Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets And Liabilities Measured at Fair Value On Recurring Basis |
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):
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June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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|
|
|
|
|
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Cash equivalents: |
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|
|
|
|
|
|
|
|
Money market fund |
|
$ |
76 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76 |
|
Commercial paper |
|
|
— |
|
|
|
22,982 |
|
|
|
— |
|
|
|
22,982 |
|
Total cash equivalents |
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76 |
|
|
|
22,982 |
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|
|
— |
|
|
|
23,058 |
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Short-term investments: |
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|
|
|
|
|
|
|
|
|
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Commercial paper |
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|
— |
|
|
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4,675 |
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|
|
— |
|
|
|
4,675 |
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U.S. government debt and agency
securities |
|
|
— |
|
|
|
14,069 |
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|
|
— |
|
|
|
14,069 |
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Total short-term investments |
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$ |
— |
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|
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18,744 |
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$ |
— |
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$ |
18,744 |
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Total assets subject to fair value
measurements on a recurring basis |
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$ |
76 |
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|
$ |
41,726 |
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|
$ |
— |
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$ |
41,802 |
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|
|
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Liabilities: |
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|
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|
|
|
|
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Milestone liability |
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— |
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|
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— |
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14,362 |
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|
14,362 |
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Total liabilities subject to fair value
measurements on a recurring basis |
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$ |
— |
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$ |
— |
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$ |
14,362 |
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$ |
14,362 |
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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|
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|
|
|
|
|
|
|
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Cash equivalents: |
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|
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|
|
|
|
|
|
|
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Money market fund |
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$ |
17,299 |
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$ |
— |
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$ |
— |
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|
$ |
17,299 |
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U.S. government debt and agency
securities |
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|
— |
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|
2,541 |
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|
|
— |
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|
|
2,541 |
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Commercial paper |
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|
— |
|
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32,314 |
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|
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— |
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|
32,314 |
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Total cash equivalents |
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17,299 |
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|
34,855 |
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|
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— |
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|
52,154 |
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Short-term investments: |
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|
|
|
|
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Commercial paper |
|
|
— |
|
|
|
5,209 |
|
|
|
— |
|
|
|
5,209 |
|
U.S. government debt and agency
securities |
|
|
— |
|
|
|
13,846 |
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|
|
— |
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|
|
13,846 |
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Total short-term investments |
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|
— |
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|
19,055 |
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|
|
— |
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|
19,055 |
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Total assets subject to fair value
measurements on a recurring basis |
|
$ |
17,299 |
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|
$ |
53,910 |
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$ |
— |
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$ |
71,209 |
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Liabilities: |
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Sermonix pre-funded warrant |
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$ |
— |
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$ |
— |
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$ |
37,488 |
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|
37,488 |
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Milestone liability |
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— |
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— |
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|
15,116 |
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|
15,116 |
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Total liabilities subject to fair value
measurements on a recurring basis |
|
$ |
— |
|
|
$ |
— |
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|
$ |
52,604 |
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$ |
52,604 |
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| Schedule of Fair Value Sermonix Pre-funded Warrant And Milestone Liability At Issuance |
The key inputs into the fair value of the Sermonix Pre-Funded Warrant at December 31, 2025 were as follows:
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Sermonix Pre-Funded Warrant |
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December 31, 2025 |
|
Fair Value of Common Stock |
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$ |
7.57 |
|
Volatility |
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97.0 |
% |
Risk-free rate |
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3.7 |
% |
Dividend Yield |
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|
0.0 |
% |
Holding period years |
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|
0.20 |
|
The key inputs into the fair value of the Milestone Liability at December 31, 2025 and at June 30, 2026 were as follows:
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Milestone Liability |
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|
June 30, 2026 |
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|
December 31, 2025 |
|
Weighted Average Cost of Capital |
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|
11.0 |
% |
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|
11.0 |
% |
Probability |
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|
43.9 |
% |
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|
43.9 |
% |
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| Schedule of Changes in Fair Value Sermonix Pre-funded Warrant And Milestone Liability |
Below is a summary of the change in fair value of the Sermonix Pre-Funded Warrant and the Milestone Liability from December 31, 2025 to June 30, 2026:
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Sermonix
Pre-Funded
Warrant |
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|
Milestone
Liability |
|
December 31, 2025 |
|
$ |
37,488 |
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|
$ |
15,116 |
|
Change in fair value |
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|
16,320 |
|
|
|
(929 |
) |
Reclassified to equity |
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|
(53,808 |
) |
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|
— |
|
March 31, 2026 |
|
$ |
— |
|
|
$ |
14,187 |
|
Change in fair value |
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|
— |
|
|
|
175 |
|
June 30, 2026 |
|
$ |
— |
|
|
$ |
14,362 |
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| Schedule of Fair Value of Cash Equivalents and Short-term Investments |
The following tables reflect the Company’s financial asset balances measured at fair value on a recurring basis (in thousands):
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June 30, 2026 |
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Level |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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|
Fair
Value |
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Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market fund |
|
1 |
|
$ |
76 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76 |
|
Commercial paper |
|
2 |
|
|
22,985 |
|
|
|
— |
|
|
|
(3 |
) |
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|
22,982 |
|
Total cash equivalents |
|
|
|
$ |
23,061 |
|
|
$ |
— |
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|
$ |
(3 |
) |
|
$ |
23,058 |
|
Short-term investments: |
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|
|
|
|
|
|
|
|
|
|
|
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|
Commercial paper |
|
2 |
|
|
4,676 |
|
|
|
— |
|
|
|
(1 |
) |
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|
4,675 |
|
U.S. government debt and agency
securities |
|
2 |
|
|
14,074 |
|
|
|
— |
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(5 |
) |
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|
14,069 |
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Total short-term investments |
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|
$ |
18,750 |
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|
$ |
— |
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|
$ |
(6 |
) |
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$ |
18,744 |
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December 31, 2025 |
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|
Level |
|
Amortized
Cost |
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|
Unrealized
Gains |
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|
Unrealized
Losses |
|
|
Fair
Value |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market fund |
|
1 |
|
$ |
17,299 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,299 |
|
U.S. government debt and agency
securities |
|
2 |
|
|
2,541 |
|
|
|
— |
|
|
|
— |
|
|
|
2,541 |
|
Commercial paper |
|
2 |
|
|
32,319 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
32,314 |
|
Total cash equivalents |
|
|
|
$ |
52,159 |
|
|
$ |
— |
|
|
$ |
(5 |
) |
|
$ |
52,154 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
2 |
|
|
5,210 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
5,209 |
|
U.S. government debt and agency
securities |
|
2 |
|
|
13,844 |
|
|
|
2 |
|
|
|
— |
|
|
|
13,846 |
|
Total short-term investments |
|
|
|
$ |
19,054 |
|
|
$ |
2 |
|
|
$ |
(1 |
) |
|
$ |
19,055 |
|
|