v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair value on a Recurring Basis The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 based on the three-tier fair value hierarchy (in thousands):

 

 

 

Fair Value at June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets included within cash and cash
   equivalents and short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

 

107,602

 

 

$

 

—

 

 

$

 

—

 

 

$

 

107,602

 

U.S. treasury securities

 

 

 

—

 

 

 

 

133,026

 

 

 

 

—

 

 

 

 

133,026

 

Total assets at fair value

 

$

 

107,602

 

 

$

 

133,026

 

 

$

 

—

 

 

$

 

240,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phantom stock options

 

$

 

—

 

 

$

 

—

 

 

$

 

125

 

 

$

 

125

 

Total liabilities at fair value

 

$

 

—

 

 

$

 

—

 

 

$

 

125

 

 

$

 

125

 

 

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 based on the three-tier fair value hierarchy (in thousands):

 

 

 

Fair Value at December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets included within cash and cash
   equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

 

19,665

 

 

$

 

—

 

 

$

 

—

 

 

$

 

19,665

 

Total assets at fair value

 

$

 

19,665

 

 

$

 

—

 

 

$

 

—

 

 

$

 

19,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

 

—

 

 

$

 

—

 

 

$

 

247

 

 

$

 

247

 

Phantom stock options

 

 

 

—

 

 

 

 

—

 

 

 

 

8

 

 

 

 

8

 

Total liabilities at fair value

 

$

 

—

 

 

$

 

—

 

 

$

 

255

 

 

$

 

255

 

 
Summary of Changes in Carrying Value of Convertible Notes

The following table summarizes the changes in carrying value of the convertible notes for the three and six months ended June 30, 2026:

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

2026

 

Balance at beginning of period

 

 

$

65,094

 

 

$

—

 

Issuance of convertible notes

 

 

 

—

 

 

 

56,500

 

Remeasurement of notes to fair value

 

 

 

1,377

 

 

 

9,971

 

Conversion of convertible notes to common stock

 

 

 

(66,471

)

 

 

(66,471

)

Balance at end of period

 

 

$

—

 

 

$

—