| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 40,221 | | | $ | — | | | $ | — | | | $ | 40,221 | | | Commercial paper | — | | | 25,955 | | | — | | | 25,955 | | U.S. treasury securities | 14,944 | | | — | | | — | | | 14,944 | | Total cash equivalents | 55,165 | | | 25,955 | | | — | | | 81,120 | | | Short-term marketable securities: | | | | | | | | | U.S. government agency bonds | — | | | 34,886 | | | — | | | 34,886 | | U.S. treasury securities | 84,816 | | | — | | | — | | | 84,816 | | | Commercial paper | — | | | 94,264 | | | — | | | 94,264 | | | Corporate bonds | — | | | 35,627 | | | — | | | 35,627 | | Total short-term marketable securities | 84,816 | | | 164,777 | | | — | | | 249,593 | | | Total assets subject to fair value measurements on a recurring basis | $ | 139,981 | | | $ | 190,732 | | | $ | — | | | $ | 330,713 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 40,320 | | | $ | — | | | $ | — | | | $ | 40,320 | | | U.S. treasury securities | 29,638 | | | — | | | — | | | 29,638 | | Total cash equivalents | 69,958 | | | — | | | — | | | 69,958 | | | Short-term marketable securities: | | | | | | | | U.S. treasury securities | 138,106 | | | — | | | — | | | 138,106 | | Total short-term marketable securities | 138,106 | | | — | | | — | | | 138,106 | | | Total assets subject to fair value measurements on a recurring basis | $ | 208,064 | | | $ | — | | | $ | — | | | $ | 208,064 | | | Liabilities: | | | | | | | | | Convertible note, at fair value | $ | — | | | $ | — | | | $ | 41,600 | | | $ | 41,600 | | | Total liabilities subject to fair value measurements on a recurring basis | $ | — | | | $ | — | | | $ | 41,600 | | | $ | 41,600 | |
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| Schedule of Liabilities Unobservable Input Reconciliation |
The change in the fair value of the Exact Convertible Note is summarized in the following table for the nine months ended September 30, 2026 (in thousands):
| | | | | | | Balance at December 31, 2025 | $ | 41,600 | | | Change in fair value included in convertible note remeasurement loss | 11,731 | | | Accrued interest included in interest expense | 472 | | | Conversion into common stock | (53,803) | | | Balance at September 30, 2026 | $ | — | |
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