Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Financial Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value (in thousands):


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money Market	96,632		$	—	$	—	$	96,632
Total Assets	$	96,632	$	—	$	—	$	96,632
Liabilities:
Debt, net	$	—	$	1,749	$	—	$	1,749
Derivative liability	$	—	$	—	$	33,708	$	33,708
Total liabilities	$	—	$	1,749	$	33,708	$	35,457


	As December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money Market	$	17,407	$	—	$	—	$	17,407
Total assets	$	17,407	$	—	$	—	$	17,407
Liabilities:
Debt, net	$	—	$	28,792	$	—	$	28,792
Total liabilities	$	—	$	28,792	$	—	$	28,792

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in fair value of the Level 3 liabilities for the six months ended June 30, 2026 (in thousands):


	Amount
Balance at January 1, 2026	$	—
Initial recognition of embedded derivative upon issuance of convertible note	31,817
Change in fair value recognized in earnings	1,891
Balance as of June 30, 2026	$	33,708