Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Items Measured at Fair Value on a recurring basis

Money Market Funds—We previously held cash in a U.S. treasury securities money market fund. The funds are classified as cash and cash equivalents on our consolidated balance sheet as of December 31, 2024 and represent Level 1 assets on the fair value hierarchy. We had no cash in money market funds as of December 31, 2025.

For assets measured at fair value, the following tables summarize the respective fair values and classifications by level of input within the fair value hierarchy as of December 31, 2025 and 2024. We had no liabilities measured at fair value as of December 31, 2025 and 2024:

	December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
NFW investment	—		—		—		—
	$	—	$	—	$	—	$	—

	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	37,000	$	—	$	—	$	37,000
NFW investment	—		—		200		200
	$	37,000	$	—	$	200	$	37,200

Items Measured at Fair Value on a non-recurring basis

Equity Investments—Our equity investment in NFW represents non-marketable equity securities in a privately held company that does not have a readily determinable fair value and are accounted for under the measurement alternative in ASC 321. In the fourth quarter of 2024, we recorded an impairment charge of $1.8 million in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. In the third quarter of 2025, we recorded an impairment charge of $0.2 million in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

There was no carrying values of our investment as of December 31, 2025. The carrying value of our investment was $0.2 million as of December 31, 2024.