Annual report [Section 13 and 15(d), not S-K Item 405]

Summary of Significant Accounting Policies (Tables)

v3.26.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the approximate value of assets and liabilities measured at fair value on a recurring basis within the Company’s balance sheets as of December 31, 2025 by the fair value hierarchy (in thousands):

 

    Quoted
Prices in
Active
Markets for
Identical
Assets		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    (Level 1)     (Level 2)     (Level 3)     Total  
Cash and cash equivalents   $ 29,198     $
-
     $       $ 29,198  
Total cash and cash equivalents at fair value   $ 29,198     $
      -
     $             $ 29,198  

 

    Quoted
Prices in
Active
Markets for
Identical
Assets		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    (Level 1)     (Level 2)     (Level 3)     Total  
Corporate bonds   $
      -
     $ 12,071     $             $ 12,071  
Total marketable securities at fair value   $
-
     $ 12,071     $       $ 12,071  

 

Refer to Note 3 for disclosures related to cash equivalents and marketable securities.

 

    Quoted
Prices in
Active
Markets for
Identical
Assets		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    (Level 1)     (Level 2)     (Level 3)     Total  
Warrant liability   $
     -
     $
     -
     $ 16,915     $ 16,915  
Total liabilities at fair value   $
-
     $
-
     $ 16,915     $ 16,915  

 

The following tables present the approximate value of assets and liabilities measured at fair value on a recurring basis within the Company’s balance sheets as of December 31, 2024 by the fair value hierarchy (in thousands):

 

    Quoted
Prices in
Active
Markets for
Identical
Assets		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    (Level 1)     (Level 2)     (Level 3)     Total  
Cash and cash equivalents   $ 26,142     $
      -
     $       $ 26,142  
Total cash and cash equivalents at fair value   $ 26,142     $
-
     $               $ 26,142  

Refer to Note 3 for disclosures related to cash equivalents and marketable securities.

 

    Quoted
Prices in
Active
Markets for
Identical
Assets		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		        
    (Level 1)     (Level 2)     (Level 3)     Total  
Warrant liability   $
      -
     $
       -
     $ 18,936     $ 18,936  
Total liabilities at fair value   $
-
     $
-
     $ 18,936     $ 18,936  
Schedule of Changes in Fair Value of the Warrant Liability Classified in Level 3

The following table summarizes the changes in fair value of the warrant liability classified in Level 3. Gains and losses reported in this table include changes in fair value that are attributable to unobservable inputs (in thousands):

 

    Year Ended
December 31,
2025		  
Fair value at January 1, 2025   $ 18,936  
Change in fair value of warrants     (2,021 )
Fair value at December 31, 2025   $ 16,915  

 

    Year Ended
December 31,
2024		  
       
Fair value at January 1, 2024   $ 13,134  
Change in fair value of warrants     5,802  
Fair value at December 31, 2024   $ 18,936