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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | December 31, 2025 |
|  | Adjusted Cost |  |  | Unrealized Gain |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalent |  |  | Marketable Securities |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 16,690 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,690 |  |  | $ | 16,690 |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 16,977 |  |  |  | — |  |  |  | — |  |  |  | 16,977 |  |  |  | 16,977 |  |  |  | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  |  | 20,818 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 20,819 |  |  |  | 3,984 |  |  |  | 16,835 |
U.S. Treasury securities |  |  | 13,460 |  |  |  | — |  |  |  | (2 | ) |  |  | 13,458 |  |  |  | 7,989 |  |  |  | 5,469 |
Commercial paper |  |  | 45,480 |  |  |  | 2 |  |  |  | (4 | ) |  |  | 45,478 |  |  |  | 26,651 |  |  |  | 18,827 |
Corporate bonds |  |  | 8,478 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 8,477 |  |  |  | — |  |  |  | 8,477 |
Subtotal |  |  | 88,236 |  |  |  | 6 |  |  |  | (10 | ) |  |  | 88,232 |  |  |  | 38,624 |  |  |  | 49,608 |
Total assets |  | $ | 121,903 |  |  | $ | 6 |  |  | $ | (10 | ) |  | $ | 121,899 |  |  | $ | 72,291 |  |  | $ | 49,608 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,958 |  |  |  | — |  |  |  | — |
Warrant liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,711 |  |  |  | — |  |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | 130,669 |  |  | $ | — |  |  | $ | — |
|  | December 31, 2024 |
|  | Adjusted Cost |  |  | Unrealized Gain |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalent |  |  | Marketable Securities |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 14,237 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,237 |  |  | $ | 14,237 |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 10,645 |  |  |  | — |  |  |  | — |  |  |  | 10,645 |  |  |  | 10,645 |  |  |  | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  |  | 17,492 |  |  |  | 14 |  |  |  | (2 | ) |  |  | 17,504 |  |  |  | — |  |  |  | 17,504 |
U.S. Treasury securities |  |  | 10,957 |  |  |  | 6 |  |  |  | - |  |  |  | 10,963 |  |  |  | 2,000 |  |  |  | 8,963 |
Commercial paper |  |  | 12,711 |  |  |  | 9 |  |  |  | (4 | ) |  |  | 12,716 |  |  |  | 1,982 |  |  |  | 10,734 |
Corporate bonds |  |  | 45,918 |  |  |  | 31 |  |  |  | (7 | ) |  |  | 45,942 |  |  |  | — |  |  |  | 45,942 |
Subtotal |  |  | 87,078 |  |  |  | 60 |  |  |  | (13 | ) |  |  | 87,125 |  |  |  | 3,982 |  |  |  | 83,143 |
Total assets |  | $ | 111,960 |  |  | $ | 60 |  |  | $ | (13 | ) |  | $ | 112,007 |  |  | $ | 28,864 |  |  | $ | 83,143 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,258 |  |  |  | — |  |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,258 |  |  | $ | — |  |  | $ | — |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |
Fair value, beginning balance |  | $ | 8,258 |  |  | $ | 6,772 |
Change in the fair value of Series A warrants included in other income (expense), net |  |  | 21,479 |  |  |  | 1,500 |
Change in the fair value of private placement warrants included in other income (expense), net |  |  | (26 | ) |  |  | (14 | )
Fair value, closing balance |  | $ | 29,711 |  |  | $ | 8,258 |
Warrant liabilities |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Schedule of Option Pricing Model | The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:
|  | December 31, 2025 |  |  | December 31, 2024 |
Expected term (years) |  |  | 0.2 |  |  |  | 1.2 |
Expected volatility |  |  | 101.0 | % |  |  | 90.0 | %
Risk-free interest rate |  |  | 3.67 | % |  |  | 4.21 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Exercise Price |  | $ | 57.50 |  |  | $ | 57.50 |
The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:
|  | December 31, 2025 |  |  | December 31, 2024 |
Expected term (years) |  |  | 2.0 |  |  |  | 3.0 |
Expected volatility |  |  | 101.0 | % |  |  | 90.0 | %
Risk-free interest rate |  |  | 3.48 | % |  |  | 4.23 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Exercise Price |  | $ | 5.00 |  |  | $ | 5.00 |
Convertible notes |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Schedule of Option Pricing Model | T he key inputs into the Lattice model for the Convertible notes were as follows:
|  | December 31, 2025 |
Expected term (years) |  |  | 6.9 |
Expected volatility |  |  | 87.7 | %
Risk-free interest rate |  |  | 3.90 | %
Conversion rate |  | $ | 15.87 |
Share price |  | $ | 13.28 |

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