Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):

	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	205,651	$	-	$	-	$	205,651
Total	$	205,651	$	-	$	-	$	205,651

	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	206,018	$	-	$	-	$	206,018
Total	$	206,018	$	-	$	-	$	206,018

Level 3 liabilities that were measured at fair value on a recurring basis consisted of Series B and D redeemable convertible preferred stock warrant liabilities and common stock warrant liabilities associated with warrants issued in connection with the Company’s financing arrangements that were cashless exercised and converted to the Company’s common stock during the year ended December 31, 2025. The Company recognized losses on the changes in the fair value of convertible preferred stock warrants and common stock warrants of $0.8 million and $1.2 million during the three and six months ended June 30, 2025, respectively. No preferred stock warrant liabilities remained outstanding as of June 30, 2026.

The Company recognizes transfers among Level 1, Level 2, and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. There were no transfers between fair value measurement levels during the periods presented.