v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented:
Balance Sheet ClassificationMarch 31, 2026
(in thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market fundsCash and cash equivalents$76,719 $— $— $76,719 
U.S. TreasuriesInvestments10,789 — — 10,789 
Corporate bondsInvestments— 8,000 — 8,000 
Money market fundsInvestments158 — — 158 
Total assets$87,666 $8,000 $— $95,666 
Balance Sheet ClassificationDecember 31, 2025
(in thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market fundsCash and cash equivalents$28,255 $— $— $28,255 
U.S. TreasuriesInvestments5,980 — — 5,980 
Total assets$34,235 $— $— $34,235 
Liabilities:
Debt derivative liabilities$— $— $3,886 $3,886 
The changes in Level 3 liabilities measured at fair value on a recurring basis for the periods indicated were as follows:
Three Months Ended March 31,
(in thousands)20262025
Balance at December 31, 2025 and 2024$3,886 $2,400 
Change in fair value included in net loss— 158 
Extinguishment of debt derivative(3,886)— 
Balance at March 31, 2026 and 2025$— $2,558 
There were no changes in the levels or methodology of the measurement of financial assets or liabilities during the three months ended March 31, 2026 and 2025.
The fair values of cash, restricted cash, accounts receivable, accounts payable and accrued expenses approximate the carrying values because of the short-term nature of these instruments.