Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, were as follows (in thousands):

	Fair Value Measurements
As of September 30, 2025	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	19,587	$	19,587	$	—	$	—
U.S. government treasury securities		19,937		19,937		—		—
Total cash equivalents	$	39,524	$	39,524	$	—	$	—
Short-term investments:
U.S. government treasury securities	$	34,612	$	34,612	$	—	$	—
Total short-term investments	$	34,612	$	34,612	$	—	$	—

	Fair Value Measurements
As of December 31, 2024	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	1,009	$	1,009	$	—	$	—
Total fair value of assets	$	1,009	$	1,009	$	—	$	—
Liabilities:
Derivative liabilities (including $995 for a related party)	$	1,042	$	—	$	—	$	1,042
Tranche liability (including $331 for a related party)		365		—		—		365
Total fair value of liabilities	$	1,407	$	—	$	—	$	1,407

Summary of Estimated Fair Value

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance dates:

	At Issuance Date (January 10, 2025)
Expected term (in years)	0.2 – 0.3
Probability of achievement	0.0% – 80.0%
Discount rate	8.50%

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance date and as of December 31, 2024:

	Issuance Dates	December 31, 2024
Expected term (in years)	0.4 – 1.3	0.2 – 0.4
Probability of achievement	0.0% – 90.0%	0.0% – 80.0%
Discount rate	9.5% – 18.7%	9.0%

The significant assumptions were as follows as of December 31, 2024:

	December 31, 2024
Expected term (in years)	0.2 - 0.4
Probability of achievement	0.0% - 80.0%
Discount rate	9.0%

Summary of Aggregate Fair Values of Outstanding Level 3 Financial Instruments

The following table provides a roll-forward of the aggregate fair values of the Company’s outstanding Level 3 financial instruments during the nine months ended September 30, 2025 and 2024 (in thousands):

	Derivative liabilities			Tranche liability
Balance as of December 31, 2023	$	—		$	—
Initial fair value at issuance		2,132			—
Change in fair value		(860	)		—
Balance as of September 30, 2024	$	1,272		$	—
Balance as of December 31, 2024	$	1,042		$	365
Initial fair value at issuance		187			—
Change in fair value		(1,229	)		(365	)
Balance as of September 30, 2025	$	—		$	—