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

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the level of the fair value hierarchy utilized to determine such fair value:

 

 

 

Fair Value Measurements as of June 30, 2026

 

 

 

(in thousands)

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents

 

$

16,872

 

 

$

 

 

$

 

 

$

16,872

 

Total current assets

 

$

16,872

 

 

$

 

 

$

 

 

$

16,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top-up Shares

 

$

 

 

$

 

 

$

5,730

 

 

$

5,730

 

Total current liabilities

 

$

 

 

$

 

 

$

5,730

 

 

$

5,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2025

 

 

 

(in thousands)

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents

 

$

26,614

 

 

$

 

 

$

 

 

$

26,614

 

Total

 

$

26,614

 

 

$

 

 

$

 

 

$

26,614

 

Schedule of materially different fair value measurements Changes in these assumptions could result in materially different fair value measurements. Significant assumptions used in the model include the following:

 

 

 

Top-up Shares

Stock price

 

$29.85 - $31.56

Equity Volatility

 

110%

Probability of milestone achievement

 

20%

Time to exercise (years)

 

0.2 to 0.3

Changes in these assumptions could result in materially different fair value measurements. Significant assumptions include the following:

 

 

 

May 2026 Warrants

Risk-free interest rate

 

4.04% - 4.13%

Expected dividend yield

 

0%

Expected volatility

 

110.00%

Expected term (yrs)

 

4.9 to 5.0

Schedule of Change in Fair Value Measurements Assumptions

The following table shows the rollforward of the Top-up Share Obligation and liabilities associated with the Ascendant Pre-Funded Warrants, May 2026 Pre-Funded Warrants, and May 2026 Warrants:

 

(In thousands)

 

Ascendant Top-up Shares

 

 

Ascendant Pre-Funded Warrants

 

 

May 2026 Warrants and Pre-Funded Warrants

 

 

Total

 

Balance at January 1, 2026

 

$

 

 

$

 

 

$

 

 

$

 

Initial recognition of financial instrument

 

 

3,650

 

 

 

16,469

 

 

 

117,559

 

 

 

137,678

 

Changes in fair value recognized in earnings

 

 

2,080

 

 

 

(3,194

)

 

 

(23,373

)

 

 

(24,487

)

Reclassification to equity

 

 

 

 

 

(13,275

)

 

 

(94,186

)

 

 

(107,461

)

Balance at June 30, 2026

 

$

5,730

 

 

$

 

 

$

 

 

$

5,730