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Fair Value of Financial Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

FAIR VALUE MEASUREMENTS AS OF
MARCH 31, 2026 USING:

 

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

 

TOTAL

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

—

 

 

 

—

 

 

 

7,955

 

 

 

7,955

 

Total

 

$

—

 

 

$

—

 

 

$

7,955

 

 

$

7,955

 

 

 

 

FAIR VALUE MEASUREMENTS AS OF
DECEMBER 31, 2025 USING:

 

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

 

TOTAL

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

—

 

 

 

—

 

 

 

15,598

 

 

 

15,598

 

Total

 

$

—

 

 

$

—

 

 

$

15,598

 

 

$

15,598

 

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liabilities, for which fair value is determined by Level 3 inputs (in thousands):

 

 

 

WARRANT
LIABILITIES

 

Balance at December 31, 2025

 

$

15,598

 

Change in fair value

 

 

(7,643

)

Balance at March 31, 2026

 

$

7,955

 

The carrying value of cash equivalents (considered as Level 1 measurements) approximates the fair value due to the short-term nature of these assets.