XML 32 R25.htm IDEA: XBRL DOCUMENT v3.26.1
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