Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement of Assets And Liabilities

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026
						Fair Value Measurement Category
		Total Fair Value and Carrying Value on Balance Sheet				Level 1				Level 2				Level 3
Assets:
U.S. treasuries classified as short-term investments		$	6,189			$	—			$	6,189			$	—
Money market funds classified as cash equivalents		$	1,864			$	1,864			$	—			$	—


		December 31, 2025
						Fair Value Measurement Category
		Total Fair Value and Carrying Value on Balance Sheet				Level 1				Level 2				Level 3
Assets:
U.S. treasuries classified as short-term investments		$	16,279			$	—			$	16,279			$	—
Money market funds classified as cash equivalents		$	1,887			$	1,887			$	—			$	—
Money market funds classified as restricted cash and investments		$	1,519			$	1,519			$	—			$	—
U.S. treasuries classified as restricted cash and investments		$	8,747			$	—			$	8,747			$	—
Liabilities:
Convertible debentures payable		$	9,979			$	—			$	—			$	9,979

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key input assumptions utilized are summarized in the table below:


		Convertible Debentures Payable
		December 31, 2025
Expected volatility			116.00	%
Risk-free interest rate			3.59	%
Term to maturity (years)			0.40
Debt discount rate			18.17	%
Equity discount rate			3.59	%

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

Changes in estimated fair value of convertible debentures payable in the six months ended June 30, 2026 and 2025 are as follows (in thousands):


		Convertible Debentures Payable (Level 3 Measurement)
Balance as of January 1, 2025		$	20,362
Changes in estimated fair value, interest and redemption payments, recorded in other income (expense), net			(5,250	)
Conversions to common stock			(350	)
Cash payments on redemptions			(3,000	)
Balance as of June 30, 2025		$	11,762

Balance as of January 1, 2026		$	9,979
Changes in estimated fair value, interest and redemption payments, recorded in other income (expense), net			287
Conversions to common stock			—
Cash payments on redemptions			(10,266	)
Balance as of June 30, 2026		$	—

Schedule of Marketable Securities

As of June 30, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments (in thousands):


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries classified as short-term investments		Less than 1			6,189				—				—				6,189
Total maturity less than 1 year				$	6,189			$	—			$	—			$	6,189

As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments and restricted cash and investments (in thousands):


		Remaining Contractual Maturity (in years)		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Estimated Fair Value
U.S. treasuries classified as short-term investments		Less than 1			16,278				1				—				16,279
U.S. treasuries classified as restricted cash and investments		Less than 1			8,746				1				—				8,747
Total maturity less than 1 year				$	25,024			$	2			$	—			$	25,026

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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