Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Information About The Company's Financial Instruments That Were Measured At Fair Value On A Recurring Basis

The following tables set forth the fair value of the Company’s financial instruments that were measured at fair value on a recurring basis as of September 30, 2025, and December 31, 2024.

	September 30, 2025
	(unaudited)
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	1,082	$	1,082
Uptown		—		—		10,771		10,771
Streeterville 2		—		—		8,112		8,112
Streeterville Note		—		—		8,010		8,010
Convertible Notes		—		—		2,448		2,448
Total fair value	$	—	$	—	$	30,423	$	30,423

	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	5,215	$	5,215
Uptown		—		—		9,615		9,615
Streeterville 2		—		—		8,673		8,673
Streeterville Note		—		—		11,853		11,853
Total fair value	$	—	$	—	$	35,356	$	35,356

Summary of Change In The Estimated Fair Value Of Level 3 Liabilities

The change in the estimated fair value of Level 3 liabilities is summarized below:

	Nine Months Ended
	September 30, 2025
	(unaudited)
(in thousands)	Iliad			Uptown			Streeterville 2			Streeterville Note			Convertible Notes
Beginning fair value of Level 3 liability	$	5,215		$	9,615		$	8,673		$	11,853		$	—
Additions		—			—			—			—			1,833
Exchanges		(5,900	)		(1,210	)		(3,233	)		—			(227	)
Extinguishments		—			—			—			—			(866	)
Settlements		—			—			—			—			(51	)
Changes in fair value		1,767			2,366			2,672			(3,843	)		1,759
Ending fair value of Level 3 liability	$	1,082		$	10,771		$	8,112		$	8,010		$	2,448

	Year Ended
	December 31, 2024
(in thousands)	Iliad			Uptown		Streeterville 2			Streeterville Note		Convertible Notes
Beginning fair value of Level 3 liability	$	6,862		$	7,473	$	6,815		$	9,793	$	—
Additions		—			—		—			—		—
Exchanges		(4,906	)		—		(166	)		—		—
Settlements		—			—		—			—		—
Changes in fair value		3,259			2,142		2,024			2,060		—
Ending fair value of Level 3 liability	$	5,215		$	9,615	$	8,673		$	11,853	$	—

Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements For Instruments Not Classified As Hybrid Instruments

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the remaining instruments that are not classified as hybrid instruments:

	Range of inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable inputs	2025	2024	to fair value
Risk adjusted discount rate	8.1% - 26.00% (26.00%)	7.5%-27.53% (27.53%)	If discount rate is adjusted to a total of an additional 100 bps, fair value would have decreased by $174,000. If discount rate is adjusted to a total deduction of 100 bps, fair value would have increased by $176,000,

Summary of The Fair Value And Unpaid Principal Balance For Items The Company Accounts For Under FVO

The following tables summarize the fair value and outstanding balance for items the Company accounts for under FVO:

	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
(in thousands)	(Unaudited)
At September 30, 2025
Iliad	$	1,082	$	—	$	1,153	$	(71	)
Uptown		10,771		6,899		5,988		(2,116	)
Streeterville 2		8,112		6,953		2,649		(1,490	)
Streeterville Note		8,010		6,000		983		1,027
Convertible Notes		2,448		2,572		41		(165	)

(in thousands)	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
At December 31, 2024
Iliad	$	5,215	$	2,220	$	4,484	$	(1,489	)
Uptown		9,615		7,994		5,347		(3,726	)
Streeterville 2		8,673		10,094		2,024		(3,445	)
Streeterville Note		11,853		6,000		815		5,038

Streeterville Note

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the Streeterville Note:

	Range of inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable inputs	2025	2024	to fair value
Risk adjusted discount rate	8.07% - 27.89% (27.89%)	7.46%-25.53% (25.53%)	If discount rate is adjusted to a total of an additional 100 basis points (bps), fair value would have decreased by $287,000. If discount rate is adjusted to a total deduction of 100 bps, fair value would have increased by $287,000.
Sales proceeds: Amount of comparable TDPRV	$67.5 million to $350.0 million ($100.0 million)	$67.5 million to $350.0 million ($100.0 million)	If expected cash flows by management considered the highest amount of market indications for vouchers, fair value would have decreased by $460,000. If expected cash flows by management considered the lowest amount of market indications for vouchers, fair value would have increased by $2.6 million.
Range of probability for timing of cash flows: Variations of the terms and conditions of the timing of cash flows, including settlement of the note principal, interest, penalties, and acceleration clause	0.00%-85.00%	0.00%-85.00%	If expected cash flows by management considered the scenario with the least amount of indicated value, fair value would have decreased by $270,000. If expected cash flows by management considered the scenario with the most significant amount of indicated value, fair value would have increased by $1.9 million.

Convertible Promissory Notes

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the Convertible Promissory Notes:

	Range of inputs
	(probability-weighted average)			Relationship of unobservable inputs
Unobservable inputs	2025	2024		to fair value
Risk adjusted discount rate	8.1% - 22.73% (22.73%)		—	If discount rate is adjusted to a total of an additional 100 bps, fair value would have decreased by $8,000. If discount rate is adjusted to a total deduction of 100 bps, fair value would have increased by $8,000.