Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (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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Current assets: |
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|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
18,524 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,524 |
|
Total cash equivalents |
|
|
18,524 |
|
|
|
— |
|
|
|
— |
|
|
|
18,524 |
|
Total assets measured at fair value |
|
$ |
18,524 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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December 31, 2025 |
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Level 1 |
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Level 2 |
|
|
Level 3 |
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Total |
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Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
5,938 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,938 |
|
Commercial paper |
|
|
— |
|
|
|
3,582 |
|
|
|
— |
|
|
|
3,582 |
|
U.S. Government sponsored entities - mortgage backed securities |
|
|
— |
|
|
|
1,996 |
|
|
|
— |
|
|
|
1,996 |
|
Total cash equivalents |
|
|
5,938 |
|
|
|
5,578 |
|
|
|
— |
|
|
|
11,516 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
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Commercial paper |
|
|
— |
|
|
|
496 |
|
|
|
— |
|
|
|
496 |
|
U.S. Government sponsored entities - mortgage-backed securities |
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
Total short-term investments |
|
|
— |
|
|
|
1,496 |
|
|
|
— |
|
|
|
1,496 |
|
Total assets measured at fair value |
|
$ |
5,938 |
|
|
$ |
7,074 |
|
|
$ |
— |
|
|
$ |
13,012 |
|
The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands).
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June 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
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Liabilities: |
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|
|
|
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|
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|
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Promissory Note |
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$ |
— |
|
|
$ |
— |
|
|
$ |
9,200 |
|
|
$ |
9,200 |
|
Warrant Liability |
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|
— |
|
|
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— |
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|
|
1,300 |
|
|
|
1,300 |
|
Total liabilities measured at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,500 |
|
|
$ |
10,500 |
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|
|
|
|
|
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|
|
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|
December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
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Total |
|
Liabilities: |
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|
|
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|
|
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|
Promissory Note |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,450 |
|
|
$ |
8,450 |
|
Warrant Liability |
|
|
— |
|
|
|
— |
|
|
|
8,000 |
|
|
|
8,000 |
|
Total liabilities measured at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,450 |
|
|
$ |
16,450 |
|
|
| Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs |
The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the six months ended June 30, 2026 and 2025 (in thousands):
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|
|
|
Promissory Note liability |
|
|
|
Balance at December 31, 2025 |
|
$ |
9,700 |
|
Change in Fair Value of Promissory Note |
|
|
(3,000 |
) |
Balance at March 31, 2026 |
|
|
6,700 |
|
Change in Fair Value of Promissory Note |
|
|
2,500 |
|
Balance at June 30, 2026 |
|
$ |
9,200 |
|
|
|
|
|
Warrant liability |
|
|
|
Balance at December 31, 2025 |
|
$ |
8,000 |
|
Change in Fair Value of Tranche B Warrants |
|
|
(4,400 |
) |
Change in Fair Value of Lender Warrants |
|
|
(3,400 |
) |
Balance at March 31, 2026 |
|
|
200 |
|
Change in Fair Value of Tranche B Warrants |
|
|
— |
|
Change in Fair Value of Lender Warrants |
|
|
1,100 |
|
Balance at June 30, 2026 |
|
$ |
1,300 |
|
|
|
|
|
Promissory Note liability |
|
|
|
Balance at December 31, 2024 |
|
$ |
8,923 |
|
Change in Fair Value of Promissory Note |
|
|
(323 |
) |
Balance at March 31, 2025 |
|
|
8,600 |
|
Change in Fair Value of Promissory Note |
|
|
(100 |
) |
Balance at June 30, 2025 |
|
$ |
8,500 |
|
|
|
|
|
Warrant liability |
|
|
|
Balance at December 31, 2024 |
|
$ |
1,700 |
|
Issuance of Lender Warrants |
|
|
1,077 |
|
Change in Fair Value of Tranche B Warrants |
|
|
(1,200 |
) |
Change in Fair Value of Lender Warrants |
|
|
(177 |
) |
Balance at March 31, 2025 |
|
|
1,400 |
|
Change in Fair Value of Tranche B Warrants |
|
|
(200 |
) |
Change in Fair Value of Lender Warrants |
|
|
(200 |
) |
Balance at June 30, 2025 |
|
$ |
1,000 |
|
|
| Summary of Company's Financial Assets Measured at Fair Value |
The following table presents information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
18,525 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
18,524 |
|
Total cash equivalents |
|
|
18,525 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
18,524 |
|
Total assets measured at fair value |
|
$ |
18,525 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
18,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
5,938 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,938 |
|
Commercial paper |
|
|
3,582 |
|
|
|
— |
|
|
|
— |
|
|
|
3,582 |
|
U.S. Government sponsored entities - mortgage-backed securities |
|
|
1,996 |
|
|
|
— |
|
|
|
— |
|
|
|
1,996 |
|
Total cash equivalents |
|
|
11,516 |
|
|
|
— |
|
|
|
— |
|
|
|
11,516 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
496 |
|
|
|
— |
|
|
|
— |
|
|
|
496 |
|
U.S. Government sponsored entities - mortgage backed securities |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
Total short-term investments |
|
|
1,496 |
|
|
|
— |
|
|
|
— |
|
|
|
1,496 |
|
Total assets measured at fair value |
|
$ |
13,012 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,012 |
|
|