| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy (in thousands):
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As of September 30, 2026 |
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|
Fair Value Measurement Using |
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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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|
|
|
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|
|
|
|
|
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Money market funds |
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$ |
207,759 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
207,759 |
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U.S. government securities |
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|
— |
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|
5,089 |
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|
— |
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|
5,089 |
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Corporate bonds |
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|
— |
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|
916 |
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|
|
— |
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|
|
916 |
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Total cash equivalents |
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|
207,759 |
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|
6,005 |
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|
— |
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|
213,764 |
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Short-term investments |
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|
|
|
|
|
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U.S. government securities |
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|
— |
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|
131,908 |
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|
|
— |
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|
131,908 |
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Corporate bonds |
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— |
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|
51,517 |
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— |
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|
51,517 |
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Commercial paper |
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— |
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|
5,260 |
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— |
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|
5,260 |
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Total short-term investments |
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|
— |
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|
|
188,685 |
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|
|
— |
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|
|
188,685 |
|
Restricted cash |
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|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
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|
— |
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|
|
788 |
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|
|
— |
|
|
|
788 |
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Total restricted cash |
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|
— |
|
|
|
788 |
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|
|
— |
|
|
|
788 |
|
Total assets |
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$ |
207,759 |
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|
$ |
195,478 |
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|
$ |
— |
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|
$ |
403,237 |
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Liabilities |
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|
|
|
|
|
|
|
|
|
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|
Derivative liability – warrants |
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|
— |
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|
|
1,229 |
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|
|
50 |
|
|
|
1,279 |
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Total liabilities |
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$ |
— |
|
|
$ |
1,229 |
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|
$ |
50 |
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|
$ |
1,279 |
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|
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|
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As of December 31, 2025 |
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Fair Value Measurement Using |
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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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|
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|
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|
|
|
|
|
Cash equivalents |
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|
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|
|
|
|
|
|
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Money market funds |
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$ |
249,393 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
249,393 |
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Total cash equivalents |
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|
249,393 |
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|
|
— |
|
|
|
— |
|
|
|
249,393 |
|
Short-term investments |
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|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
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|
— |
|
|
|
45,040 |
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|
|
— |
|
|
|
45,040 |
|
Total short-term investments |
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|
— |
|
|
|
45,040 |
|
|
|
— |
|
|
|
45,040 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
|
— |
|
|
|
770 |
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|
|
— |
|
|
|
770 |
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Total restricted cash |
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|
— |
|
|
|
770 |
|
|
|
— |
|
|
|
770 |
|
Total assets |
|
$ |
249,393 |
|
|
$ |
45,810 |
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|
$ |
— |
|
|
$ |
295,203 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability – warrants |
|
|
— |
|
|
|
1,305 |
|
|
|
38 |
|
|
|
1,343 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
1,305 |
|
|
$ |
38 |
|
|
$ |
1,343 |
|
Short-term Investments
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| Schedule of Change in the Derivative Liabilities |
The change in the warrant liabilities for the nine months ended September 30, 2026 was (in thousands):
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Warrants |
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Balance December 31, 2025 |
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$ |
1,343 |
|
Exercise of warrants |
|
|
(868 |
) |
Loss due to change in fair value |
|
|
804 |
|
Balance September 30, 2026 |
|
$ |
1,279 |
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