| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands):
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| June 30, 2026 |
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Quoted Prices in Active
Markets for Identical Assets |
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|
Significant Other
Observable Inputs |
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|
Significant
Unobservable Inputs |
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| Assets |
|
Total |
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|
(Level 1) |
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|
(Level 2) |
|
|
(Level 3) |
|
| Money market funds included in cash and cash equivalents |
|
$ |
61,408 |
|
|
$ |
61,408 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
62 |
|
|
$ |
|
|
|
$ |
— |
|
|
$ |
62 |
|
|
|
|
|
|
| December 31, 2025 |
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|
|
Quoted Prices in Active
Markets for Identical Assets |
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|
Significant Other
Observable Inputs |
|
|
Significant
Unobservable Inputs |
|
| Assets |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Money market funds included in cash and cash equivalents |
|
$ |
4,275 |
|
|
$ |
4,275 |
|
|
$ |
— |
|
|
$ |
— |
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|
The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands):
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| |
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|
Quoted Prices in Active Markets for Identical Assets |
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|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
| December 31, 2025 |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds included in cash and cash equivalents |
|
$ |
4,275 |
|
|
$ |
4,275 |
|
|
$ |
— |
|
|
$ |
— |
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|
|
|
|
|
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| |
|
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|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
| December 31, 2024 |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
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| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds included in cash and cash equivalents |
|
$ |
28 |
|
|
$ |
28 |
|
|
$ |
— |
|
|
$ |
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Derivative liabilities |
|
$ |
95 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
95 |
|
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|
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| |
|
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|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
| December 31, 2023 |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds included in cash and cash equivalents |
|
$ |
537 |
|
|
$ |
537 |
|
|
$ |
— |
|
|
$ |
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
376 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
376 |
|
| Derivative liabilities |
|
$ |
95 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
95 |
|
|
| Summary of The Fair Value of The Derivative Liabilities and The Warrant Liabilities, Level 3 Fair Value Estimates |
The table below provides a summary of the fair value of the derivative liabilities and the warrant liabilities, which were Level 3 fair value estimates (in thousands), for the three and six months ended June 30, 2026 and 2025:
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Three Months
Ended June 30, |
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Six Months
Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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| Fair value of derivative liabilities, beginning of period |
|
$ |
— |
|
|
$ |
95 |
|
|
$ |
— |
|
|
$ |
95 |
|
| Change in fair value of derivative liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of derivative liabilities, end of period |
|
$ |
— |
|
|
$ |
95 |
|
|
$ |
— |
|
|
$ |
95 |
|
|
|
|
|
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| |
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Three Months
Ended June 30, |
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|
Six Months
Ended June 30, |
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| |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
| Fair value of warrant liabilities, beginning of period |
|
|
— |
|
|
|
— |
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|
|
— |
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|
— |
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| Change in fair value of warrant liabilities |
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|
62 |
|
|
|
— |
|
|
|
62 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of warrant liabilities, end of period |
|
$ |
62 |
|
|
$ |
— |
|
|
$ |
62 |
|
|
$ |
— |
|
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The table below provides a summary of the fair value of the derivative liabilities and the warrant liabilities, which were Level 3 fair value estimates (in thousands), for the years ended December 31, 2025, 2024 and 2023:
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| |
|
Year Ended December 31, |
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| |
|
2025 |
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|
2024 |
|
|
2023 |
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| Fair value of derivative liabilities, beginning of year |
|
$ |
95 |
|
|
$ |
95 |
|
|
$ |
45 |
|
| Change in fair value of derivative liabilities |
|
|
(95 |
) |
|
|
— |
|
|
|
50 |
|
| Fair value of derivative liabilities, end of year |
|
$ |
— |
|
|
$ |
95 |
|
|
$ |
95 |
|
|
|
|
|
|
|
|
|
|
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| |
|
Year Ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| Fair value of warrant liabilities, beginning of year |
|
$ |
— |
|
|
$ |
376 |
|
|
$ |
— |
|
| Issuance of September 2023 Warrants and September 2023 Placement Agent Warrants |
|
|
— |
|
|
|
— |
|
|
|
1,969 |
|
| Change in fair value of September 2023 Warrants and September 2023 Placement
Agent Warrants |
|
|
— |
|
|
|
(376 |
) |
|
|
(1,593 |
) |
| Fair value of warrant liabilities, end of year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
376 |
|
|