v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Restricted short-term investments

 

$

—

 

 

$

4,250

 

 

$

—

 

Total assets

 

$

—

 

 

$

4,250

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Term Loan Warrants

 

$

—

 

 

$

—

 

 

$

699

 

Common Stock Warrants

 

 

—

 

 

 

—

 

 

 

3,126

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

3,825

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Restricted short-term investments

 

$

—

 

 

$

4,250

 

 

$

—

 

Total assets

 

$

—

 

 

$

4,250

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Term Loan Warrants

 

$

—

 

 

$

—

 

 

$

733

 

Common Stock Warrants

 

 

—

 

 

 

—

 

 

 

3,420

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

4,153

 
Summary of Fair Value of Significant Assumptions Utilized in the Valuation

The following table presents significant assumptions utilized in the valuation of the Term Loan Warrants at June 30, 2026 and December 31, 2025:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

 

Risk-free rate

 

 

4.1

%

 

 

3.6

%

Dividend yield rate

 

 

—

 

 

 

—

 

Volatility

 

 

91.6

%

 

 

91.1

%

Contractual term (in years)

 

 

3.11

 

 

 

3.60

 

Exercise price

 

$

6.26

 

 

$

6.26

 

The following table presents significant assumptions utilized in the valuation of the Common Stock Warrants on June 30, 2026 and December 31, 2025:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

 

Risk-free rate

 

 

4.1

%

 

 

3.6

%

Dividend yield rate

 

 

—

 

 

 

—

 

Volatility

 

 

89.3

%

 

 

90.4

%

Contractual term (in years)

 

 

2.95

 

 

 

3.45

 

Exercise price

 

$

11.24

 

 

$

11.24

 
Summary of Change in the Fair Value of the Warrants

The following table presents changes in the fair value of the Term Loan Warrants for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

767

 

 

$

504

 

 

$

733

 

 

$

390

 

Change in fair value

 

 

(68

)

 

 

(265

)

 

 

(34

)

 

 

(151

)

Balance, end of period

 

$

699

 

 

$

239

 

 

$

699

 

 

$

239

 

The following table presents changes in the fair value of the Common Stock Warrants for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

3,577

 

 

$

2,358

 

 

$

3,420

 

 

$

1,783

 

Change in fair value

 

 

(451

)

 

 

(1,293

)

 

 

(294

)

 

 

(718

)

Balance, end of period

 

$

3,126

 

 

$

1,065

 

 

$

3,126

 

 

$

1,065