Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

The Company measures the following financial assets at fair value on a recurring basis. There were no transfers between levels of the fair value hierarchy during any of the periods presented. The following tables set forth the Company’s financial assets carried at fair value categorized using the lowest level of input applicable to each financial instrument as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	110,281	$	—	$	—	$	110,281
Total Assets	$	110,281	$	—	$	—	$	110,281

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	124,522	$	—	$	—	$	124,522
Total Assets	$	124,522	$	—	$	—	$	124,522

Cash equivalents consist of money market funds, which were valued by the Company based on quoted market prices, which represents a Level 1 measurement within the fair value hierarchy. The Company did not hold any financial liabilities carried at fair value as of March 31, 2026 and December 31, 2025.

The Company re-measures the warrant liability (as discussed in Note 9) each reporting period and records changes in the fair value through research and development expenses on the Company’s consolidated statements of operations. The following table shows the changes in fair value measurements using significant unobservable inputs (Level 3) for the warrant liability during the three months ended March 31, 2026 and March 31, 2025:

Description	2026		2025
Beginning balance	$	—	$	61
Change in fair value	423		763
Issuance of warrant	(423)		—
Ending balance	$	—	$	824