The following is a reconciliation of the beginning and ending balances of the Merger Warrant and Contingent Warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | Merger
Warrants | | Contingent Warrants | | Total | | | Balance as of December 31, 2025 | $ | 283 | | | $ | 88 | | | $ | 371 | | | | | | | | | | | Change in fair value | (170) | | | 16 | | | (154) | | | | Extinguishment | — | | | (104) | | | (104) | | | | Balance as of June 30, 2026 | $ | 113 | | | $ | — | | | $ | 113 | | | | | | | | | | | Balance as of December 31, 2024 | $ | 3,582 | | | $ | — | | | $ | 3,582 | | | | | | | | | | | Change in fair value | (33) | | | — | | | (33) | | | | | | | | | | | Balance as of June 30, 2025 | $ | 3,549 | | | $ | — | | | $ | 3,549 | | |
The following is a reconciliation of the beginning and ending balances of Tranche Liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2026 (in thousands): | | | | | | | Tranche Liability | | (unaudited) | | Balance as of December 31, 2025 | $ | — | | | Fair value at inception | 3,282 | | | Change in fair value | (1,377) | | | Settlement of Tranche Liability | (1,905) | | | Balance as of June 30, 2026 | $ | — | |
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