Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Measurements

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

	Fair Value Measurements as of
	June 30, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	19,590	$	—	$	—	$	19,590
Short-term investments:
U.S. Treasury Notes		20,346		—		—		20,346
Total financial assets	$	39,936	$	—	$	—	$	39,936

	Fair Value Measurements as of
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	31,303	$	—	$	—	$	31,303
Total financial assets	$	31,303	$	—	$	—	$	31,303
Financial liabilities:
Convertible Notes	$	—	$	—	$	30,259	$	30,259
Total financial liabilities	$	—	$	—	$	30,259	$	30,259

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

	Fair Value Measurements as of
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	31,303	$	—	$	—	$	31,303
Total financial assets	$	31,303	$	—	$	—	$	31,303
Financial liabilities:
Convertible Notes	$	—	$	—	$	30,259	$	30,259
Total financial liabilities	$	—	$	—	$	30,259	$	30,259

	Fair Value Measurements as of
	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents:
Money market funds	$	21,762	$	—	$	—	$	21,762
Total financial assets	$	21,762	$	—	$	—	$	21,762

Schedule of changes in fair value of level 3 convertible notes

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

	Amounts
Balance as of December 31, 2024	$	30,259
Interest accrued during the three months ended March 31, 2025		558
Change in fair value of the Convertible Notes		4,942
Balance as of March 31, 2025		35,759
Interest accrued during the three months ended June 30, 2025 (1)		93
Balance immediately prior to the date of conversion		35,852
Change in fair value of the Convertible Notes		(12,752)
Conversion of the Convertible Notes		(23,100)
Balance as of June 30, 2025	$	—

(1) Includes interest accrued from April 1, 2025 until closing of the Merger.

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

	Amounts
Balance as of December 31, 2023	$	—
Convertible Notes issuance		28,298
Accrued interest as of December 31, 2024		154
Change in fair value of the Convertible Notes		1,807
Balance as of December 31, 2024	$	30,259

Schedule of measurement inputs on valuation of convertible notes

	As of December 31,
	2024
Time to Qualified/non-Qualified financing (in years)	0.25
Time to IPO (in years)	0.25
Time to reverse merger (in years)	0.33
Time to dissolution (in years)	n/a
Interest rate (risk-free)	4.37	%
Conversion discount rate	20.00	%

The following table presents the assumptions, estimates, and contractual features incorporated into the valuation of the Convertible Notes as of December 31, 2024:

	Inputs
Time to Qualified/non-Qualified financing (in years)	0.25
Time to IPO (in years)	0.25
Time to reverse merger (in years)	0.33
Time to dissolution (in years)	n/a
Interest rate (risk-free)	4.37	%
Conversion discount rate	20.00	%