Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Summary of recurring measurements for assets and liabilities at fair value

		Convertible Notes		Warrant Liabilities		Contingent Consideration		Derivative Liability
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Balance, January 1, 2026	$	34,600	$	3,276	$	42	$	14,879
Issuance of warrants		—		17,688		—		—
Change in fair value		8,727		(4,656)		(4)		1,743
Exchange of convertible notes		(41,785)		—		—		—
Settlement of derivative liability		—		—		—		(16,622)
Balance, March 31, 2026	$	1,542	$	16,308	$	38	$	—

		Convertible Notes		Warrant Liabilities		Contingent Consideration
		(Level 3)		(Level 3)		(Level 3)
Balance, January 1, 2025	$	11,689	$	1,187	$	3,541
Issuance of warrants		—		93,986		—
Change in fair value		1,631		(86,729)		(3,488)
Warrant cashless exercise		—		(6,418)		—
Balance, March 31, 2025	$	13,320	$	2,026	$	53

Series A and B warrants

Fair Value Measurements

Summary of significant inputs as of the valuation dates

	March 31,				December 31,
	2026				2025
		Series A		Series B		Series A		Series B
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Stock Price	$	0.99	$	0.99	$	1.10	$	1.10
Exercise Price		8.06		-		8.06		8.06
Expected volatility		164.1%		198.3%		160.0%		200.0%
Risk-free interest rate		3.9%		3.7%		3.6%		3.5%
Expected life (in years)		3.91		1.27		4.02		1.52
Expected dividend yield		—		—		—		—

Summary of activity for the Company's issued and outstanding warrants

	Series A	Series B
Issued and Outstanding, January 1, 2026	3,565,245	62,263
Number of warrants issued	—	—
Number of warrants exercised	—	—
Issued and Outstanding, March 31, 2026	3,565,245	62,263

	Series A	Series B
Issued and Outstanding, January 1, 2025	—	—
Number of warrants issued	3,565,245	3,565,245
Number of warrants exercised	—	(3,142,511)
Issued and Outstanding, March 31, 2025	3,565,245	422,734

PIPE Warrants and Daewoong Warrants

Fair Value Measurements

Summary of significant inputs as of the valuation dates

	March 31,				January 27,		January 21,
	2026				2026		2026
		PIPE		Daewoong		PIPE		Daewoong
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Stock Price	$	0.99	$	0.99	$	1.20	$	1.36
Exercise Price		1.09		1.09		1.09		1.09
Expected volatility		164.1%		164.1%		160.0%		164.1%
Risk-free interest rate		3.9%		3.9%		3.6%		3.9%
Expected life (in years)		4.83		4.82		5.00		5.01
Expected dividend yield		—		—		—		—