U.S. Government securities

 

 

10,106

 

 

 

1

 

 

 

(23

)

 

 

10,084

 

 

 

—

 

 

 

10,084

 

    Certificates of deposit

 

 

2,052

 

 

 

—

 

 

 

(3

)

 

 

2,049

 

 

 

—

 

 

 

2,049

 

    Corporate debt securities

 

 

30,270

 

 

 

—

 

 

 

(53

)

 

 

30,217

 

 

 

—

 

 

 

30,217

 

Total Level 2:

 

 

48,235

 

 

 

1

 

 

 

(89

)

 

 

48,147

 

 

 

—

 

 

 

48,147

 

 

 

$

91,092

 

 

$

1

 

 

$

(95

)

 

$

90,998

 

 

$

39,159

 

 

$

51,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2025

 

(in thousands)

 

Adjusted Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

    Cash

 

$

1,059

 

 

$

—

 

 

$

—

 

 

$

1,059

 

 

$

1,059

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Money market funds

 

 

36,293

 

 

 

—

 

 

 

—

 

 

 

36,293

 

 

 

36,293

 

 

 

—

 

    Commercial paper

 

 

986

 

 

 

—

 

 

 

—

 

 

 

986

 

 

 

—

 

 

 

986

 

Total Level 1:

 

 

37,279

 

 

 

—

 

 

 

—

 

 

 

37,279

 

 

 

36,293

 

 

 

986

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    U.S. Treasury securities

 

 

3,783

 

 

 

2

 

 

 

—

 

 

 

3,785

 

 

 

—

 

 

 

3,785

 

    U.S. Government securities

 

 

14,988

 

 

 

28

 

 

 

—

 

 

 

15,016

 

 

 

—

 

 

 

15,016

 

    Certificates of deposit

 

 

1,201

 

 

 

1

 

 

 

—

 

 

 

1,202

 

 

 

—

 

 

 

1,202

 

    Corporate debt securities

 

 

34,219

 

 

 

28

 

 

 

(2

)

 

 

34,245

 

 

 

—

 

 

 

34,245

 

Total Level 2:

 

 

54,191

 

 

 

59

 

 

 

(2

)

 

 

54,248

 

 

 

—

 

 

 

54,248

 

 

 

$

92,529

 

 

$

59

 

 

$

(2

)

 

$

92,586

 

 

$

37,352

 

 

$

55,234

 
Summary of the remaining contractual maturities of our cash equivalents and marketable securities

The following table summarizes the remaining contractual maturities of the Company's marketable securities as of June 30, 2026:

 

 

As of June 30, 2026

 

(in thousands)

 

Fair Value

 

Due within one year

 

$

41,812

 

Due after one year to two years

 

 

10,027

 

Total

 

$

51,839

 

 
Schedule of determining the fair value assumptions of the private placement warrants

The following inputs were utilized in determining the fair value of the Private Placement Warrants as of June 30, 2025:

 

June 30,

Unaudited

 

2025

Dividend yield (1)

 

0%

Expected volatility (2)

 

80.1%

Risk-free interest rate (3)

 

3.98%

Term to warrant expiration (years)

 

0.98

(1) No dividends were paid during the three and six months ended June 30, 2025.

(2) The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.

(3) The risk-free interest rate is based on the yield from U.S. Treasury bonds with an equivalent term to the time to maturity of the warrants.
Private Placement Warrants  
Class of Warrant or Right [Line Items]  
Summary of warrants

The following table presents the Company's Private Placement Warrants measured at fair value on a recurring basis for the three and six months ended June 30, 2026 and 2025:

 

 

Level 3 Liabilities

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

For the Three Months Ended June 30, 2026

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

34

 

 

$

(34

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2026

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

199

 

 

$

(199

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 3 Liabilities

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

For the Three Months Ended June 30, 2025

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

1,206

 

 

$

(344

)

 

$

862

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2025

 

(in thousands)

 

Beginning Balance

 

 

Change in Fair Value

 

 

Ending Balance

 

Private Placement Warrants

 

$

1,690

 

 

$

(828

)

 

$

862