Fair Value Measurement (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis (in thousands):
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March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
337 |
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$ |
— |
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|
$ |
— |
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|
$ |
337 |
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|
|
$ |
337 |
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|
$ |
— |
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|
$ |
— |
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$ |
337 |
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Marketable securities: |
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Commercial paper |
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$ |
— |
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$ |
21,874 |
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$ |
— |
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|
$ |
21,874 |
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U.S. treasury bills and bonds |
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11,535 |
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|
— |
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|
|
— |
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11,535 |
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$ |
11,535 |
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$ |
21,874 |
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|
$ |
— |
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$ |
33,409 |
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Liabilities: |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
226 |
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$ |
— |
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$ |
226 |
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$ |
— |
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$ |
226 |
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|
$ |
— |
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$ |
226 |
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
6,360 |
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$ |
— |
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$ |
— |
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$ |
6,360 |
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|
$ |
6,360 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
6,360 |
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Marketable securities: |
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Commercial paper |
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$ |
— |
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|
$ |
44,543 |
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$ |
— |
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$ |
44,543 |
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U.S. treasury bills and bonds |
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12,426 |
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— |
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— |
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12,426 |
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$ |
12,426 |
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$ |
44,543 |
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$ |
— |
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$ |
56,969 |
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Liabilities: |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
106 |
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$ |
— |
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$ |
106 |
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$ |
— |
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$ |
106 |
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|
$ |
— |
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$ |
106 |
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| Schedule of Cash and Cash Equivalents |
The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category (in thousands):
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March 31, 2026 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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Cash |
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$ |
15,711 |
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$ |
— |
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$ |
— |
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$ |
15,711 |
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Cash equivalents: |
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|
|
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Money market funds |
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|
337 |
|
|
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— |
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|
— |
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|
337 |
|
U.S. treasury bills and bonds |
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— |
|
|
|
— |
|
|
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— |
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|
|
— |
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$ |
16,048 |
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$ |
— |
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$ |
— |
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$ |
16,048 |
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Marketable Securities: |
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Commercial paper |
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$ |
21,874 |
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$ |
2 |
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$ |
(2 |
) |
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$ |
21,874 |
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U.S. treasury bills and bonds |
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|
11,537 |
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— |
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(2 |
) |
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11,535 |
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$ |
33,411 |
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$ |
2 |
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$ |
(4 |
) |
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$ |
33,409 |
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December 31, 2025 |
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Amortized Cost |
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|
Unrealized Gains |
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|
Unrealized Losses |
|
|
Fair Value |
|
Cash and cash equivalents: |
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Cash |
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$ |
18,453 |
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|
$ |
— |
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$ |
— |
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$ |
18,453 |
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Cash equivalents: |
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|
|
|
|
|
|
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Money market funds |
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|
6,360 |
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|
|
— |
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|
— |
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|
6,360 |
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U.S. treasury bills and bonds |
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|
— |
|
|
|
— |
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|
|
— |
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|
- |
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$ |
24,813 |
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$ |
— |
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$ |
— |
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$ |
24,813 |
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Marketable Securities: |
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|
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Commercial paper |
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$ |
44,514 |
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$ |
29 |
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$ |
— |
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$ |
44,543 |
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U.S. treasury bills and bonds |
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|
12,423 |
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3 |
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— |
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12,426 |
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$ |
56,937 |
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$ |
32 |
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$ |
— |
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$ |
56,969 |
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| Amortized Cost and Estimated Fair Value of Marketable Securities |
The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity (in thousands):
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March 31, 2026 |
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Amortized Cost |
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Fair Value |
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Due in one year or less |
|
|
|
|
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$ |
33,411 |
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$ |
33,409 |
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|
| Credit Agreement Warrants |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the Credit Agreement Warrants:
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March 31, |
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December 31, |
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|
2026 |
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|
2025 |
|
Fair value of the Company’s Class A common stock |
$ |
|
12.58 |
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$ |
|
7.50 |
|
Exercise price |
$ |
16.08 |
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$ |
16.08 |
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Risk-free interest rate |
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4.11 |
% |
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3.94 |
% |
Expected volatility factor |
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87.0 |
% |
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|
75.0 |
% |
Expected dividend yield |
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|
— |
% |
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|
— |
% |
Remaining contractual term (in years) |
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6.2 |
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6.5 |
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