Quarterly report [Sections 13 or 15(d)]

Summary of Significant Accounting Policies (Tables)

v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 by the fair value hierarchy (in thousands):

 

    (Level 1)     (Level 2)     (Level 3)     Total  
Cash and cash equivalents   $ 37,371     $
-
     $
-
     $ 37,371  
Total cash and cash equivalents at fair value   $ 37,371     $
-
     $
-
     $ 37,371  

 

    (Level 1)     (Level 2)     (Level 3)     Total  
Corporate bonds   $
-
     $ 17,215     $
-
     $ 17,215  
Total marketable securities at fair value   $
-
     $ 17,215     $
-
     $ 17,215  

 

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

 

    (Level 1)     (Level 2)     (Level 3)     Total  
Warrant liability   $
-
     $
-
     $ 21,695     $ 21,695  
Total liabilities at fair value   $
-
     $
-
     $ 21,695     $ 21,695  

 

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):

 

    (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  

  

    (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.

 

    (Level 1)     (Level 2)     (Level 3)     Total  
Warrant liability   $
-
     $
-
     $ 16,915     $ 16,915  
Total liabilities at fair value   $
-
     $
-
     $ 16,915     $ 16,915  
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):

 

    Three Months Ended
March 31,
2025		  
Fair value at January 1, 2025   $ 18,936  
Change in fair value of warrants     (8,348 )
Fair value at March 31, 2025   $ 10,588  

 

    Three Months Ended
March 31,
2026		  
       
Fair value at January 1, 2026   $ 16,915  
Change in fair value of warrants     4,780  
Fair value at March 31, 2026   $ 21,695