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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, respectively (in thousands):

	Fair Value Measurements Using
September 30, 2025	Fair Value			Level 1			Level 2			Level 3
Cash equivalents
Money market	$	15		$	15		$	—		$	—
Investments
Treasury bills	$	2,309		$	—		$	2,309		$	—
Government bonds		1,003			1,003			—			—
Total Investments	$	3,312		$	1,003		$	2,309		$	—
	Fair Value Measurements Using
December 31, 2024	Fair Value			Level 1			Level 2			Level 3
Cash equivalents
Money market	$	74		$	74		$	—		$	—
Investments
Treasury bills		2,062			—			2,062			—
Government agency bonds		772			772			—			—
Money market		696			696			—			—
Total Investments	$	3,530		$	1,468		$	2,062		$	—

Schedule of Change in Fair Value of Liability

The following table provides a roll forward of the fair value of liability classified common stock warrants during the nine months ended September 30, 2025 (in thousands):

	February 2025 Warrants				March 2025 Series A Warrants				March 2025 Series B Warrants				Total
Beginning balance as of January 1, 2025	$	—			$	—			$	—			$	—
Issuance		2,762				2,005				11,243				16,010
Change in fair value		(2,231	)			335				5,043				3,147
Settlement		(531	)			—				(858	)			(1,389	)
Modification and extinguishment		—				(2,340	)			(4,461	)			(6,801	)
Reclassified to equity		—				—				(10,967	)			(10,967	)
Ending balance as of September 30, 2025	$	—			$	—			$	—			$	—

Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

As detailed in Note 13 below, the Company elected to account for convertible notes (consisting of funding notes and exchange notes) issued on February 13, 2025 at fair value as of the issuance date and immediately before their settlement date of March 4, 2025. The convertible notes are valued using the binomial lattice model with the following key level 3 inputs:

		At issuance				At settlement
Interest rate		4.18% - 4.28%					3.99	%
Remaining term (years)			1.0				0.94
Volatility			77.5	%			119.2	%
Fair value of common stock		$	1.20			$	0.30

Schedule of Change in Fair Value of Liability

The following table provides a roll forward of the fair value of the convertible notes during the nine months ended September 30, 2025 (in thousands):

		Funding Notes				Exchange Notes
Beginning balance as of January 1, 2025		$	—			$	—
Issuance			3,968				3,763
Change in fair value			(265	)			(251	)
Settlement			(3,703	)			(3,512	)
Ending balance as of September 30, 2025		$	—			$	—

Warrants

March 2025 Series A and B Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

As detailed in Note 13 below, the Company issued March 2025 Series A and March 2025 Series B common stock warrants in connection with the March 2025 Private Placement. The March 2025 Series A and March 2025 Series B common stock warrants are accounted for as liabilities at fair value at issuance date, and immediately prior to their extinguishment and modification, respectively, on June 17, 2025. The March 2025 Series A and March 2025 Series B common stock warrants were valued using the Monte Carlo simulation, with the following key level 3 inputs:

		At issuance				At modification and extinguishment
Interest rate			3.98	%			3.91	%
Remaining term (years)			6.1				4.9
Volatility			123.7	%			135.6	%

Series B Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

The March 2025 Series B Warrants were valued immediately prior to exercise, using the Monte Carlo simulation with the following inputs for the exercises that occurred before the modification on June 17, 2025:

		At exercise
Interest rate		3.85% - 4.06%
Remaining term (years)		4.9 - 5.0
Volatility		133.9% - 135.8%

February 2025 Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Key Level 3 Inputs Used in Valuation of Warrants Liability at Fair Value

In addition, the February 2025 Warrants issued in connection with the Funding Notes were required to be classified as liabilities and recorded at fair value. The Company estimated the fair value of the February 2025 Warrants using the Black Scholes model at issuance as of February 13, 2025 and as of their redemption date of March 4, 2025, using the following level 3 inputs:

		At issuance				At settlement
Interest rate			4.30	%			4.30	%
Remaining term (years)			5.0				4.95
Volatility			98.5	%			102.1	%
Fair value of common stock		$	1.20			$	0.30

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