v3.26.1
Fair value measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
June 30, 2026December 31, 2025
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents (1):
Money market funds$17,141 $— $— $17,141 $40,120 $— $— $40,120 
Total cash equivalents$17,141 $— $— $17,141 $40,120 $— $— $40,120 
Liabilities:
Derivative liabilities$— $19,233 $15,497 $34,730 $— $— $— $— 
Warrant liability— — 3,684 3,684 — — 6,255 6,255 
Total liabilities$— $19,233 $19,181 $38,414 $— $— $6,255 $6,255 
(1)    Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. Cash balances were $10.1 million and $9.6 million as of June 30, 2026 and December 31, 2025, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of the Level 3 warrant liability and derivative liability related to the conversion feature of the Convertible Debentures during the six months ended June 30, 2026 were as follows:
(in thousands)
Warrant LiabilityDerivative Liability associated with the Convertible Debentures
Balance as of December 31, 2025$6,255 $— 
Issuance of warrants or derivative liability— 30,861 
Change due to conversion/settlement— (15,302)
Change in fair value(2,571)(62)
Balance as of June 30, 2026$3,684 $15,497 
Fair Value Measurement Inputs and Valuation Techniques
The fair value of the warrants was estimated using the following assumptions:
June 30, 2026
Volatility101 %
Risk-free interest rate4.1 %
Dividend yield— %
Expected term (years)1.56