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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value

The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		June 30, 2025
		Total				Level 1				Level 2				Level 3
Assets:
Money market funds		$	22,670			$	22,670			$	—			$	—
Total assets measured at fair value		$	22,670			$	22,670			$	—			$	—
Non-current liabilities:
Common stock warrants		$	13,249			$	—			$	—			$	13,249
Total liabilities measured at fair value		$	13,249			$	—			$	—			$	13,249
		December 31, 2024
		Total				Level 1				Level 2				Level 3
Assets
Money market funds		$	46,134			$	46,134			$	—			$	—
Total assets measured at fair value		$	46,134			$	46,134			$	—			$	—

Summary of Black-Scholes Option-Pricing Model Inputs to Calculate the Fair Value of Warrants

The following table shows the Black-Scholes option-pricing model inputs used to calculate the fair value of the warrants at issuance date.

		Tranche A				Tranche B
Share price of common stock		$	0.92			$	1.39
Expected volatility			83.0	%			84.0	%
Risk-free interest rate			4.7	%			4.8	%
Expected term (in years)			20.0				20.0
Expected dividend yield			0	%			0	%

The following table shows the Black-Scholes option-pricing model inputs used to calculate the fair value of the warrants at June 30, 2025.

		Tranche A				Tranche B
Share price of common stock		$	1.39			$	1.39
Expected volatility			84.0	%			84.0	%
Risk-free interest rate			4.8	%			4.8	%
Expected term (in years)			19.8				20.0
Expected dividend yield			0	%			0	%

Summary of Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis

The following table shows a reconciliation of the beginning and ending balances for Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2025:

		Six Months Ended
		June 30, 2025
Level 3 financial liabilities, beginning of period		$	—
Issuance of EIB common stock warrants			10,662
Change in fair value of EIB common stock warrants			2,587
Level 3 financial liabilities, end of period		$	13,249

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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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- 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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