NOTES PAYABLE (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Fair Value Allocation |
The following table summarizes the allocation of fair value of the Venture Loan and Security Agreement, as determined by Level 3 inputs for the Initial Horizon Warrants, as of January 12, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Allocated Fair Value | | Lender Fees | | 3rd Party Fees | | Total | | Term Loans | | | | | $ | 28,638 | | | $ | 663 | | | $ | 1,814 | | | $ | 26,161 | | | Initial Horizon Warrants | | | | | 1,362 | | | — | | | — | | | 1,362 | | | | | | | $ | 30,000 | | | $ | 663 | | | $ | 1,814 | | | $ | 27,523 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table presents the significant inputs and valuation methodologies used for the Company’s fair value of the Initial Horizon Warrants as of as of January 12, 2026: | | | | | | | Valuation methodology | Black-Scholes | | Expected volatility | 85.67 | % | | Risk-free interest rate | 4.19 | % | | Expected term (in years) | 10 | | Expected dividend yield | — | % | | Weighted-average fair value per option | $ | 21.79 | |
The following tables present the significant inputs and valuation methodologies used for the Company’s fair value of the Convertible Notes as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | | | | | | | | | | | | | | Valuation model utilized | | Monte-Carlo | | Scenario-Based | | | | | | | Valuation methodology - Principal | | Discounted Cash Flows | | Discounted Cash Flows | | Expected term (in years) | | 4.06 | | 1.85 | | PIK period (years) | | 4.06 | | 0.85 | | Discount rate | | 16.56 | % | | 5.94 | % | | | | | | | Valuation methodology - Convertible feature | | Black-Scholes | | Black-Scholes | | Conversion price | | $ | 29.73 | | | $ | 29.73 | | | Expected volatility | | 116.00 | % | | 152.00 | % | | Risk-free interest rate | | 4.09 | % | | 3.41 | % | | Expected term (in years) | | 4.06 | | 1.85 | | Expected dividend yield | | — | % | | — | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Carrying Value of Loan |
The following table presents the carrying value of the Venture Loan and Security Agreement as of January 12, 2026 and June 30, 2026: | | | | | | | | | | | | | June 30, 2026 | | January 12, 2026 | | Term Loan | $ | 30,000 | | | $ | 30,000 | | | Final Payment | 1,500 | | | 1,500 | | | Venture Loan and Security Agreement, gross | $ | 31,500 | | | $ | 31,500 | | | Debt Discount | (4,907) | | | (5,339) | | | Venture Loan and Security Agreement, net | $ | 26,593 | | | $ | 26,161 | |
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| Schedule of Maturities of Long-Term Debt |
The following table presents the maturity of the Term Loan, including the final payment fee, under the Venture Loan and Security Agreement as of June 30, 2026: | | | | | | | | | | | Term Loan | | 2026 (April 1 - December 31) | | $ | — | | | 2027 | | — | | | 2028 | | — | | | 2029 | | 12,500 | | | 2030 | | 15,000 | | | 2031 and thereafter | | 4,000 | | | Total | | $ | 31,500 | |
The following table presents the maturity of the Convertible Notes as of June 30, 2026: | | | | | | | | | | | Convertible Notes | | 2026 (April 1 - December 31) | | $ | — | | | 2027 | | — | | | 2028 | | — | | | 2029 | | — | | | 2030 | | — | | | 2031 and thereafter | | 43,321 | | | Total | | $ | 43,321 | |
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| Schedule of Loss on Issuance of Convertible Note |
The following table summarizes the change in fair value, as determined by Level 3 inputs for the Convertible Notes for the six months ended June 30, 2026: | | | | | | | | | | Fair value of convertible note at December 31, 2025 | | $ | 31,441 | | | Payment-in-kind on convertible debt | | 621 | | | | | | Change in fair value recognized in other comprehensive income | | (2,078) | | | Change in fair value recognized in net loss | | 13,337 | | | Fair value of convertible note at June 30, 2026 | | $ | 43,321 | |
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| Schedule of Debt Discount Rate |
The Company calculated the June 30, 2026 discount rate used in the valuation of the Convertible Notes based on the following: | | | | | | | Subordination premium | 3.12 | % | | Company specific risk premium | 6.24 | % | | Bloomberg B- yield curve | 7.20 | % | | 16.56 | % |
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