FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair value measurements as of March 31, 2026 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2026
Assets included in:
Cash and cash equivalents
Money market securities	$	51,420	$	—	$	—	$	51,420
Marketable securities
Corporate debt securities	—		47,036		—		47,036
Government and agency - U.S.	—		29,566		—		29,566
Total fair value	$	51,420	$	76,602	$	—	$	128,022
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	970	$	970
Total fair value	$	—	$	—	$	970	$	970

	Fair value measurements as of December 31, 2025 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2025
Assets included in:
Cash and cash equivalents
Money market securities	$	53,708	$	—	$	—	$	53,708
Marketable securities
Corporate debt securities	—		62,876		—		62,876
Total fair value	$	53,708	$	62,876	$	—	$	116,584
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	1,430	$	1,430
Total fair value	$	—	$	—	$	1,430	$	1,430

The carrying values reported in the Company’s condensed balance sheets for cash (excluding cash equivalents, which are recorded at fair value on a recurring basis), restricted cash, accounts payable, accrued clinical trial expenses and accrued expenses and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.

The carrying amount of the Company’s debt, long-term approximates fair value due to its variable market interest rate and management’s opinion that current rates and terms that would be available to the Company with the same maturity and security structure would be essentially equivalent to that of the Company’s debt, long-term. Certain features of the Company’s term loan facility (the “Term Loan”) were determined to be embedded derivatives requiring separate measurement from the loan host instrument. For additional information regarding the Term Loan, see Note 6. Debt.

The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets.

The fair value for the available-for-sale marketable securities is determined based on valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2026 (in thousands):

Balance, December 31, 2025	$	1,430
Change in fair value of embedded derivatives	(460)
Balance, March 31, 2026	$	970