v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets That Have Been Measured at Fair Value

The following tables present information about our financial assets that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

 

 

 

As of June 30, 2026

 

 

Quoted
Prices
in Active
Markets for Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

24,335

 

 

$

24,335

 

 

$

 

 

$

 

U.S. government and agency securities

 

 

8,267

 

 

 

 

 

 

8,267

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

10,125

 

 

 

 

 

 

10,125

 

 

 

 

 

$

42,727

 

 

$

24,335

 

 

$

18,392

 

 

$

 

 

 

 

As of December 31, 2025

 

 

Quoted
Prices
in Active
Markets for Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

37,224

 

 

$

37,224

 

 

$

 

 

$

 

U.S. government and agency securities

 

 

7,306

 

 

 

 

 

 

7,306

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

3,204

 

 

 

 

 

 

3,204

 

 

 

 

 

$

47,734

 

 

$

37,224

 

 

$

10,510

 

 

$

 

Summary of the Changes in the Estimated Fair Value of the Liabilities

The following table sets forth a summary of the changes in the estimated fair value of these liabilities, which are all classified as Level 3 (in thousands):

 

 

 

Convertible Notes Derivatives

 

 

Liability Classified Warrants

 

Balance as of December 31, 2025

 

$

27,455

 

 

$

14,221

 

Initial recognition

 

 

 

 

 

1,601

 

Change in fair value

 

 

6,822

 

 

 

8,732

 

Balance as of June 30, 2026

 

$

34,277

 

 

$

24,554