v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measures and Disclosures [Line Items]  
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial liabilities measured at fair value on a recurring basis for the period indicated (in thousands):

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

$

 

 

$

 

 

$

32,413

 

 

$

32,413

 

Convertible preferred stock warrant liability

 

 

 

 

 

 

 

 

1,884

 

 

 

1,884

 

 

$

 

 

$

 

 

$

34,297

 

 

$

34,297

 

Derivative Liability  
Fair Value Measures and Disclosures [Line Items]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company used the following assumptions to determine the fair value of the derivative liability for the period indicated:

 

 

December 31,

 

2025

Risk-free interest rate

 

3.58%

Expected term (in years)

 

0.10

Volatility

 

62.90%

Dividend yield

 

%

Summary of the Change in the Estimated Fair Value, Liability

The following table provides a summary of the change in the estimated fair value of the Company’s derivative liability (in thousands):

 

Fair value as of December 31, 2025

 

$

32,413

 

Change in fair value

 

 

(340

)

Reclassification to additional paid-in capital upon conversion

 

 

(32,073

)

Fair value as of June 30, 2026

 

$

 

 

Fair value as of December 31, 2024

 

$

23,847

 

Change in fair value

 

 

17,860

 

Fair value as of June 30, 2025

 

$

41,707

 

Convertible Preferred Stock Warrant Liability  
Fair Value Measures and Disclosures [Line Items]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques

In determining the fair value of the convertible preferred stock warrant liability, the following assumptions were used:

 

 

 

December 31,

 

 

2025

 

 

OPM

 

Waterfall

Risk-free interest rate

 

3.58%

 

N/A

Discount Rate

 

N/A

 

12.50%

Expected term (in years)

 

0.50

 

0.08

Volatility

 

62.90%

 

N/A

Dividend yield

 

%

 

N/A

 

Summary of the Change in the Estimated Fair Value, Liability

The following table provides a summary of the change in the estimated fair value of the Company’s convertible preferred stock warrant liability (in thousands):

 

Fair value as of December 31, 2025

 

$

1,884

 

Change in fair value

 

 

(13

)

Reclassification to additional paid-in capital upon net exercise

 

 

(1,871

)

Fair value as of June 30, 2026

 

$

 

 

Fair value as of December 31, 2024

 

$

1,396

 

Change in fair value

 

 

928

 

Fair value as of June 30, 2025

 

$

2,324