Investments and Fair Value Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Investments And Fair Value Instruments [Abstract]

Summary of Amortized Cost and Fair Value of Investment Securities Portfolio

The following table summarize the amortized cost and fair value of the investment securities portfolio at December 31, 2024:


(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
December 31, 2024
Cash equivalents:
Money market funds	$	2,757	$	—	$	—	$	2,757
Total Assets at Fair Value	$	2,757	$	—	$	—	$	2,757

Summary of Fair Value of Investment Securities

The fair value of the investment securities at December 31, 2025 and 2024 were as follows:


	Fair Value Measurements at December 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets at Fair Value
Short-term investments:
Corporate securities	$	4,304	$	—	$	—	$	4,304
Total Assets at Fair Value	$	4,304	$	—	$	—	$	4,304


	Fair Value Measurements at December 31, 2024
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets at Fair Value
Cash equivalents:
Money market funds	$	2,757	$	—	$	—	$	2,757
Total Assets at Fair Value	$	2,757	$	—	$	—	$	2,757

Summary of Preferred Investment Option Liabilities Measured and Recorded on Recurring Basis using Black-Scholes Model

The preferred investment option liabilities were measured and recorded on a recurring basis using the Black-Scholes Model with the following assumptions at December 31, 2025 and 2024:


	March 2023 Options - Series A & March 2023 Placement Agent Options						August 2022 Options & August 2022 Placement Agent Options
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Remaining term (in years)		2.13			3.14			1.67			2.67
Expected volatility		100.6	%		101.7	%		107.2	%		95.9	%
Risk-free interest rate		3.5	%		4.3	%		3.5	%		4.3	%
Expected dividend yield		—			—			—			—

Summary of Changes in Fair Value and Other Adjustments

The following table sets forth the establishment of the Company’s Level 3 liabilities, as well as a summary of the changes in the fair value and other adjustments (in thousands):


(Dollars in thousands)	March 2023 Options - Series A			March 2023 Placement Agent Options			August 2022 Options			August 2022 Placement Agent Options			Note Receivable Bifurcated Derivatives			Contingent Liabilities			Total
Balance as of December 31, 2024	$	2,285		$	90		$	349		$	7		$	250		$	2,000		$	4,981
Change in fair value and other adjustments		(1,994	)		(78	)		(306	)		(6	)		(250	)		(2,000	)		(4,634	)
Balance as of December 31, 2025	$	291		$	12		$	43		$	1		$	—		$	—		$	347

Arcadia Biosciences, Inc. 10-K