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Financial Instruments | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. Equity investments without a readily determinable fair value are recorded at cost and adjusted to fair value based on observable price changes in orderly transactions for identical or similar investment of the same issuer. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):
| Fair Value Measurements at Reporting Date
| Total |  | Level 1 |  | Level 2 |  | Level 3
At December 31, 2025: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 21,536 |  |  | $ | 21,536 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 2,996 |  |  | 2,996 |  |  | — |  |  | — |
Total cash equivalents measured at fair value | $ | 24,532 |  |  | $ | 24,532 |  |  | $ | — |  |  | $ | — |
Marketable securities |  |  |  |  |  |  |
Corporate debt securities | $ | 114,102 |  |  | $ | — |  |  | $ | 114,102 |  |  | $ | — |
U.S. treasury securities | 89,726 |  |  | 89,726 |  |  | — |  |  | — |
Commercial paper | 28,858 |  |  | — |  |  | 28,858 |  |  | — |
Asset-backed securities | 21,282 |  |  | — |  |  | 21,282 |  |  | — |
U.S. government agency securities | 13,200 |  |  | — |  |  | 13,200 |  |  | — |
Total marketable securities measured at fair value | $ | 267,168 |  |  | $ | 89,726 |  |  | $ | 177,442 |  |  | $ | — |
At December 31, 2024: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 17,693 |  |  | $ | 17,693 |  |  | $ | — |  |  | $ | — |
U.S. government agency securities | 999 |  |  | — |  |  | 999 |  |  | — |
U.S. treasury securities | 997 |  |  | 997 |  |  | — |  |  | — |
Total cash equivalents measured at fair value | $ | 19,689 |  |  | $ | 18,690 |  |  | $ | 999 |  |  | $ | — |
Marketable securities |  |  |  |  |  |  |
Commercial paper | $ | 58,823 |  |  | $ | — |  |  | $ | 58,823 |  |  | $ | — |
U.S. treasury securities | 46,309 |  |  | 46,309 |  |  | — |  |  | — |
Corporate debt securities | 43,669 |  |  | — |  |  | 43,669 |  |  | — |
U.S. government agency securities | 40,071 |  |  | — |  |  | 40,071 |  |  | — |
Total marketable securities measured at fair value | $ | 188,872 |  |  | $ | 46,309 |  |  | $ | 142,563 |  |  | $ | — |
The following table presents the amortized cost and estimated fair market value of our cash equivalents and marketable securities as of the dates presented (in thousands):
| December 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 21,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,536 |
U.S. treasury securities | 2,996 |  |  | — |  |  | — |  |  | 2,996 |
Marketable securities: |  |  |  |  |  |  |
Corporate debt securities | $ | 114,066 |  |  | $ | 63 |  |  | $ | (27) |  |  | $ | 114,102 |
U.S. treasury securities | 89,572 |  |  | 154 |  |  | — |  |  | 89,726 |
Commercial paper | 28,836 |  |  | 22 |  |  | — |  |  | 28,858 |
Asset-backed securities | 21,257 |  |  | 26 |  |  | (1) |  |  | 21,282 |
U.S. government agency securities | 13,195 |  |  | 5 |  |  | — |  |  | 13,200 |
Totals | $ | 291,458 |  |  | $ | 270 |  |  | $ | (28) |  |  | $ | 291,700 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 17,693 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,693 |
U.S. government agency securities | 999 |  |  | — |  |  | — |  |  | 999 |
U.S. treasury securities | 997 |  |  | — |  |  | — |  |  | 997 |
Marketable securities: |  |  |  |  |  |  |
Commercial paper | $ | 58,798 |  |  | $ | 56 |  |  | $ | (31) |  |  | $ | 58,823 |
U.S. treasury securities | 46,231 |  |  | 80 |  |  | (2) |  |  | 46,309 |
Corporate debt securities | 43,634 |  |  | 49 |  |  | (14) |  |  | 43,669 |
U.S. government agency securities | 40,013 |  |  | 60 |  |  | (2) |  |  | 40,071 |
Totals | $ | 208,365 |  |  | $ | 245 |  |  | $ | (49) |  |  | $ | 208,561 |
The following table presents available-for-sale securities by contractual maturity date as of December 31, 2025 (in thousands):
| December 31, 2025
| Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 157,801 |  |  | $ | 157,998 |
Due after one year but within five years | 109,125 |  |  | 109,170 |
Total | $ | 266,926 |  |  | $ | 267,168 |
As of December 31, 2025, thirty-three of the Company's marketable securities with a fair market value of $50.7 million were in an immaterial aggregate gross unrealized loss position due to the timing of their acquisition compared to their respective maturity date. These thirty-three marketable securities have all been in a gross unrealized loss position for less than one year. Based on a review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of December 31, 2025, because the Company does not intend to sell these securities prior to their maturity, and it is unlikely that the Company will be required to sell these securities before the recovery of their amortized cost basis. Refer to Note 2 for further discussion on the Company's evaluation of unrealized losses on available-for-sale securities. Accrued interest receivable on marketable securities was $2.1 million and $1.1 million as of December 31, 2025 and December 31, 2024, respectively, and was recorded within prepaid expenses and other current assets in the consolidated balance sheets. The Company did not write off any accrued interest receivables for the years ended December 31, 2025 and 2024. The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2025 and 2024. The following table presents activity for the preferred stock warrants liability during the year ended December 31, 2024 (in thousands):
| Preferred Stock Warrants Liability
Balance at December 31, 2023 | $ | 871 |
Change in fair value | 1,047 |
Conversion of preferred stock warrants liability to equity | (1,918) |
Balance at December 31, 2024 | $ | — |
The warrants’ estimated fair value as of the Merger date utilized the Black-Scholes model and the following input assumptions: risk free interest rate (4.3% - 4.4%), expected term (3.6 - 4.1 years), dividend yield (0.0%), volatility (103.0% - 104.0%) and exercise price ($10.64 per common share). No fair value liabilities existed as of December 31, 2025 and December 31, 2024. Upon completion of the Merger, the preferred stock warrants became exercisable into shares of common stock and will no longer continue to be remeasured at each reporting date. Refer to Note 2 for further discussion on the valuation of the preferred stock warrants liability. Equity investment without a readily determinable fair value In conjunction with the Merger, the Company obtained an investment in common stock of an unfunded privately held, pre-clinical life sciences company, which the Company initially carried at no value. In May 2024, the private company executed a seed funding round (“Seed Financing”), which triggered an anti-dilution provision under the License and Option Agreement (“Option Agreement”), resulting in the issuance of additional shares of common stock. The Company identified the Seed Financing as an observable price change under the measurement alternative, and adjusted the equity investment from zero to an estimated fair value of $1.3 million at the time of the Seed Financing. There were no downward adjustments to the carrying value of the Company's investment without a readily determinable fair value for the year ended December 31, 2024. During the year ended December 31, 2025, observable price changes in the form of equity financings resulted in total upward adjustments of $0.2 million and total downward adjustments of $0.4 million in the equity investment, resulting in an estimated fair value of $1.1 million as of December 31, 2025.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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