v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Financial Assets Measured on a Recurring Basis
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 
Schedule of Fair Value Instruments Classified Level 3
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