Fair Value Measurements (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Fair Value Disclosures [Abstract] |
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| Schedule of fair value assets and liabilities measured on recurring basis |
The
following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring
basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
Schedule of fair value assets and liabilities measured on recurring basis
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As
of June 30, 2026 | |
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Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| Assets | |
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| Cash equivalents | |
$ | 1,281 | | |
$ | — | | |
$ | — | | |
$ | 1,281 | |
| Liabilities | |
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| Warrants | |
$ | — | | |
$ | — | | |
$ | 622 | | |
$ | 622 | |
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As
of December 31, 2025 | |
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Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| Assets | |
| | |
| | |
| | |
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| Cash equivalents | |
$ | 4,285 | | |
$ | — | | |
$ | — | | |
$ | 4,285 | |
| Liabilities | |
| | | |
| | | |
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| Warrants | |
$ | — | | |
$ | — | | |
$ | 3,516 | | |
$ | 3,516 | |
| Pre-Paid Advance | |
$ | — | | |
$ | — | | |
$ | 4,142 | | |
$ | 4,142 | |
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The
following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring
basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
| Schedule of fair value assets and liabilities measured on recurring basis |
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As
of 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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|
| Cash
equivalents |
|
$ |
4,285 |
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|
$ |
— |
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|
$ |
— |
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$ |
4,285 |
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| Liabilities |
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| Warrants |
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$ |
— |
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$ |
— |
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$ |
3,516 |
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$ |
3,516 |
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| Pre-Paid
Advance |
|
$ |
— |
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$ |
— |
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$ |
4,142 |
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$ |
4,142 |
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|
As
of December 31, 2024 |
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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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| Cash
equivalents |
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$ |
38,822 |
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$ |
— |
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$ |
— |
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$ |
38,822 |
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| Liabilities |
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| Warrants |
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$ |
— |
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$ |
— |
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$ |
3,811 |
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$ |
3,811 |
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| Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation |
The
significant inputs used in the valuation models to measure the fair value of the warrants are as follows:
Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation
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Valuation
Date | |
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June 30,
2026 | | |
December
31,
2025 | |
| Common stock price | |
$ | 4.14 | | |
$ | 28.39 | |
| Risk-free rate | |
| 4.17 | % | |
| 3.68 | % |
| Expected term (in years) | |
| 3.98 | | |
| 4.47 | |
| Expected volatility | |
| 118.4 | % | |
| 103.2 | % |
| Dividend yield | |
| 0.0 | % | |
| 0.0 | % |
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The
significant inputs used in the valuation models to measure the fair value of the warrants are as follows:
| Schedule
of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation |
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Valuation
Date |
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December 31,
2025 |
|
December 31,
2024 |
| Common
stock price |
|
$28.40 |
|
$29.55 |
| Risk-free
rate |
|
3.68% |
|
4.40% |
| Expected
term (in years) |
|
4.47 |
|
5.47 |
| Expected
volatility |
|
103.2% |
|
94.6% |
| Dividend
yield |
|
0.0% |
|
0.0% |
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| Schedule of changes in the fair value of warrant liability |
The
following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in
thousands):
Schedule
of changes in the fair value of warrant liability
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| Warrant
Liability | |
| Balance at December 31, 2025 | |
$ | 3,516 | |
| Change in fair value of warrant liability | |
| (2,894 | ) |
| Balance at June 30, 2026 | |
$ | 622 | |
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The
following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):
| Schedule
of changes in the fair value of warrant liability |
|
Warrant
Liability |
|
| Balance
at December 31, 2024 |
|
$ |
3,811 |
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| Change
in fair value of warrant liability |
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|
(295 |
) |
| Balance
at December 31, 2025 |
|
$ |
3,516 |
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| Schedule of the changes in the fair value of PPAs liability |
The
following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in
thousands):
Schedule
of the changes in the fair value of PPAs liability
|
| PPAs
Liability | |
| Balance at December 31, 2025 | |
$ | 4,142 | |
| Conversion of Pre-Paid Advance into common stock | |
| (3,869 | ) |
| Change in fair value of PPAs liability | |
| (273 | ) |
| Balance at June 30, 2026 | |
$ | — | |
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The
following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):
| Schedule
of the changes in the fair value of PPAs liability |
|
PPAs
Liability |
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| Balance
at December 31, 2024 |
|
$ |
— |
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| Issuance
of Pre-Paid Advance |
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7,125 |
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| Partial
conversion of Pre-Paid Advance into common stock |
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(3,389 |
) |
| Change
in fair value of PPAs liability |
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|
406 |
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| Balance
at December 31, 2025 |
|
$ |
4,142 |
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