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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
We estimate the fair value of the A&R Note using commonly accepted valuation methodologies at each reporting date, with changes in fair value recognized in the Condensed Consolidated Statements of Operations. Considerable judgment was required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. Significant assumptions used in the fair value model for convertible debt included estimates of the redemption dates, discount rates, and the market price of the Company’s Common Stock. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values.
The stock Rights liability is measured at fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations. The fair value of the stock Rights liability is determined using the quoted market price of the Company’s Common Stock as of the measurement date. Because the valuation is based on unadjusted quoted prices for the Company’s Common Stock in an active market, the stock Rights liability is classified within Level 1 of the fair value hierarchy. Changes in the fair value of the stock Rights liability are primarily driven by fluctuations in the Company’s stock price. As of June 30, 2026, there are no Rights outstanding.
The following table presents the estimated fair values:

June 30, 2026December 31, 2025
(in thousands)Fair ValueLevel 1Level 2Level 3Fair ValueLevel 1Level 2Level 3
A&R note$5,556 $— $— $5,556 $5,279 $— $— $5,279 
Stock Rights liability$— $— $— $— $6,074 $6,074 $— $— 

The following table presents a roll-forward of the fair value of the convertible notes payable that will continue to be measured at fair value on a recurring basis for which fair value is determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy as of June 30, 2026.

(in thousands)A&R Note
Balance at December 31, 2025$5,279 
Change in fair value during the period277 
Balance at June 30, 2026
$5,556 

As of June 30, 2026, there have been no changes in the valuation methodologies or classification of our Level 1 and Level 3 fair value measurements. The Company continues to utilize consistent approaches in determining the fair value of assets and liabilities categorized within these levels, in accordance with ASC 820.