Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Line Items]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the financial instruments measured at fair value on a recurring basis:


		June 30, 2026				December 31, 2025
Level 1 Financial assets:
Equity securities (included as Short-term investments)		$	66,640			$	—
Money market funds (included in Cash and cash equivalents)			7,139				—
Level 2:			—				—
Level 3 Financial liabilities:
Warrant liability			11,675				4,433
SAFE liability			—				11,715
Stock-based compensation warrant liability (included in Other non-current liabilities)			842				303

Summary of reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis

The following table presents the reconciliation of the warrant liability accounted for under ASC 815 measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	4,433
Change in estimated fair value			7,919
Warrants exercised			(677	)
Ending balance – June 30, 2026		$	11,675

The following table presents the reconciliation of the stock compensation warrant liability accounted for under ASC 718 measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	303
Change in estimated fair value			539
Warrants exercised			—
Ending balance – June 30, 2026		$	842

Summary of Reconciliation of SAFE Liability Measured at Fair Value on Recurring Basis

The following table presents the reconciliation of the SAFE liability measured at fair value on a recurring basis:


Beginning balance – December 31, 2025		$	11,715
Proceeds received under SAFE agreements			3,365
Change in estimated fair value			4,625
Conversion to common stock			(19,705	)
Ending balance – June 30, 2026		$	—

Warrant Liability

Fair Value Disclosures [Line Items]

Summary of Assumptions Used in Black-Scholes Option-pricing Model to Estimate Fair Value of Warrant Liability and SAFE Liability

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the warrant liability:


		June 30, 2026		December 31, 2025
Expected term (in years)		3.25		3.75
Expected volatility		130%		95%
Risk-free interest rate		4.16%		3.58%
Expected dividend yield		0%		0%
Share price		$15.28		$6.67

Fair Value Disclosures [Line Items]

Summary of Assumptions Used in Black-Scholes Option-pricing Model to Estimate Fair Value of Warrant Liability and SAFE Liability

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the SAFE Liability.


		December 31, 2025
Expected term (in years)		0.36 - 1.00
Expected volatility		121% - 137%
Risk-free interest rate		3.45% - 3.60%
Expected dividend yield		0%
Share price		$6.67 - $11.73