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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis

The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):

 

						September 30, 2025
						Total						Level 1						Level 2						Level 3
Assets:
Money market funds, included in cash and cash equivalents						$	—					$	—					$	—					$	—
Liabilities:
Warrant liability						$	6,634					$	—					$	—					$	6,634

 

						December 31, 2024
						Total						Level 1						Level 2						Level 3
Assets:
Money market funds, included in cash and cash equivalents						$	15,144					$	15,144					$	—					$	—

Schedule of Fair Value Measurements Inputs

The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:

						April 25, 2025 (Warrant Certificate Issuance Date)						September 30, 2025
Fair value of underlying common stock						$	6.21					$	10.99
Exercise price						$4.96 - $6.99						$4.96 - $12.36
Risk-free interest rate						4.3		%				4.1%
Expected volatility						88.8		%				86.9%
Expected term (in years)						10.0						9.6 - 10.0
Expected dividend yield						—		%				—		%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):

						Warrant Liability
Balance at December 31, 2024						$	—
Fair value of warrant liability						3,525
Change in fair value of warrant liability						3,109
Balance at September 30, 2025						$	6,634

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

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-Topic 820
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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
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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
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