Term Loans (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Future Principal Debt Payments under 2025 Term Loan Agreement

Future principal debt payments under the 2025 Trinity Term Loan Agreement as of September 30, 2026 are as follows (in thousands):

Year Ending December 31,
2026	$	—
2027		—
2028		—
2029		11,969
2030		38,031
Total principal payments	$	50,000

Schedule of Reconcile of Change in Fair Value of Debt

The following table reconciles the change in fair value of the 2025 Trinity Term Loans during the nine months ended September 30, 2026 (in thousands):

Trinity Term Loans
Beginning fair value balance as of January 1, 2026	$	50,106
Principal payments		—
Change in fair value reported in statements of operations		(235	)
Change in fair value reported in comprehensive loss		(2,540	)
Ending fair value balance as of September 30, 2026	$	47,331

The following table reconciles the change in fair value of the Trinity Term Loans during the three months ended September 30, 2026 (in thousands):

Trinity Term Loans
Beginning fair value balance as of July 1, 2026	$	49,260
Principal payments		—
Change in fair value reported in statements of operations		(350	)
Change in fair value reported in comprehensive loss		(1,579	)
Ending fair value balance as of September 30, 2026	$	47,331

The following table reconciles the change in fair value of the Success Fees liability during the nine months ended September 30, 2026 (in thousands):

Success Fees
Beginning fair value balance as of January 1, 2026	$	1,552
Change in fair value of Success Fees		121
Ending fair value balance as of September 30, 2026	$	1,673

The following table reconciles the change in fair value of the Success Fees liability during the three months ended September 30, 2026 (in thousands):

Success Fees
Beginning fair value balance as of July 1, 2026	$	1,641
Change in fair value of Success Fees		32
Ending fair value balance as of September 30, 2026	$	1,673