v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Financial Assets Measured on a Recurring Basis
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 ClassificationJune 30, 2026
(in thousands)Level 1Level 2Level 3Total
Assets
Money market fundsCash and cash equivalents$79,694 $— $— $79,694 
U.S. TreasuriesInvestments8,843 — — 8,843 
Corporate bondsInvestments— 7,997 — 7,997 
Total assets$88,537 $7,997 $— $96,534 
Balance Sheet ClassificationDecember 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Money market fundsCash and cash equivalents$28,255 $— $— $28,255 
U.S. TreasuriesInvestments5,980 — — 5,980 
Total assets$34,235 $— $— $34,235 
Liabilities
Debt derivative liabilities$— $— $3,886 $3,886 
Schedule of Fair Value Instruments Classified Level 3
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, 2026June 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