v3.26.1
Marketable Securities and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Investment Securities Classified as Available-for-sale The Company’s investments in cash equivalents at June 30, 2026 and December 31, 2025 is as follows:
June 30, 2026
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents:
Money Market Fund$39,081 $— $— $39,081 

December 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents:
Money Market Fund$27,230 $— $— $27,230 

The contractual maturities of the Company's investments in cash equivalents as of June 30, 2026 and December 31, 2025 is as follows:
June 30, 2026 (in thousands)
Due in One Year or LessDue After One Year through Five YearsDue After Five YearsTotal
Cash equivalents:
Money Market Fund$39,081 $— $— $39,081 
December 31, 2025 (in thousands)
Due in One Year or LessDue After One Year through Five YearsDue After Five YearsTotal
Cash equivalents:
Money Market Fund$27,230 $— $— $27,230 
Summary of Carrying Amounts of Financial Instruments The following table presents the carrying amounts of the Company’s recurring and non-recurring fair value measurements at June 30, 2026 and December 31, 2025:
June 30, 2026
(in thousands)Total Level 1Level 2Level 3
Financial assets:
Cash equivalents$39,081 $— $39,081 — 
Financial liabilities:
Derivative warrant liabilities$89 $— $89 $— 
Optional redemption derivative liabilities10,838 — — 10,838 
December 31, 2025
(in thousands)TotalLevel 1Level 2Level 3
Financial assets:
Cash equivalents$27,230 $— $27,230 $— 
Financial liabilities:
Derivative warrant liabilities$264 $— $264 $— 
Conversion option derivative liabilities12,591 — — 12,591 
Summary of Changes in Fair Value of Level 3 Warrant Liabilities
The following table presents information about the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis at June 30, 2026:
(in thousands)Derivative Liabilities
Balance at December 31, 2024$385 
Decrease in fair value included in other expense12,206 
Balance at December 31, 2025$12,591 
Change in fair value included in other expense(1,753)
Balance at June 30, 2026$10,838 
Summary of Assumptions used in the Valuation of Derivative Liabilities A summary of the level 3 fair value measurements inputs used in the valuations is as follows:
June 30, 2026
Optional Redemption Derivative Liability
Unit price$5.43
Term (in years)1.11
Volatility80.00 %
Risk-free rate3.94 %
Dividend yield— 
Cost of equity— 
December 31, 2025
Conversion Option Derivative Liability
Unit price$3.56
Term (in years)1.61
Volatility114.00 %
Risk-free rate3.45 %
Dividend yield— 
Cost of equity—