Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

16. Fair Value of Financial Instruments

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:

March 31, 2026	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Public Warrants	$	686	$	—	$	—
Private Placement Warrants - Issued October 2019	—		—		193
Private Placement Warrants - Issued March 2023	—		—		23,998
Sponsor Shares	—		—		3,988
	$	686	$	—	$	28,179

December 31, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Public Warrants	$	810	$	—	$	—
Private Placement Warrants - Issued October 2019	—		—		245
Private Placement Warrants - Issued March 2023	—		—		16,843
Sponsor Shares	—		—		2,750
	$	810	$	—	$	19,838

The carrying values of the following financial instruments approximated their fair values as of March 31, 2026 and December 31, 2025 based on their short-term maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, and other current liabilities.

There were no transfers into or out of any of the levels of the fair value hierarchy during the three months ended March 31, 2026 or 2025.

The following is a summary of changes in the fair value of the Level 3 liabilities during the three months ended March 31, 2026 and 2025:

	Sponsor Shares		Private Placement Warrants - Issued October 2019		Private Placement Warrants - Issued March 2023
	(in thousands)
Balance as of January 1, 2026	$	2,750	$	245	$	16,843
Loss (gain) from changes in fair value	1,238		(52)		7,155
Balance as of March 31, 2026	$	3,988	$	193	$	23,998

	Sponsor Shares		Private Placement Warrants - Issued October 2019		Private Placement Warrants - Issued March 2023
	(in thousands)
Balance as of January 1, 2025	$	1,703	$	713	$	13,820
(Gain) loss from changes in fair value	(101)		213		(2,276)
Balance as of March 31, 2025	$	1,602	$	926	$	11,544