v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis (in thousands):
June 30, 2026
Cash Equivalents and Restricted CashShort-Term InvestmentsTotal Assets at Fair Value
Level 1:
Money market funds$8,161 $— $8,161 
Total Level 18,161 — 8,161 
Total assets measured at fair value$8,161 $— $8,161 
December 31, 2025
Cash Equivalents and Restricted CashShort-Term InvestmentsTotal Assets at Fair Value
Level 1:
Money market funds$9,191 $— $9,191 
U.S. Treasury securities— 793 793 
Total Level 19,191 793 9,984 
Level 2:
Commercial paper2,792 6,764 9,556 
Total Level 22,792 6,764 9,556 
Total assets measured at fair value$11,983 $7,557 $19,540 
The following tables present the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Liabilities:
Public common stock warrants$63 — — $63 
Total liabilities measured at fair value$63 $— $— $63 
December 31, 2025
Level 1Level 2Level 3Total
Liabilities:
Public common stock warrants$573 — — $573 
Total liabilities measured at fair value$573 $— $— $573 
There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented. The carrying amounts of the Company’s accounts payable approximate their fair values due to their short maturities.
Level 1 Assets: The Company invests in money market funds and U.S. Treasury securities. These assets are valued using observable inputs that reflect quoted prices for securities with identical characteristics.
Level 2 Assets: The Company invests in commercial paper. These assets are valued using observable inputs that reflect quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals).
Level 1 Liabilities: The Company values its public common stock warrants based on the market price of the warrants.
For trading securities held at the reporting date, net losses recorded during the three and six months ended June 30, 2026 and 2025 were immaterial.