| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy (in thousands):
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|
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|
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|
|
|
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As of June 30, 2026 |
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|
Fair Value Measurement Using |
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|
|
Level 1 |
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|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
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|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
279,436 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
279,436 |
|
Total cash equivalents |
|
|
279,436 |
|
|
|
— |
|
|
|
— |
|
|
|
279,436 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
|
— |
|
|
|
44,679 |
|
|
|
— |
|
|
|
44,679 |
|
Total marketable securities |
|
|
— |
|
|
|
44,679 |
|
|
|
— |
|
|
|
44,679 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
|
— |
|
|
|
782 |
|
|
|
— |
|
|
|
782 |
|
Total restricted cash |
|
|
— |
|
|
|
782 |
|
|
|
— |
|
|
|
782 |
|
Total assets |
|
$ |
279,436 |
|
|
$ |
45,461 |
|
|
$ |
— |
|
|
$ |
324,897 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability – warrants |
|
|
— |
|
|
|
1,357 |
|
|
|
51 |
|
|
|
1,408 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
1,357 |
|
|
$ |
51 |
|
|
$ |
1,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Fair Value Measurement Using |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
249,393 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
249,393 |
|
Total cash equivalents |
|
|
249,393 |
|
|
|
— |
|
|
|
— |
|
|
|
249,393 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
|
— |
|
|
|
45,040 |
|
|
|
— |
|
|
|
45,040 |
|
Total marketable securities |
|
|
— |
|
|
|
45,040 |
|
|
|
— |
|
|
|
45,040 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
|
— |
|
|
|
770 |
|
|
|
— |
|
|
|
770 |
|
Total restricted cash |
|
|
— |
|
|
|
770 |
|
|
|
— |
|
|
|
770 |
|
Total assets |
|
$ |
249,393 |
|
|
$ |
45,810 |
|
|
$ |
— |
|
|
$ |
295,203 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability – warrants |
|
|
— |
|
|
|
1,305 |
|
|
|
38 |
|
|
|
1,343 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
1,305 |
|
|
$ |
38 |
|
|
$ |
1,343 |
|
|
| Schedule of Assumptions Used in Estimating Fair Value of the Warrant Liabilities |
The following are the assumptions used in the Black-Scholes valuation model in order to determine the fair value of the warrant liabilities as of June 30, 2026 and December 31, 2025:
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|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Term (in years) |
|
2.16 - 2.41 |
|
|
|
2.66 |
|
Volatility |
|
91.7% - 94.3% |
|
|
|
103.4 |
% |
Exercise price |
|
$ |
41.83 |
|
|
$ |
41.83 |
|
Risk-free rate |
|
3.47% - 4.14% |
|
|
|
3.52 |
% |
|
| Schedule of Change in the Derivative Liabilities |
The change in the Level 3 warrant liabilities for the six months ended June 30, 2026 was (in thousands):
|
|
|
|
|
|
|
Level 3 Warrant Liabilities |
|
Balance December 31, 2025 |
|
$ |
38 |
|
Exercise of warrants |
|
|
(1 |
) |
Loss due to change in fair value |
|
|
14 |
|
Balance June 30, 2026 |
|
$ |
51 |
|
The change in the warrant liabilities for the six months ended June 30, 2026 was (in thousands):
|
|
|
|
|
|
|
Warrants |
|
Balance December 31, 2025 |
|
$ |
1,343 |
|
Exercise of warrants |
|
|
(397 |
) |
Loss due to change in fair value |
|
|
462 |
|
Balance June 30, 2026 |
|
$ |
1,408 |
|
|