Investments and Fair Value Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Investments And Fair Value Instruments [Abstract]

Summary of Fair Value of Investment Securities

The fair value of the investment securities at June 30, 2026 and December 31, 2025 was as follows:

          
         Fair Value Measurements at June 30, 2026

         (Dollars in thousands)

         Level 1

         Level 2

         Level 3

         Total

         Assets at Fair Value

         Short-term investments:

Corporate securities

$

—

$

—

$

—

$

—

Total Assets at Fair Value

$

—

$

—

$

—

$

—


		Fair Value Measurements at December 31, 2025
(Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets at Fair Value
Short-term investments:
Corporate securities		$	4,304			$	—			$	—			$	4,304
Total Assets at Fair Value		$	4,304			$	—			$	—			$	4,304

Summary of Preferred Investment Option Liabilities Measured and Recorded on Recurring Basis using Black-Scholes Model

The preferred investment option liabilities were measured and recorded on a recurring basis using the Black-Scholes Model with the following assumptions as of June 30, 2026 and December 31, 2025:


		June 2026 Options - Series A-1 & June 2026 Placement Agent Options								June 2026 Options - Series A-2								January 2026 Options & January 2026 Placement Agent Options							March 2023 Options - Series A & March 2023 Placement Agent Options								August 2022 Options & August 2022 Placement Agent Options
		June 30, 2026				December 31, 2025				June 30, 2026				December 31, 2025				June 30, 2026			December 31, 2025				June 30, 2026				December 31, 2025				June 30, 2026				December 31, 2025
Remaining term (in years)			5.25				—				2.08				—				2.17			—				1.63				2.13				1.17				1.67
Expected volatility			93.9	%			—				101.8	%			—				102.9	%		—				106.2	%			100.6	%			93.1	%			107.2	%
Risk-free interest rate			4.2	%			—				4.1	%			—				4.1	%		—				4.1	%			3.5	%			4.0	%			3.5	%
Expected dividend yield			—				—				—				—				—			—				—				—				—				—

Summary of Changes in Fair Value and Other Adjustments of Assets and Liabilities

The following table sets forth the establishment of the Company’s Level 3 assets and liabilities, as well as a summary of the changes in the fair value and other adjustments (in thousands):



(Dollars in thousands)		June 2026 Options - Series A-1				June 2026 Options - Series A-2				June 2026 Placement Agent Options				January 2026 Options				January 2026 Placement Agent Options				March 2023 Options - Series A				March 2023 Placement Agent Options				August 2022 Options				August 2022 Placement Agent Options				Note Receivable Bifurcated Derivatives				Total
Balance as of December 31, 2025		$	—			$	—			$	—			$	—			$	—			$	291			$	12			$	43			$	1			$	—			$	347
Initial recognition			3,055				2,369				201				2,321				71				—				—				—				—				—				8,017
Change in fair value - quarterly remeasurement			(1,189	)			(1,079	)			(80	)			(1,994	)			(62	)			—				(12	)			—				—				—				(4,416	)
Change in fair value - immediately before modification			—				—				—				—				—				124				—				17				—				—				141
Change in fair value - immediately after modification			—				—				—				—				—				457				—				83				—				—				540
Options exercise			—				—				—				—				—				(872	)			—				(143	)			—				—				(1,015	)
Balance as of June 30, 2026		$	1,866			$	1,290			$	121			$	327			$	9			$	—			$	—			$	—			$	1			$	—			$	3,614