Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy (in thousands):

	As of March 31, 2026
	Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	319,115	$	—	$	—	$	319,115
Total cash equivalents		319,115		—		—		319,115
Marketable securities
Government securities		—		44,960		—		44,960
Total marketable securities		—		44,960		—		44,960
Restricted cash
Certificate of deposit		—		776		—		776
Total restricted cash		—		776		—		776
Total assets	$	319,115	$	45,736	$	—	$	364,851
Liabilities
Derivative liability – warrants		—		1,107		36		1,143
Total liabilities	$	—	$	1,107	$	36	$	1,143

	As of December 31, 2025
	Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	249,393	$	—	$	—	$	249,393
Total cash equivalents		249,393		—		—		249,393
Marketable securities
Government securities		—		45,040		—		45,040
Total marketable securities		—		45,040		—		45,040
Restricted cash
Certificate of deposit		—		770		—		770
Total restricted cash		—		770		—		770
Total assets	$	249,393	$	45,810	$	—	$	295,203
Liabilities
Derivative liability – warrants		—		1,305		38		1,343
Total liabilities	$	—	$	1,305	$	38	$	1,343

Schedule of Assumptions Used in Estimating Fair Value of the Warrant Liabilities

The following are the assumptions used in the Black-Scholes valuation model in order to determine the fair value of the warrant liabilities as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Term		2.41			2.66
Volatility		92.70	%		103.4	%
Exercise price	$	41.83		$	41.83
Risk-free rate		3.79	%		3.52	%

Schedule of Change in the Derivative Liabilities

The change in the Level 3 derivative liabilities for the three months ended March 31, 2026 was (in thousands):

	Level 3 Warrant Liabilities
Balance December 31, 2025	$	38
Gain due to change in fair value		(2	)
Balance March 31, 2026	$	36

The change in the warrant liabilities for the three months ended March 31, 2026 was (in thousands):

	Warrants
Balance, December 31, 2025	$	1,343
Gain due to change in fair value		(200	)
Balance, March 31, 2026	$	1,143