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v3.26.1

Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Measurement Inputs and Valuation Techniques [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 by level within the fair value hierarchy:
|  | March 31, 2026 |
|  | Adjusted Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalent |  |  | Marketable Securities |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 13,625 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,625 |  |  | $ | 13,625 |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 10,057 |  |  |  | — |  |  |  | — |  |  |  | 10,057 |  |  |  | 10,057 |  |  |  | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  |  | 29,587 |  |  |  | — |  |  |  | (12 | ) |  |  | 29,575 |  |  |  | — |  |  |  | 29,575 |
U.S. Treasury securities |  |  | 12,986 |  |  |  | — |  |  |  | (1 | ) |  |  | 12,985 |  |  |  | 7,494 |  |  |  | 5,491 |
Commercial paper |  |  | 20,079 |  |  |  | — |  |  |  | (9 | ) |  |  | 20,070 |  |  |  | — |  |  |  | 20,070 |
Corporate bonds |  |  | 13,200 |  |  |  | — |  |  |  | (8 | ) |  |  | 13,192 |  |  |  | — |  |  |  | 13,192 |
Subtotal |  |  | 75,852 |  |  |  | — |  |  |  | (30 | ) |  |  | 75,822 |  |  |  | 7,494 |  |  |  | 68,328 |
Total assets |  | $ | 99,534 |  |  | $ | - |  |  | $ | (30 | ) |  | $ | 99,504 |  |  | $ | 31,176 |  |  | $ | 68,328 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 101,542 |  |  |  | — |  |  |  | — |
Warrant liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,261 |  |  |  | — |  |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 130,803 |  |  | $ | — |  |  | $ | — |
|  | 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 |  |  | $ | — |  |  | $ | — |
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 Series A and private placement warrants (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
Fair value, beginning balance |  | $ | 29,711 |  |  | $ | 8,258 |
Change in the fair value of Series A warrants included in other income (expense), net |  |  | (450 | ) |  |  | 21,479 |
Change in the fair value of private placement warrants included in other income (expense), net |  |  | — |  |  |  | (26 | )
Fair value, closing balance |  | $ | 29,261 |  |  | $ | 29,711 |
Convertible Notes |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Schedule of Option Pricing Model | The key inputs into the Lattice model for the convertible notes were as follows:
|  | March 31, 2026 |  |  | December 31, 2025 |
Expected term (years) |  |  | 6.6 |  |  |  | 6.9 |
Expected volatility |  |  | 88.9 | % |  |  | 87.7 | %
Risk-free interest rate |  |  | 4.08 | % |  |  | 3.90 | %
Conversion rate |  | $ | 15.87 |  |  | $ | 15.87 |
Stock price |  | $ | 13.16 |  |  | $ | 13.28 |
Warrant liability |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Schedule of Option Pricing Model | The key inputs into the Black-Scholes option pricing model for the private placement warrants were as follows for the relevant periods. These warrants expired on March 12, 2026, and they were no longer traded upon expiration:
|  | December 31, 2025 |
Expected term (years) |  |  | 0.2 |
Expected volatility |  |  | 101.0 | %
Risk-free interest rate |  |  | 3.67 | %
Dividend yield |  |  | 0 | %
Exercise price |  | $ | 57.50 |
The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:
|  | March 31, 2026 |  |  | December 31, 2025 |
Expected term (years) |  |  | 1.7 |  |  |  | 2.0 |
Expected volatility |  |  | 107.0 | % |  |  | 101.0 | %
Risk-free interest rate |  |  | 3.76 | % |  |  | 3.48 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Exercise Price |  | $ | 5.00 |  |  | $ | 5.00 |

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- Definition 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. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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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