Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value as of September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	20,941	$	—	$	—	$	20,941
Marketable securities	—		20,279		—		20,279
Total fair value	$	20,941	$	20,279	$	—	$	41,220
Liabilities:
Common stock warrants (Public)	$	353	$	—	$	—	$	353
Common stock warrants (Private Placement)	—		165		—		165
Earnout liability	—		—		24		24
Total fair value	$	353	$	165	$	24	$	542

	Fair Value as of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	46,953	$	—	$	—	$	46,953
Marketable securities	—		46,613		—		46,613
Derivative asset	—		15		—		15
Total fair value	$	46,953	$	46,628	$	—	$	93,581
Liabilities:
Common stock warrants (Public)	$	3,108	$	—	$	—	$	3,108
Common stock warrants (Private Placement)	—		1,458		—		1,458
Earnout liability	—		—		2,486		2,486
Total fair value	$	3,108	$	1,458	$	2,486	$	7,052

Schedule of Activities of Earnout Liability

The following table summarizes the activities for the earnout liability during the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Balance at beginning of period	$	24	$	1,243	$	2,486	$	1,783
Loss (gain) in fair value of earnout liability	—		2,941		(2,462)		2,401
Balance at end of period	$	24	$	4,184	$	24	$	4,184

Schedule of Marketable Securities

The following table summarizes the marketable securities by major security type as follows:

	As of September 30, 2025
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	3,574	$	14	$	(1)	$	3,587
Asset-backed securities	12,001		9		(552)		11,458
U.S. government and agency securities	5,278		1		(45)		5,234
Total marketable securities	$	20,853	$	24	$	(598)	$	20,279

	As of December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	3,741	$	30	$	—	$	3,771
Asset-backed securities	36,309		39		(1,349)		34,999
U.S. government and agency securities	7,829		14		—		7,843
Total marketable securities	$	47,879	$	83	$	(1,349)	$	46,613

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities are as follows:

	As of September 30, 2025
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	997	$	2,390	$	200	$	3,587
Asset-backed securities	—		—		11,458		11,458
U.S. government and agency securities	3,986		—		1,248		5,234
Total marketable securities	$	4,983	$	2,390	$	12,906	$	20,279

	As of December 31, 2024
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	—	$	2,869	$	902	$	3,771
Asset-backed securities	—		—		34,999		34,999
U.S. government and agency securities	5,984		—		1,859		7,843
Total marketable securities	$	5,984	$	2,869	$	37,760	$	46,613