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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis
The following tables present the financial asset instruments carried at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands) in accordance with the ASC 820 hierarchy.
Fair Value Measurements as of March 31, 2026
Level 1Level 2Level 3Total
Assets
Cash equivalents$91,832 $— $— $91,832 
Fair Value Measurements as of December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents$106,934 $— $— $106,934 
Schedule of Warrant Liabilities Measured at Fair Value on Recurring Basis
The following tables present the derivative tranche liability (see Note 6) carried at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands) and in accordance with the ASC 820 hierarchy and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.
Fair Value Measurements as of March 31, 2026
Level 1Level 2Level 3Total
Liabilities
Derivative tranche liability$— $— $50,948 $50,948 

Fair Value Measurements as of December 31, 2025
Level 1Level 2Level 3Total
Liabilities
Derivative tranche liability$— $— $44,760 $44,760 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table presents the assumptions used to determine the fair value of the derivative tranche liability as of March 31, 2026 and as of December 31, 2025:
March 31,
2026		December 31,
2025
Expected volatility86.0 %96.0 %
Risk-free interest rate3.65 %3.42 %
Expected term (in years)0.531.03
Probability of achieving specified conditions45.0 %25.0 %
Share price$4.41 $6.13 
Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Warrant Liabilities
The following table provides a roll-forward of the aggregate fair value of the derivative tranche liability categorized with Level 3 inputs for the three months ended March 31, 2026 (in thousands):
Derivative Tranche Liability
Balance as of December 31, 2025$44,760 
Change in fair value6,188 
Balance as of March 31, 2026$50,948