Equity Warrants Classified as Derivative Liabilities

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity Warrants Classified as Derivative Liabilities

12. Equity Warrants Classified as Derivative Liabilities

Warrant Valuation

Equity warrants that are classified as derivative liabilities are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets and must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (see Note 16). As of March 31, 2026 and 2025, the Company's derivative liabilities included only equity warrants and the Sponsor Shares.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at March 31, 2026:

	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	(Gain) Loss in Value for the Three Months Ended March 31, 2026		Fair Value as of March 31, 2026
	(in thousands)							(in thousands)
Public Warrants	1,977	$	92.00	$	144.00	9/9/2026	Liability	$	(122)	$	686
Private Placement Warrants - Issued October 2019	520	92.00		144.00		9/9/2026	Liability	(31)		172
Private Placement Warrants - Issued October 2019	520	160.00		144.00		9/9/2026	Liability	(21)		21
Private Placement Warrants - Issued March 2023	1,440	17.61		N/A		9/8/2028	Liability	7,155		23,998

In addition, the Company has 221 thousand Class A common stock warrants outstanding that have an exercise price of $0.88 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and were included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.