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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

 

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party components, as of December 31, 2025 and 2024 (in thousands):

 

   Level 1   Level 2   Level 3   Total 
   December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Restricted cash held in money market accounts  $219    —    —    219 
Total assets, at fair value  $219    —    —    219 
Liabilities:                    
Public Warrants  $99    —    —    99 
Private Warrants   —    16    —    16 
Total warrant liabilities, at fair value  $99    16    —    115 

 

 

   Level 1   Level 2   Level 3   Total 
   December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Restricted cash held in money market accounts  $218   $—   $—   $218 
Forward Purchase Agreement Derivative Asset included in other noncurrent assets   —    —    11    11 
Total assets, at fair value  $218   $—   $11   $229 
Liabilities:                    
Public Warrants  $110   $—   $—   $110 
Private Warrants   —    18    —    18 
Total warrant liabilities, at fair value  $110   $18   $—   $128 

 

The Company’s financial instruments consist of cash, prepaid expenses and other current assets, accounts payable, accrued expenses, and other current liabilities. The carrying value of these financial instruments is generally considered to approximate their fair values because of the short-term nature of those instruments.

 

The following table presents the changes in fair value of valued instruments for the year ended December 31, 2025 (in thousands):

 

   Forward
Purchase
Agreement
Derivative
Asset, at
fair value		   Public
Warrants, at
fair value		   Private
warrants, at
fair value		 
Balance at January 1, 2025  $(11)  $110   $18 
Change in fair value   11    (11)   (2)
Balance at December 31, 2025  $—   $99    16 

 

The following table presents the changes in fair value of valued instruments for the years ended December 31, 2024 (in thousands):

 

   Forward
Purchase
Agreement
Derivative
Asset, at
fair value		   Public
Warrants, at
fair value		   Private
warrants, at
fair value		 
Balance at January 1, 2024  $(230)  $575   $96 
Change in fair value   219    (465)   (78)
Balance at December 31, 2024  $(11)  $110    18