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Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis as of June 30, 2026 were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 21,489 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,489 |
Total assets | $ | 21,489 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,489 |
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 56,548 |  |  | $ | — |  |  | $ | — |  |  | $ | 56,548 |
Total assets | $ | 56,548 |  |  | $ | — |  |  | $ | — |  |  | $ | 56,548 |
Liabilities: |  |  |  |  |  |  |
Derivative liability | $ | — |  |  | $ | — |  |  | $ | 759 |  |  | $ | 759 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 759 |  |  | $ | 759 |
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:
| Six Months Ended June 30,
| 2026 |  | 2025
| (in thousands)
Balance at beginning of period | $ | 759 |  |  | $ | 2,829 |
Change in fair value | (707) |  |  | (190) |
Extinguishment of note payable | (52) |  |  | — |
Balance at end of period | $ | — |  |  | $ | 2,639 |
The fair value of the derivative liability in the term loan was estimated using the Monte Carlo and the Black-Scholes models, each weighted based on the probable outcomes of various scenarios. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of December 31, 2025 is as follows:
Stock price |  |  | $0.63
Volatility |  |  | 105.0%
Risk-free rate (continuous) |  |  | 3.5%
Expected term (in years) |  |  | 0.25
Dividend yield (continuous) |  |  | —%

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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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 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 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 + Details
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