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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following fair value hierarchy tables present information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
| Fair Value Measurement at September 30, 2025
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Money market funds | $ | 26,027 |  |  | $ | 26,027 |  |  | $ | — |  |  | $ | — |
Total assets at fair value | $ | 26,027 |  |  | $ | 26,027 |  |  | $ | — |  |  | $ | — |
| Fair Value Measurement at December 31, 2024
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Money market funds | $ | 14,751 |  |  | $ | 14,751 |  |  | $ | — |  |  | $ | — |
Total assets | $ | 14,751 |  |  | $ | 14,751 |  |  | $ | — |  |  | $ | — |
Schedule of Fair Value of Tranche Rights | A roll-forward of the fair value of the tranche rights is as follows (in thousands):
December 31, 2023 | $ | — |
Fair value as of January 8, 2024 | $ | 23,600 |
Change in fair value through March 4, 2024 | $ | 4,796 |
Reclassification to equity in March 2024 | $ | (28,396) |
December 31, 2024 | $ | — |
Schedule of Key Assumptions Used In Estimating the Fair Value of SARs | The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:
| July 7, 2025 |  | September 30, 2025
Expected term (years) | 1-2.90 |  | 0.90-2.80
Risk-free interest rate | 4.17%-4.38% |  | 3.79%-4.11%
Stock price volatility | 85%-115% |  | 85%-115%
Probability (1) | 50%-50% |  | 50%-50%
Dividend rate | — | % |  | — | %
(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%. The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Nine Months Ended September 30,
| 2025 | 2024
Risk-free interest rate | 4.14% | 4.11%
Expected dividend yield | 0% | 0%
Expected volatility | 116.0% | 100.0%
Expected term of options (years) | 5.91 | 5.95
The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:
| July 7, 2025 |  | September 30, 2025
Expected term (years) | 1-2.90 |  | 0.90-2.80
Risk-free interest rate | 4.17%-4.38% |  | 3.79%-4.11%
Stock price volatility | 85%-115% |  | 85%-115%
Probability (1) | 50%-50% |  | 50%-50%
Dividend rate | — | % |  | — | %
(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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