Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):
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June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Money market securities (cash equivalents) |
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$ |
45,378 |
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$ |
— |
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$ |
— |
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$ |
45,378 |
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Corporate bonds and commercial paper (cash equivalents) |
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— |
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1,993 |
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— |
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1,993 |
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Restricted cash |
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235 |
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— |
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— |
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235 |
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U.S. government securities |
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— |
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47,921 |
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— |
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47,921 |
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Corporate bonds (marketable securities) |
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— |
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23,803 |
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— |
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23,803 |
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Commercial paper (marketable securities) |
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— |
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67,621 |
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— |
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67,621 |
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Total assets |
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$ |
45,613 |
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$ |
141,338 |
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$ |
— |
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$ |
186,951 |
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Liabilities |
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Convertible debt |
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$ |
— |
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$ |
14,507 |
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$ |
— |
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$ |
14,507 |
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Contingent consideration |
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— |
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— |
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1,372 |
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1,372 |
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Warrant liability |
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— |
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— |
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182,724 |
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182,724 |
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Pre-funded warrant liability |
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— |
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— |
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655 |
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655 |
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Total liabilities |
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$ |
— |
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$ |
14,507 |
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$ |
184,751 |
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$ |
199,258 |
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| Schedule of Money Market Securities |
Money market securities consist of the following (in thousands):
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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June 30, 2026 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Money market securities (cash equivalents) |
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$ |
45,378 |
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$ |
— |
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$ |
— |
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$ |
45,378 |
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Money market securities (restricted cash) |
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235 |
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— |
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— |
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235 |
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Total money market securities |
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$ |
45,613 |
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$ |
— |
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$ |
— |
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$ |
45,613 |
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| Schedule of Corporate Bonds and Commercial Paper |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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June 30, 2026 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Corporate bonds and commercial paper (cash equivalents) |
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$ |
1,993 |
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$ |
— |
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$ |
— |
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$ |
1,993 |
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U.S. government securities |
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47,959 |
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— |
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(38 |
) |
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47,921 |
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Corporate bonds |
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23,830 |
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— |
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(27 |
) |
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23,803 |
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Commercial paper |
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67,649 |
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— |
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(28 |
) |
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67,621 |
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Total commercial paper |
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$ |
141,431 |
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$ |
— |
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$ |
(93 |
) |
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$ |
141,338 |
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| Schedule of Aggregate Fair Value of Principal Amount of Convertible Debt |
The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.
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June 30, 2026 |
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December 31, 2025 |
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Principal |
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Carrying |
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Fair |
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Principal |
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Carrying |
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Fair |
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Amount |
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Value |
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Value |
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Amount |
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Value |
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Value |
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2024 SVB Convertible Debt |
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$ |
15,000 |
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$ |
14,912 |
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$ |
14,507 |
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$ |
15,000 |
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$ |
14,889 |
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$ |
14,320 |
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As of June 30, 2026 and December 31, 2025, the New Convertible Term Loan balance was comprised of the following (in thousands):
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June 30, |
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December 31, |
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2026 |
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2025 |
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New Convertible Term Loan Information |
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Principal |
$ |
15,000 |
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$ |
15,000 |
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Transaction costs |
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(186 |
) |
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(186 |
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Amortization of transaction costs |
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98 |
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75 |
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$ |
14,912 |
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$ |
14,889 |
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| Schedule of Changes in Fair Value of Liabilities |
The following table presents the changes in fair value of our total Level 3 financial liabilities for the six months ended June 30, 2026 (in thousands):
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Balance at |
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Change in |
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Balance at |
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(in thousands) |
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December 31, 2025 |
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Fair Value |
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June 30, 2026 |
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Contingent consideration |
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$ |
1,557 |
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$ |
(185 |
) |
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$ |
1,372 |
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Fair Value of Liability Classified Warrants and Pre-Funded Warrants
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| Summary of Inputs and Significant Assumptions Used in Black-Scholes Pricing Model |
The inputs and significant assumptions used in Black-Scholes pricing model were as follows:
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As of |
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Six Months Ended |
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April 17, |
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June 30, |
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2026 |
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2026 |
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2025 |
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Risk-free interest rates |
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3.62 |
% |
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3.94 |
% |
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— |
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Expected dividend yield |
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0 |
% |
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0 |
% |
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— |
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Expected life |
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1.17 years |
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0.97 years |
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— |
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Expected volatility |
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98.98 |
% |
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90.90 |
% |
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— |
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Forfeiture rate |
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0.00 |
% |
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0.00 |
% |
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— |
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| Summary of Change in Fair Value of Warrants |
During the six months ended June 30, 2026, we issued 49.5 million common stock warrants and 0.1 million pre-funded common stock warrants that were classified as liabilities. The following table presents the changes in fair value of our total Level 3 financial liabilities for the six months ended June 30, 2026 (in thousands):
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Liability at |
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Issuance of |
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Unrealized Loss on |
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Liability at |
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December 31, 2025 |
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Warrants |
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Warrants |
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June 30, 2026 |
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Warrant Liability |
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$ |
— |
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$ |
134,196 |
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$ |
48,528 |
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$ |
182,724 |
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Pre-funded Warrant Liability |
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— |
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511 |
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144 |
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655 |
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$ |
— |
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$ |
134,707 |
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$ |
48,672 |
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$ |
183,379 |
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