v3.26.3
Financial Instruments and Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements
4.
Financial Instruments and Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:

 

 

 

Fair Value Measurements at

 

 

 

September 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

74,219

 

 

$

—

 

 

$

—

 

 

$

74,219

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

 

100

 

 

 

—

 

 

 

—

 

 

 

100

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

158,653

 

 

 

—

 

 

 

—

 

 

 

158,653

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

133,436

 

 

 

—

 

 

 

—

 

 

 

133,436

 

Total assets

 

$

366,408

 

 

$

—

 

 

$

—

 

 

$

366,408

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

26,249

 

 

$

—

 

 

$

—

 

 

$

26,249

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

 

100

 

 

 

—

 

 

 

—

 

 

 

100

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

187,549

 

 

 

—

 

 

 

—

 

 

 

187,549

 

Long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

45,431

 

 

 

—

 

 

 

—

 

 

 

45,431

 

Total assets

 

$

259,329

 

 

$

—

 

 

$

—

 

 

$

259,329

 

 

Money market funds and U.S. Treasury securities were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no changes to the valuation methods during the nine months ended September 30, 2026 and 2025. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 or Level 2 during the nine months ended September 30, 2026 and 2025.

Warrant Liabilities

In connection with the Company’s initial public offering ("IPO") in January 2025, all outstanding warrant liabilities were remeasured and subsequently net exercised and reclassified to stockholders’ equity. No warrant liabilities were outstanding as of September 30, 2026 or December 31, 2025.

Pre-Funded Warrant

In September 2026, the Company completed a follow-on public offering in which it issued 8,956,523 shares of common stock and, in lieu of shares of common stock to certain investors, a pre-funded warrant to purchase 1,043,484 shares of the Company’s common stock. The pre-funded warrant is immediately exercisable at an exercise price of $0.0001 per share, subject to a beneficial ownership limitation, and does not expire until exercised in full.

The Company determined that the pre-funded warrant does not meet the definition of a derivative under ASC 815. The Company further determined that the pre-funded warrant is indexed to the Company’s own stock and meets the requirements for

classification within stockholders’ equity. Accordingly, amounts attributable to the pre-funded warrant were recorded in additional paid-in capital and the warrant is not subsequently remeasured. As of September 30, 2026, 1,043,484 shares of common stock remained issuable upon exercise of the pre-funded warrant. Refer to Note 2 for the treatment of the pre-funded warrant in the Company’s calculation of net loss per share.