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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of marketable securities as of September 30, 2025 and December 31, 2024 are summarized below:
September 30, 2025
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$25,754 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies65,326 — — 
Corporate and international bonds— 17,028 — 
Total assets $91,080 $17,028 $— 
December 31, 2024
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$85 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies6,053 — — 
Corporate and international bonds— 2,868 — 
Total assets $6,138 $2,868 $— 
Liabilities:
Preferred stock warrant liability $970 
Total liabilities $970 
Liabilities related to preferred stock warrants and the Series E purchase option are remeasured at fair value on a recurring basis using the Black-Scholes option pricing model. The following table presents the change in fair value of the preferred stock warrants and the Series E purchase option which are classified in Level 3 of the fair value hierarchy for the nine months ended September 30, 2025:
September 30, 2025
Preferred stock warrant liabilitySeries E purchase option
Balance January 1, 2025$970 $— 
Additions
— 218 
Change in fair value256 11,719 
Exercises(589)(11,937)
Conversion to equity upon IPO$(637)$— 
Balance September 30, 2025
$— $— 
The following table presents the change in fair value of the preferred stock warrants which are classified in Level 3 of the fair value hierarchy for the nine months ended September 30, 2024:
September 30, 2024
Preferred stock warrant liability
Balance January 1, 2024$851 
Change in fair value75 
Balance September 30, 2024
$926 
The preferred stock warrants were valued under the option pricing model, which considers the estimated volatility of the Company’s equity at the date of measurement based on selected metrics of applicable volatility calculations from guideline public companies. The remeasurement of the convertible preferred stock warrant liability resulted in $256 and $75 recognized as other expense (income), net for the nine months ended September 30, 2025 and September 30, 2024, respectively.
The Series E purchase option was valued under the option pricing model, which considers the estimated volatility of the Company’s equity at the date of measurement based on selected metrics of applicable volatility calculations from guideline public companies. The remeasurement of the Series E purchase option resulted in $11,719 recognized as an increase in fair value of Series E purchase option for the nine months ended September 30, 2025.
The convertible notes were valued using the fair value election per ASC 825 Financial Instruments. The convertible notes were valued using the expected stock price upon IPO and the probability of the IPO occurring. The Company weighted an IPO scenario at 97% and a liquidation event at 3% and an expected stock price within the floor and cap described in Note 9. The initial fair value measurement at issuance of the convertible notes was $49,815 and resulted in $9,952 recognized as a day one loss which is included in change in fair value of convertible notes, net for the three and nine months ended September 30, 2025 in the Company’s Condensed Statements of Operations and Comprehensive Loss. At completion of the Company’s IPO the convertible notes and accrued interest converted into 2,810,428 shares of common stock. The Company recognized a $7,739 gain upon settlement of the convertible notes which is recognized in change in fair value of convertible notes, net for the three and nine months ended September 30, 2025 in the Company’s Condensed Statements of Operations and Comprehensive Loss.