Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Assets measured at fair value on recurring basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:


	March 31, 2026								December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(As Restated)
Cash equivalents (1):
Money market funds	$	15,502	$	—	$	—	$	15,502	$	40,120	$	—	$	—	$	40,120



Total cash equivalents	$	15,502	$	—	$	—	$	15,502	$	40,120	$	—	$	—	$	40,120









Liabilities
Derivative liabilities	$	—	$	14,552	$	11,635	$	26,187	$	—	$	—	$	—	$	—
Warrant liability	—		—		6,478		6,478		—		—		13,090		13,090
Total liabilities	$	—	$	14,552	$	18,113	$	32,665	$	—	$	—	$	13,090	$	13,090

(1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. Cash balances were $25.2 million and $9.6 million as of March 31, 2026 and December 31, 2025, respectively.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of the Level 3 warrant liability and derivative liability related to the conversion feature of the Convertible Debentures during the three months ended March 31, 2026 were as follows:


(in thousands)	Warrant Liability		Derivative Liability associated with the Convertible Debentures
	(As Restated)
Balance as of December 31, 2025	$	13,090	$	—
Issuance of warrants or derivative liability	—		12,054
Change in fair value	(6,612)		(419)
Balance as of March 31, 2026	$	6,478	$	11,635

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the warrants was estimated with the following assumptions:


	March 31, 2026


Volatility	68	%
Risk-free interest rate	4.3	%
Dividend yield	—	%
Expected term (years)	9.34