v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measurements [Abstract]  
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands): 

 

    June 30, 2026  
    Level 1     Level 2     Level 3     Total  
Financial assets                        
Money market funds   $ 6,314     $     $     $ 6,314  
Total fair value of assets   $ 6,314     $     $     $ 6,314  
                                 
Financial liabilities                                
Warrant liability   $     $     $ 2,544     $ 2,544  
Total fair value of financial liabilities   $     $     $ 2,544     $ 2,544  

 

    December 31, 2025  
    Level 1     Level 2     Level 3     Total  
Financial assets                        
Money market funds   $ 27,692     $     $     $ 27,692  
Total fair value of assets   $ 27,692     $     $     $ 27,692  
                                 
Financial liabilities                                
Warrant liability   $     $     $ 16,164     $ 16,164  
Total fair value of financial liabilities   $     $     $ 16,164     $ 16,164  
Schedule of Changes in the Company’s Warrant Liability

The following table sets forth a summary of the changes in the fair value of the Company’s warrant liability (in thousands):

 

    Warrant
Liability
 
Fair Value as of December 31, 2025   $ 16,164  
Change in the fair value     (9,640 )
Fair Value as of March 31, 2026     6,524  
Change in the fair value     (3,980 )
Fair Value as of June 30, 2026   $ 2,544  
Schedule of Estimate the Fair Value of the Warrant Liability

The key inputs into valuation models used to estimate the fair value of the warrant liability as of June 30, 2026 and December 31, 2025 were as follows:

 

    June 30,     December 31,  
    2026     2025  
Common stock price   $ 0.42     $ 1.83  
Expected term (in years)     3.73       4.22  
Expected volatility     119.82 %     113.30 %
Risk-free interest rate     4.16 %     3.66 %