v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis
The following tables present the financial asset instruments carried at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in thousands) in accordance with the ASC 820 hierarchy.
Fair Value Measurements as of September 30, 2026
Level 1Level 2Level 3Total
Assets
Cash equivalents$117,573 $— $— $117,573 
Fair Value Measurements as of December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents$106,934 $— $— $106,934 
Schedule of Warrant Liabilities Measured at Fair Value on Recurring Basis
The following table presents the derivative tranche liability (see Note 6) carried at fair value as of December 31, 2025 (in thousands) in accordance with the ASC 820 hierarchy, which was based on significant inputs not observable in the market and represents a Level 3 measurement within the fair value hierarchy.
Fair Value Measurements as of December 31, 2025
Level 1Level 2Level 3Total
Liabilities
Derivative tranche liability$— $— $44,760 $44,760 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table presents the assumptions used to determine the fair value of the derivative tranche liability as of December 31, 2025:
December 31,
2025
Expected volatility96.0%
Risk-free interest rate3.42%
Expected term (in years)1.03
Probability of achieving specified conditions25.0%
Share price$6.13
Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Warrant Liabilities
The following table provides a roll-forward of the aggregate fair value of the derivative tranche liability categorized with Level 3 inputs for the three and nine months ended September 30, 2026 (in thousands):
Derivative Tranche Liability
Balance as of December 31, 2025$44,760 
Change in fair value6,188 
Balance as of March 31, 2026$50,948 
Change in fair value$20,930 
Balance as of June 30, 2026$71,878 
Change in fair value$15,812 
Settlement of derivative tranche on August 3, 2026$(87,690)
Balance as of September 30, 2026$—