XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the conclusions reached regarding fair value measurements as of June 30, 2026, and December 31, 2025 (in tho usands):
|  | Balance as of June 30, 2026 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Warrant liabilities |  | $ | 13,165 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,165 |
CVR liability |  | 1,400 |  |  | — |  |  | — |  |  | 1,400 |
Total liabilities |  | $ | 14,565 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,565 |
Securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 59,971 |  |  | $ | 59,971 |  |  | $ | — |  |  | $ | — |
Corporate bonds |  | 54,887 |  |  | — |  |  | 54,887 |  |  | — |
Total assets |  | $ | 114,858 |  |  | $ | 59,971 |  |  | $ | 54,887 |  |  | $ | — |
|  | Balance as of December 31, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Warrant liabilities |  | $ | 9,575 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,575 |
CVR liability |  | 1,540 |  |  | — |  |  | — |  |  | 1,540 |
Total liabilities |  | $ | 11,115 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,115 |
Securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 97,132 |  |  | $ | 97,132 |  |  | $ | — |  |  | $ | — |
Corporate bonds |  | 79,352 |  |  | — |  |  | 79,352 |  |  | — |
Total assets |  | $ | 176,484 |  |  | $ | 97,132 |  |  | $ | 79,352 |  |  | $ | — |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following assumptions were used in determining the fair value of the warrant liabilities valued using the BSM option pricing model as of June 30, 2026, and December 31, 2025:
|  | June 30, 2026 |  | December 31, 2025
Risk-free interest rate |  | 3.93% - 4.06% |  | 3.42% - 3.67%
Volatility |  | 57.26% - 60.24% |  | 57.28% - 66.70%
Dividend yield |  | — | % |  | — | %
Expected term (years) |  | 0.50 - 2.40 |  | 0.02 - 2.89
Weighted average fair value |  | $ | 5.20 |  |  | $ | 2.38 |
Schedule Of Common Stock Warrant Liabilities Measured At Fair Value | The following table is a reconciliation for the common stock warrant liabilities measured at fair val ue using Level 3 un observable inputs (in thousands):
Balance as of December 31, 2025 |  | $ | 9,575 |
Change in fair value measurement of warrant liabilities |  | 5,580 |
Warrants exercised |  | (1,990) |
Balance as of June 30, 2026 |  | $ | 13,165 |
The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (in thousands):
Balance as of December 31, 2025 |  | $ | 1,540 |
Change in fair value measurement of contingent consideration liabilities |  | (140) |
Balance as of June 30, 2026 |  | $ | 1,400 |
The following table provides a reconciliation of the beginning and ending balances related to the embedded derivative (in thousands):
Balance as of December 31, 2025 |  | $ | — |
Change in fair value measurement of embedded derivative |  | 7,216 |
Extinguishments |  | (7,216) |
Balance as of June 30, 2026 |  | $ | — |

X
- 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration