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Financial Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 were as follows:
Level 1
Level 2
Level 3
Total
(in thousands)
Assets:
Money market funds
$60,195 $— $— $60,195 
Total assets
$60,195 $— $— $60,195 
Liabilities:
Derivative liability
$— $— $2,614 $2,614 
Total liabilities
$— $— $2,614 $2,614 
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 were as follows:
Level 1
Level 2
Level 3
Total
(in thousands)
Assets:
Money market funds
$105,526 $— $— $105,526 
Total assets
$105,526 $— $— $105,526 
Liabilities:
Derivative liability
$— $— $2,829 $2,829 
Total liabilities
$— $— $2,829 $2,829 
Schedule of Weighted-Average Significant Unobservable Inputs
The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs:
Nine Months Ended September 30,
20252024
(in thousands)
Balance at beginning of period$2,829 $— 
Fair value of derivative liability at issuance of term loan
— 4,450 
Change in fair value(215)(1,715)
Balance at end of period$2,614 $2,735 
A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of September 30, 2025 and December 31, 2024 is as follows:
September 30,
2025		December 31,
2024
Stock Price$1.97$1.48
Volatility100.0%103.0%
Risk-free rate (continuous)3.6%4.2%
Expected term (in years)0.250.58
Dividend yield (continuous)—%—%