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Financial Instruments (Tables)

12 Months Ended

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

The 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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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.

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