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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2026 and December 31, 2025, set forth by level within the fair value hierarchy:
As of March 31, 2026
(in thousands)Level 1Level 2Level 3Total
Assets
Money market funds$9,501 $— $— $9,501 
Short-term investments— 12,100 — 12,100 
Total Assets$9,501 $12,100 $— $21,601 
As of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Money market funds$9,416 $— $— $9,416 
Short-term investments— 11,078 — 11,078 
Total Assets$9,416 $11,078 $— $20,494 
The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was based on significant inputs not observable in the market, which represent a level 3 measurement within the fair value hierarchy. The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was determined using a Monte Carlo simulation forecasting the timing and likelihood of certain development milestone events being achieved and discounting the probability adjusted payments using an appropriate discount rate based on market interest rates. The main assumptions when determining the fair value of the Redeemable Convertible Preferred Stock Tranche Liability is the timing of and probability of achieving certain milestones, the estimated volatility of the Company’s common stock, and the discount rate. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value.
The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the three months ended March 31, 2025:
(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024$3,417 
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 20251,526 
Settlement of tranche in March 2025(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of March 31, 2025$— 
Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The United States Treasury securities and Certificate of Deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of March 31, 2026 and December 31, 2025. The amortized cost and fair value of held-to-maturity securities approximated each other at March 31, 2026 and December 31, 2025.
During the three months ended March 31, 2026 and 2025, there were no transfers between level 1, level 2 and level 3.