Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Financial Liabilities Recognized at Fair Value

The Company’s financial assets and financial liabilities recognized at fair value consisted of the following (in thousands):


		June 30, 2026
		Level 1				Level 2				Level 3				Fair Value
Financial Assets:
Money market funds		$	35,508			$	—			$	—			$	35,508
U.S. treasury securities			—				7,423				—			$	7,423
Total financial Assets		$	35,508			$	7,423			$	—			$	42,931
Financial Liabilities:
Convertible note		$	—			$	—			$	37,799			$	37,799
Total financial liabilities		$	—			$	—			$	37,799			$	37,799


		December 31, 2025
		Level 1				Level 2				Level 3				Fair Value
Financial Assets:
Money market funds		$	12,695			$	—			$	—			$	12,695
U.S. treasury securities			—				45,167				—				45,167
Total financial Assets		$	12,695			$	45,167			$	—			$	57,862
Financial Liabilities:
Convertible note		$	—			$	—			$	35,339			$	35,339
Total financial liabilities		$	—			$	—			$	35,339			$	35,339

Schedule of Reconciliation of Beginning and Ending Balances of Convertible Note Fair Value

The following table provides a reconciliation of the beginning and ending balances of the convertible note fair value for the three and six months ended June 30, 2026 (in thousands):


		Three months ended June 30, 2026				Six Months Ended June 30, 2026
		(in thousands)				(in thousands)
Fair value at the beginning of the period		$	40,546			$	35,339
Accrued stated interest			276				875
Change in fair value			(3,023	)			1,585
Fair value at end of period		$	37,799			$	37,799