| Fair Value Measurements |
Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | June 30, 2026 | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Money market funds | Cash and cash equivalents | | $ | 79,694 | | | $ | — | | | $ | — | | | $ | 79,694 | | | U.S. Treasuries | Investments | | 8,843 | | | — | | | — | | | 8,843 | | | Corporate bonds | Investments | | — | | | 7,997 | | | — | | | 7,997 | | | | | | | | | | | | | Total assets | | | $ | 88,537 | | | $ | 7,997 | | | $ | — | | | $ | 96,534 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | December 31, 2025 | | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Money market funds | Cash and cash equivalents | | $ | 28,255 | | | $ | — | | | $ | — | | | $ | 28,255 | | | U.S. Treasuries | Investments | | 5,980 | | | — | | | — | | | 5,980 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets | | | $ | 34,235 | | | $ | — | | | $ | — | | | $ | 34,235 | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | Debt derivative liabilities | | | $ | — | | | $ | — | | | $ | 3,886 | | | $ | 3,886 | | | | | | | | | | | |
The changes in Level 3 liabilities measured at fair value on a recurring basis for the periods presented were as follows: | | | | | | | (in thousands) | Three Months Ended
June 30, 2025 | | Balance at March 31, 2025 | $ | 2,558 | | | Change in fair value included in net loss | (480) | | | Balance at June 30, 2025 | $ | 2,078 | |
| | | | | | | | | | | | | Six Months Ended | | (in thousands) | June 30, 2026 | | June 30, 2025 | | Balance at December 31, 2025 and 2024 | $ | 3,886 | | | $ | 2,400 | | | Change in fair value included in net loss | — | | | (322) | | | Extinguishment of debt derivative | (3,886) | | | — | | | Balance at June 30, 2026 and 2025 | $ | — | | | $ | 2,078 | |
There were no changes in the levels or methodology of the measurement of financial assets or liabilities during the six months ended June 30, 2026 and 2025. The fair values of cash, restricted cash, accounts receivable, accounts payable and accrued expenses approximate the carrying values because of the short-term nature of these instruments.
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