Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule 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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September 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Assets: |
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| Cash and cash equivalents: |
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| Money market funds |
$ |
9,224 |
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$ |
— |
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$ |
— |
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$ |
9,224 |
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| U.S. treasury securities |
4,878 |
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|
— |
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|
— |
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|
4,878 |
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$ |
14,102 |
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$ |
— |
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$ |
— |
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$ |
14,102 |
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| Marketable securities: |
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|
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| Commercial paper |
$ |
— |
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$ |
21,433 |
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$ |
— |
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$ |
21,433 |
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| U.S. treasury securities |
25,619 |
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— |
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— |
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25,619 |
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$ |
25,619 |
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$ |
21,433 |
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$ |
— |
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$ |
47,052 |
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| Liabilities: |
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| Long-term liabilities: |
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| Credit Agreement Warrants |
$ |
— |
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$ |
215 |
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$ |
— |
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$ |
215 |
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$ |
— |
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$ |
215 |
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$ |
— |
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$ |
215 |
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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 |
| Assets: |
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| Cash and cash equivalents: |
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| Money market funds |
$ |
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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$ |
44,543 |
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$ |
— |
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$ |
44,543 |
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| U.S. treasury bills and bonds |
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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$ |
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 and Marketable Securities |
The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category (in thousands):
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September 30, 2026 |
|
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 |
$ |
16,800 |
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|
$ |
— |
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$ |
— |
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$ |
16,800 |
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| Cash equivalents: |
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| Money market funds |
9,224 |
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— |
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— |
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9,224 |
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| U.S. treasury securities |
4,878 |
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— |
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— |
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4,878 |
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$ |
30,902 |
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$ |
— |
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$ |
— |
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$ |
30,902 |
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| Marketable Securities: |
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| Commercial paper |
$ |
21,459 |
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|
$ |
— |
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$ |
(26) |
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$ |
21,433 |
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| U.S. treasury securities |
25,647 |
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— |
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(28) |
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25,619 |
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$ |
47,106 |
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$ |
— |
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$ |
(54) |
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$ |
47,052 |
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December 31, 2025 |
|
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 |
$ |
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 |
6,360 |
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|
— |
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|
— |
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|
6,360 |
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| U.S. treasury securities |
— |
|
|
— |
|
|
— |
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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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| Commercial paper |
$ |
44,514 |
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$ |
29 |
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$ |
— |
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$ |
44,543 |
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| U.S. treasury securities |
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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| Schedule of 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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September 30, 2026 |
|
Amortized Cost |
|
Fair Value |
| Due in one year or less |
$ |
47,106 |
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$ |
47,052 |
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| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the Credit Agreement Warrants:
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September 30,
2026 |
|
December 31,
2025 |
| Fair value of the Company’s Class A common stock |
|
$ |
11.18 |
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$ |
7.50 |
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| Exercise price |
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$ |
16.08 |
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$ |
16.08 |
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| Risk-free interest rate |
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5.09% |
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3.94% |
| Expected volatility factor |
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103.2% |
|
75.0% |
| Expected dividend yield |
|
— |
% |
|
— |
% |
| Remaining contractual term (in years) |
|
5.7 |
|
6.5 |
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