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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

317,127

 

 

$

317,127

 

 

$

 

 

$

 

Total assets

$

317,127

 

 

$

317,127

 

 

$

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

50,106

 

 

$

 

 

$

 

 

$

50,106

 

   Success Fee Derivative liabilities

 

1,552

 

 

 

 

 

 

 

 

 

1,552

 

Total liabilities

$

51,658

 

 

$

 

 

$

 

 

$

51,658

 

 

 

December 31, 2024

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

138,308

 

 

$

138,308

 

 

$

 

 

$

 

Total assets

$

138,308

 

 

$

138,308

 

 

$

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

43,942

 

 

$

 

 

$

 

 

$

43,942

 

   Success Fee Derivative liability

 

930

 

 

 

 

 

 

 

 

 

930

 

   SSI Warrant liability

 

438

 

 

 

 

 

 

 

 

 

438

 

Total liabilities

$

45,310

 

 

$

 

 

$

 

 

$

45,310