Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 were as follows:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	72,096	$	—	$	—	$	72,096
Total assets	$	72,096	$	—	$	—	$	72,096
Liabilities:
Derivative liability	$	—	$	—	$	2,639	$	2,639
Total liabilities	$	—	$	—	$	2,639	$	2,639

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 were as follows:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	105,526	$	—	$	—	$	105,526
Total assets	$	105,526	$	—	$	—	$	105,526
Liabilities:
Derivative liability	$	—	$	—	$	2,829	$	2,829
Total liabilities	$	—	$	—	$	2,829	$	2,829

Schedule of Weighted-Average Significant Unobservable Inputs

The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs:

	Six Months Ended June 30,
	2025		2024
	(in thousands)
Balance at beginning of period	$	2,829	$	—
Fair value of derivative liability at issuance of term loan	—		4,450
Change in fair value	(190)		(1,609)
Balance at end of period	$	2,639	$	2,841

A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of June 30, 2025 and December 31, 2024 is as follows:

	June 30, 2025	December 31, 2024
Stock Price	$1.09	$1.48
Volatility	104.0%	103.0%
Risk-free rate (continuous)	3.7%	4.2%
Expected term (in years)	0.50	0.58
Dividend yield (continuous)	—%	—%