v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Financial Assets Measured on a Recurring Basis
The following tables present the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented:
Balance Sheet ClassificationSeptember 30, 2026
(in thousands)Level 1Level 2Level 3Total
Assets
Money market fundsCash and cash equivalents$95,819 $— $— $95,819 
U.S. TreasuriesInvestments9,936 — — 9,936 
Corporate bondsInvestments— 9,244 — 9,244 
Total assets$105,755 $9,244 $— $114,999 
Balance Sheet ClassificationDecember 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Money market fundsCash and cash equivalents$28,255 $— $— $28,255 
U.S. TreasuriesInvestments5,980 — — 5,980 
Total assets$34,235 $— $— $34,235 
Liabilities
Debt derivative liabilities$— $— $3,886 $3,886 
Schedule of Fair Value Instruments Classified Level 3
The changes in Level 3 liabilities measured at fair value on a recurring basis for the periods presented were as follows:
(in thousands)Three Months Ended
September 30, 2025
Balance at June 30, 2025$2,078 
Change in fair value included in net income(210)
Balance at September 30, 2025$1,868 
Nine Months Ended
(in thousands)September 30, 2026September 30, 2025
Balance at December 31, 2025 and 2024$3,886 $2,400 
Change in fair value included in net loss— (531)
Extinguishment of debt derivative included in net loss(3,886)— 
Balance at September 30, 2026 and 2025$— $1,868