v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):
June 30, 2026Fair ValueLevel 1Level 2Level 3
Assets:
Money market funds$15,560 $15,560 $— $— 
Investment in iECURE744 — — 744 
Imugene Marketable Securities1,473 1,473 — — 
$17,777 $17,033 $— $744 
Liabilities:
Final payment fee$187 $— $187 $— 
Warrant liability36,693 — — 36,693 
$36,880 $— $187 $36,693 
December 31, 2025Fair ValueLevel 1Level 2Level 3
Assets:
Money market funds$15,286 $15,286 $— $— 
Investment in iECURE744 — — 744 
Imugene Marketable Securities4,762 4,762 — — 
$20,792 $20,048 $— $744 
Liabilities:
Final payment fee$208 $— $208 $— 
Warrant Liability15,695 — — 15,695 
$15,903 $— $208 $15,695 
The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2026 (in thousands). The warrant reconciliation is disclosed in Note 11, Warrants:
Investment in iECURE
Balance December 31, 2025$744 
(Loss) gain from changes in fair value included in earnings— 
Balance June 30, 2026$744 
The carrying amounts of the Company’s accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows:
Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities
Level 2—Inputs, other than quoted prices in active markets, which are observable either directly or indirectly
Level 3—Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions.