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FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value for Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	September 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Equity securities owned(1)	$	11,888	$	11,888	$	—	$	—
Derivative assets (current and non-current portion)	27,007		—		27,007		—
Total assets	$	38,895	$	11,888	$	27,007	$	—


	December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Equity securities owned(1)	$	10,218	$	10,218	$	—	$	—
Derivative assets (current and non-current portion)	83,840		—		83,840		—
Total assets	$	94,058	$	10,218	$	83,840	$	—

Liabilities:
Puttable common stock from exercise of warrants, net of current portion	$	78,424	$	—	$	—	$	78,424
Puttable warrants issued with debt	64,188		—		—		64,188
Total liabilities	$	142,612	$	—	$	—	$	142,612

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1 These amounts are reflected within other current assets in the condensed consolidated balance sheets.

Schedule of Key Valuation Inputs

At December 31, 2024, the key inputs into the Black-Scholes model to value the puttable warrants issued with debt were as follows:


	December 31, 2024
Common stock price	$	22.34
Risk- free interest rate	4.50		%
Expected term (years)	7.64
Expected volatility	24.81		%
Dividend yield	0.00		%

The key valuation inputs into the Black-Scholes model to value the conversion feature of the Company’s convertible debt at December 31, 2024 were as follows:


	September 30, 2025	December 31, 2024
Common stock price		$	22.34
Risk- free interest rate		4.17		%
Expected term (years)		0.93
Expected volatility		17.0		%
Dividend yield		0.00		%

Schedule of Carrying Values and Fair Values of the Company's Debt Obligations

The carrying values and fair values of the Company’s debt obligations were as follows (in thousands, except per share amounts):


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2029 Senior Secured Term Loan (1)	$	—	$	—	$	30,770	$	42,108
Notes payable	1,506		1,399		1,498		1,334
Convertible loans (promissory notes convertible at $16 per share)	4,957		12,581		4,767		6,981
	$	6,463	$	13,980	$	37,035	$	50,423

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1 The principal amount of the 2029 Senior Secured Term Loan is $0 million and $100.0 million on September 30, 2025 and December 31, 2024, respectively. See Note 11 - Debt Obligations.

Schedule of Changes In Fair Value of the Company's Level 3 Financial Liabilities

The following table summarizes the changes in the fair value of the Company’s Level 3 financial liabilities during the nine months ended September 30, 2025 and year ended December 31, 2024 (in thousands):


	Puttable Common stock from Exercise of Warrants		Puttable Warrants Issued with Debt
Balance as of December 31, 2023	$	79,186	$	—
Reclassification of current portion of put liability	(11,356)		—
Issuance of puttable warrants	—		59,526
Fair value adjustments	10,594		4,662
Balance as of December 31, 2024	78,424		64,188
Termination of put liability	(16,210)		—
Fair value adjustments	2,229		1,172
Conversion upon IPO	(64,443)		(65,360)
Balance as of September 30, 2025	$	—	$	—