Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	Level	June 30, 2026		December 31, 2025
Assets:
Cash equivalents:
Money Market	1	$	—	$	84
U.S. Treasury Bills	1	$	—	$	9,936
		$	—	$	10,020
Liabilities:
Warrant liability – Public Warrants(1)	1	$	—	$	125
Warrant liability – Private Placement Warrants(1)	3	—		70
Total warrant liability		$	—	$	195

1 Both the Public and Private Placement Warrants expired on June 16, 2026 and ceased to be exercisable.

Schedule of Derivative Liabilities at Fair Value

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):


	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	Public Warrants		Private Placement Warrants		Warrant Liabilities		Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	62	$	36	$	98	$	125	$	70	$	195
Change in valuation inputs or other assumptions	(62)		(36)		(98)		(125)		(70)		(195)
Fair value, end of period(1)	$	—	$	—	$	—	$	—	$	—	$	—

1 Both the Public and Private Placement Warrants expired on June 16, 2026 and ceased to be exercisable.


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Public Warrants		Private Placement Warrants		Warrant Liabilities		Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	375	$	210	$	585	$	375	$	210	$	585
Change in valuation inputs or other assumptions	(250)		(140)		(390)		(250)		(140)		(390)
Fair value, end of period	$	125	$	70	$	195	$	125	$	70	$	195

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at December 31, 2025:


	December 31, 2025
Exercise price	$	11.50
Stock price	$	0.83
Volatility	170.0		%
Term (years)	0.46
Risk-free interest rate	3.60		%