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Financial Instruments | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Financial Instruments | Note 3. Financial Instruments 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 |  |  | $ | — |  |  | $ | — |
The fair value of the private placement warrants, convertible notes and Series A warrants are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The Company used the Black Scholes option pricing and the lattice model as applicable to determine the fair value of the warrant liabilities and convertible notes, respectively, using unobservable inputs including the expected term, expected volatility, risk-free interest rate, and dividend yield. Warrant liabilities 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 |
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 |
Convertible notes As of March 31, 2026 and December 31, 2025, the fair value of the Company’s convertible notes was $101.5 million and $101.0 million, respectively. The Company measures the fair value of its convertible notes for disclosure purposes. The fair value was determined based on the Lattice model and has been classified as Level 3 in the fair value hierarchy. See Note 10 “Financing transactions” for information regarding the Company’s convertible notes. 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 |

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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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