Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Measurement [Abstract]

Fair Value Measurement

4. Fair Value Measurement

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	27,806	$	—	$	—	$	27,806
Money market funds, included in restricted cash, non-current		4,709		—		—		4,709
U.S. government securities		—		81,479		—		81,479
U.S. treasury bills		—		39,593				39,593
Corporate bonds/notes		—		57,571		—		57,571
Agency bonds/notes		—		25,151		—		25,151
Asset-backed securities		—		21,711		—		21,711
Commercial paper		—		9,870		—		9,870
Total	$	32,515	$	235,375	$	—	$	267,890

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds, included in cash equivalents	$	36,882	$	—	$	—	$	36,882
Total	$	36,882	$	—	$	—	$	36,882
Liabilities
Common stock warrant liability	$	—	$	—	$	20,835	$	20,835
Total	$	—	$	—	$	20,835	$	20,835

The following tables present a reconciliation of the Company’s financial liabilities measured at fair value as of December 31, 2025, 2024 and 2023 using significant unobservable inputs (Level 3) and the change in fair value (in thousands):

	2022 Convertible Notes
Fair value as of January 1, 2023	$	56,066
Change in fair value		5,120
Derecognition of convertible notes upon conversion into redeemable convertible preferred stock		(61,186)
Fair value as of December 31, 2023	$	—

The 2022 Convertible Notes, which are not regularly traded, are classified as Level 3, since their values cannot be determined by using readily observable inputs or measures, such as market prices (see Note 9). The fair value of the 2022 Convertible Notes was estimated as the sum of its components (conversion features and the debt component) as of the issuance dates and as of the subsequent balance sheet dates. To value each of the conversion features, a “with and without” methodology was employed. The debt component was valued using a discounted cash flow method that measured the net present value of the principal and interest payments to be received by the holders of the 2022 Convertible Notes (excluding the conversion features) through the estimated maturity date.

	Common Stock Warrant Liability
Fair value as of January 1, 2023	$	2,120
Change in fair value		2,320
Fair value as of December 31, 2023		4,440
Change in fair value		16,395
Fair value as of December 31, 2024		20,835
Change in fair value		43,894
Reclassification to common stock upon net exercise		(64,729)
Fair value as of December 31, 2025	$	—

In determining the fair value of the common stock warrant liability, the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 12).

	Term Loan Derivative Liability
Fair value as of January 1, 2023	$	5,061
Change in fair value		(4,158)
Fair value as of December 31, 2023	$	903
Change in fair value		222
Derecognition in connection with debt refinancing		(1,125)
Fair value as of December 31, 2024	$	—

In determining the fair value of the term loan derivative liability, a two-step valuation approach was employed, which included a probability-weighted scenario valuation method, the Black-Scholes-Merton method, and the option pricing method, using unobservable inputs (see Note 13), which are classified as Level 3 within the fair value hierarchy, and then comparing the instrument’s value with and without the derivative features to estimate their combined fair value. The debt instrument is carried at amortized cost, which approximates its fair value.

	Convertible Notes Derivative Liability
Fair value as of January 1, 2025	$	—
Recognition of derivative liability related to Convertible Notes		31,900
Change in fair value		(7,311)
Derecognition upon conversion into common stock upon IPO		(24,589)
Fair value as of December 31, 2025	$	—

In determining the fair value of the convertible notes derivative liability, a two-step valuation approach was employed, which included a probability-weighted scenario valuation method, the Monte Carlo Simulation method, and the option pricing method, using unobservable inputs (see Note 13), which are classified as Level 3 within the

fair value hierarchy, and then comparing the instrument’s value with and without the derivative features to estimate their combined fair value. The debt instrument is carried at amortized cost, which approximates its fair value.