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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024 (in thousands) in accordance with the ASC 820 hierarchy.
Fair Value Measurements as of September 30, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents$70,239 $— $— $70,239 
Fair Value Measurements as of December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents$60,819 $— $— $60,819 
Schedule of Warrant Liabilities Measured at Fair Value on Recurring Basis
The following tables present the derivative tranche liability (see Note 6) carried at fair value on a recurring basis as of September 30, 2025 (in thousands) in accordance with the ASC 820 hierarchy and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. There was no derivative tranche liability as of December 31, 2024.
Fair Value Measurements as of September 30, 2025
Level 1Level 2Level 3Total
Liabilities
Derivative tranche liability$— $— $16,730 $16,730 
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 for the issuance date, September 11, 2025, and as of September 30, 2025:
September 11,
2025		September 30,
2025
Expected volatility73.0 %73.0 %
Risk-free interest rate3.50 %3.60 %
Expected term (in years)1.331.28
Probability of achieving specified conditions25.0 %25.0 %
Discount rate3.53 %3.59 %
Share price$2.78 $3.00 
Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Warrant Liabilities
The following table provides a roll-forward of the aggregate fair value of the derivative tranche liability categorized with Level 3 inputs (in thousands):
Derivative Tranche Liability
Balance as of December 31, 2024$— 
Issuance14,930 
Change in fair value1,800 
Balance as of September 30, 2025$16,730