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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Marketable Securities

The fair value of marketable securities as of September 30, 2025 and December 31, 2024 are summarized below:

						September 30, 2025
						Level 1						Level 2						Level 3
Assets:
Cash Equivalents
Money market funds						$	25,754					$	—					$	—
Short-term marketable securities at fair value
U.S. treasury and government agencies						65,326						—						—
Corporate and international bonds						—						17,028						—
Total assets						$	91,080					$	17,028					$	—

						December 31, 2024
						Level 1						Level 2						Level 3
Assets:
Cash Equivalents
Money market funds						$	85					$	—					$	—
Short-term marketable securities at fair value
U.S. treasury and government agencies						6,053						—						—
Corporate and international bonds						—						2,868						—
Total assets						$	6,138					$	2,868					$	—
Liabilities:
Preferred stock warrant liability																		$	970
Total liabilities																		$	970

Schedule of Changes in Level 3 Fair Value, Liabilities

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 liability						Series E purchase option
Balance January 1, 2025						$	970					$	—
Additions						—						218
Change in fair value						256						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 value						75
Balance September 30, 2024						$	926

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- References

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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

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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

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