Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Fair Value of Financial Assets and Liabilities

The following table presents 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 value (in thousands):


	As September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money Market	$	18,870	$	—	$	—	$	18,870
Short-term investments	$	—	$	59,625	$	—	$	59,625
Total Assets	$	18,870	$	59,625	$	—	$	78,495
Liabilities:
Debt, net	$	—	$	1,778	$	—	$	1,778
Derivative liability	$	—	$	—	$	17,146	$	17,146
Total Liabilities	$	—	$	1,778	$	17,146	$	18,924


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money Market	$	17,407	$	—	$	—	$	17,407
Total Assets	$	17,407	$	—	$	—	$	17,407
Liabilities:
Debt, net	$	—	$	28,792	$	—	$	28,792
Total Liabilities	$	—	$	28,792	$	—	$	28,792

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

The following table sets forth a summary of the changes in fair value of the Level 3 liabilities for the nine months ended September 30, 2026 (in thousands):


	Amount
Initial recognition of embedded derivative on May 7, 2026	$	31,817
Change in fair value recognized in earnings	1,891
Balance at June 30, 2026	33,708
Change in fair value recognized in earnings	(16,562)
Balance as of September 30, 2026	$	17,146