The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 based on the three-tier fair value hierarchy (in thousands):


		September 30, 2025
	Balance Sheet Classification	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	Cash and cash equivalents	$	13,715	$	—	$	—	$	13,715
Restricted cash	Restricted cash	13,072		—		—		13,072
Total		$	26,787	$	—	$	—	$	26,787
Liabilities
Convertible note	Convertible note	$	—	$	—	$	24,081	$	24,081
Total		$	—	$	—	$	24,081	$	24,081


		December 31, 2024
	Balance Sheet Classification	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	Cash and cash equivalents	$	21,845	$	—	$	—	$	21,845
Restricted cash	Restricted cash	13,160		—		—		13,160
Total		$	35,005	$	—	$	—	$	35,005
Liabilities
Convertible note	Convertible note	$	—	$	—	$	22,336	$	22,336
Total		$	—	$	—	$	22,336	$	22,336