Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy, the following tables show the fair value as of March 31, 2026 and December 31, 2025 of those financial assets and liabilities that are measured at fair value on a recurring basis, according to the valuation techniques the Company used to determine their fair value.


(in thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value
As of March 31, 2026:
Assets:
Cash equivalents:
Money market funds	$	13,947	$	—	$	—	$	13,947






Total assets at fair value	$	13,947	$	—	$	—	$	13,947
Liabilities:
Warrant liability	$	—	$	—	$	1,897	$	1,897
Total liabilities at fair value	$	—	$	—	$	1,897	$	1,897

The Company concluded that the January 2026 Series A Common Warrants, January 2026 Series B Common Warrants, and January 2026 Series C Common Warrants issued in connection with the January 2026 PIPE Financing were required to be initially classified as liabilities and the January 2026 Series B Common Warrants were classified as liabilities as of the reporting date. The Company recorded the fair value of these warrants upon issuance using the Black-Scholes valuation model and revalues the warrants at each reporting date with any changes in fair value recorded to the Condensed Consolidated Statement of Operations. See Note 7, "Stockholders' Equity", for further discussion on the warrant liability.


(in thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2025:
Cash equivalents:
Money market funds	$	4,006	$	—	$	—	$	4,006








Total	$	4,006	$	—	$	—	$	4,006