v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value as of June 30, 2026 and December 31, 2025:

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,204

 

 

$

—

 

 

$

—

 

 

$

9,204

 

Total assets

 

$

9,204

 

 

$

—

 

 

$

—

 

 

$

9,204

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant derivative liabilities

 

$

—

 

 

$

—

 

 

$

15,016

 

 

$

15,016

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

15,016

 

 

$

15,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

7,850

 

 

$

—

 

 

$

—

 

 

$

7,850

 

U.S. government securities

 

 

5,004

 

 

 

—

 

 

 

—

 

 

 

5,004

 

Total assets

 

$

12,854

 

 

$

—

 

 

$

—

 

 

$

12,854

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant derivative liabilities

 

$

—

 

 

$

—

 

 

$

40,194

 

 

$

40,194

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

40,194

 

 

$

40,194

 
Summary of Financial Assets Measured at Fair Value on Recurring Basis

The fair value of the Company’s financial assets that are measured at fair value on a recurring basis are as follows:

 

 

June 30, 2026

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

  Money market funds

 

$

9,204

 

 

$

—

 

 

$

—

 

 

$

9,204

 

Total

 

$

9,204

 

 

$

—

 

 

$

—

 

 

$

9,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

  Money market funds

 

$

7,850

 

 

$

—

 

 

$

—

 

 

$

7,850

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

  U.S. government securities

 

 

5,000

 

 

 

4

 

 

 

—

 

 

 

5,004

 

Total

 

$

12,850

 

 

$

4

 

 

$

—

 

 

$

12,854

 
Summary of Changes in the Fair Value of Warrant Liabilities

The change in fair value of warrant liabilities measured on a recurring basis using unobservable Level 3 inputs for the period ended June 30, 2026 is set forth below:

 

 

Fair Value at December 31, 2025

 

 

Change in Fair Value

 

 

Fair Value at June 30, 2026

 

Series A Warrant

 

$

20,635

 

 

$

(12,690

)

 

$

7,945

 

Series B Warrant

 

 

19,559

 

 

 

(12,488

)

 

 

7,071

 

Total warrant liabilities

 

$

40,194

 

 

$

(25,178

)

 

$

15,016