Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

	September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	40,221	$	—	$	—	$	40,221
Commercial paper	—		25,955		—		25,955
U.S. treasury securities	14,944		—		—		14,944
Total cash equivalents	55,165		25,955		—		81,120
Short-term marketable securities:
U.S. government agency bonds	—		34,886		—		34,886
U.S. treasury securities	84,816		—		—		84,816
Commercial paper	—		94,264		—		94,264
Corporate bonds	—		35,627		—		35,627
Total short-term marketable securities	84,816		164,777		—		249,593
Total assets subject to fair value measurements on a recurring basis	$	139,981	$	190,732	$	—	$	330,713

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	40,320	$	—	$	—	$	40,320
U.S. treasury securities	29,638		—		—		29,638
Total cash equivalents	69,958		—		—		69,958
Short-term marketable securities:
U.S. treasury securities	138,106		—		—		138,106
Total short-term marketable securities	138,106		—		—		138,106
Total assets subject to fair value measurements on a recurring basis	$	208,064	$	—	$	—	$	208,064
Liabilities:
Convertible note, at fair value	$	—	$	—	$	41,600	$	41,600
Total liabilities subject to fair value measurements on a recurring basis	$	—	$	—	$	41,600	$	41,600

Schedule of Fair Value Measurement Inputs

The significant unobservable inputs used in the valuation of the Exact Convertible Note as of December 31, 2025 included the following:

	December 31, 2025
Estimated Stock Price	$	2.44
Credit Spread	8.9%

Schedule of Liabilities Unobservable Input Reconciliation

The change in the fair value of the Exact Convertible Note is summarized in the following table for the nine months ended September 30, 2026 (in thousands):

Balance at December 31, 2025	$	41,600
Change in fair value included in convertible note remeasurement loss	11,731
Accrued interest included in interest expense	472
Conversion into common stock	(53,803)
Balance at September 30, 2026	$	—