v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

The following table sets forth by level, within the fair value hierarchy, the assets and liabilities carried at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurement as of June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 Money market funds

 

$

33,700

 

 

$

—

 

 

$

—

 

 

$

33,700

 

 Government securities

 

 

—

 

 

 

10,439

 

 

 

—

 

 

 

10,439

 

 

$

33,700

 

 

$

10,439

 

 

$

—

 

 

$

44,139

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government securities

 

$

—

 

 

$

172,056

 

 

$

—

 

 

$

172,056

 

Term deposits

 

 

—

 

 

 

150,000

 

 

 

—

 

 

 

150,000

 

 

 

$

—

 

 

$

322,056

 

 

$

—

 

 

$

322,056

 

 

 

 

Fair Value Measurement as of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 Money market funds

 

$

92,788

 

 

$

—

 

 

$

—

 

 

$

92,788

 

 

$

92,788

 

 

$

—

 

 

$

—

 

 

$

92,788

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 Government securities

 

$

—

 

 

$

99,848

 

 

$

—

 

 

$

99,848

 

 

$

—

 

 

$

99,848

 

 

$

—

 

 

$

99,848

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 Warrant to purchase convertible preferred stock

 

$

—

 

 

$

—

 

 

$

1,205

 

 

$

1,205

 

 

$

—

 

 

$

—

 

 

$

1,205

 

 

$

1,205

 

 

Valuation of the Warrant to Purchase Convertible Preferred Stock

The fair value of the convertible preferred stock warrant liabilities was determined using the Black-Scholes Option Pricing Model (the "Black-Scholes OPM") with the assumptions as disclosed in Note 8. These assumptions include significant judgments, including the fair value of the underlying convertible preferred stock.

The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs (in thousands):

 

 

 

Warrant to purchase
convertible preferred stock

 

Balance as of December 31, 2025

 

$

1,205

 

Change in fair value

 

 

363

 

Reclassification of warrant liability to equity

 

 

(1,568

)

Balance as of June 30, 2026

 

$

-

 

 

There were no transfers among Level 1, Level 2, or Level 3 categories in the period presented.

Financial Instruments Not Recorded at Fair Value – The carrying value of accounts receivable, accounts payable and accrued expenses that are reported on the unaudited condensed consolidated balance sheet approximate their fair value because of the relatively short period of time between origination and expected realization or settlement.